As the cryptocurrency market approaches a crucial moment with the upcoming US elections in November, former President Donald Trump continues to express his support with a recent post and details of his new cryptocurrency venture, “World Liberty Financial.”
Trump promises to make the United States the capital of cryptocurrencies
In a recent x.com/realDonaldTrump/status/1829141447087648796″ target=”_blank” rel=”noopener nofollow”>video releaseTrump articulated his vision of elevating the United States to the top of the global crypto landscape, calling it the “crypto capital of the planet.” He emphasized a stance against perceived efforts to stifle the industry, stating, “They want to strangle them and we’re not going to let that happen.”
At the same time, the US Securities and Exchange Commission (SEC) has increased its regulatory oversight, as evidenced by the issuance of a Well Notice to OpenSea, one of the industry's largest non-fungible token (nft) marketplaces, on Wednesday.
The Commission's scrutiny implies possible legal action and investigations into OpenSea's operations, citing concerns that non-fungible tokens could be considered “securities.”
While Trump did not mention the names of those who are trying to “strangle” the industry, his defense of the sector includes a promise to revitalize the industry, most notably expressed through his intention to replace SEC Chairman Gary Gensler upon his return to the White House.
This promise has resonated with many in the crypto community, who have become increasingly alarmed by the Securities and Exchange Commission's enforcement tactics under Gensler's leadership. Trump has fiance to make significant changes in this regard from the first day of his return to the Oval Office.
'Digital Real Estate' Project
It is worth noting that the Trump Organization, which oversees Donald Trump’s business ventures, has provided few details of the new cryptocurrency initiative beyond the former president’s recent video as noted above.
Eric Trump, executive vice president of the organization and son of the former president, has already plans revealed for the World Liberty Financial project, which is believed to focus on “digital real estate” or tokenization of real-world assets (RWA), which could allow users to lend and borrow on the platform.
Eric Trump highlighted the potential of this cryptocurrency initiative to revolutionize traditional banking and financial sectors, offering financial inclusion to people underserved by conventional services.
Eric emphasized a shift toward algorithm-based loan approval processes, with the goal of addressing systemic inefficiencies and disparities prevalent in existing financial systems.
In another step into the digital realm, Donald Trump recently… Uncovered “The America First Collection,” its latest series of non-fungible tokens. This is its fourth foray into the nft market, underscoring its continued exploration of digital assets and blockchain technology.
Ultimately, it remains to be seen what other details the Trump family might reveal about their new project this afternoon, as support for the industry is already strong, with Promises be a key sector in Trump's potential second term in the White House.
Featured image from CNN, chart from TradingView.com
