Former U.S. President Donald Trump revealed his new cryptocurrency venture, World Liberty Financial, on a livestream Monday. The project, led by several figures with limited business experience, has sparked concerns about potential conflicts of interest and has alarmed some of Trump’s supporters in the crypto industry.

Trump has been promoting World Liberty Financial since August, though its purpose remains unclear. He did not address the specifics of the business during the livestream but introduced his partners, including his sons Eric Trump, Donald Trump Jr., and Barron Trump, who is listed as the “Defi Visionary.” Trump described Barron as a crypto expert, saying, “He knows this stuff inside out.”

World Liberty Financial will launch a cryptocurrency called WLFI, focusing on stablecoins. The tokens will be offered under the SEC’s Regulation D, which allows companies to raise capital without registering securities if certain conditions are met. One of the founders, entrepreneur Zak Folkman, explained the project’s equity structure: 20% of the tokens will go to the founding team, which includes the Trump family, 17% will be allocated for user rewards, and 63% will be available for public purchase. Folkman emphasized that there would be no pre-sales or early buy-ins for the token.

Concerns over the project’s legitimacy arose after a leaked draft suggested that 70% of the tokens were initially slated for the founders, raising fears that the venture might be a “get-rich-quick scheme.” Danielle Brian, executive director of the Project on Government Oversight, noted that if Trump were elected, his involvement in the project could create significant conflicts of interest.

Although the Trump family is deeply involved, a disclaimer in the white paper clarified that they do not own or manage the platform. In addition to the Trumps, real estate magnate Steve Witkoff and his son Zach are part of the leadership team, along with digital currency entrepreneurs Folkman and Chase Herro. Both Folkman and Herro have reportedly been involved in several controversial business ventures in Puerto Rico and the U.S. Virgin Islands.

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