FX168 Financial News (Asia Pacific) According to former US President and Republican President Donald Trump, less than 50 days before the US presidential election, he announced the official launch of his family's new financial revolution project, World Liberty Financial (WLFI). He stated that cryptos are a very powerful market. His sudden crypto investment is now facing scrutiny from Democratic members of the US House of Representatives.

On Tuesday (September 17), Trump, in a live interview on Twitter Space, helped launch the WLFI project focusing on decentralized finance (DeFi), which is a crypto company led by his two sons, Eric Trump and Donald Trump Jr., and real estate investor Steve Witkoff.

(Source: Twitter)

This joint venture represents a new turning point for Trump in embracing the crypto world. He has promised that if he is successfully elected in November, he will vigorously promote the development of the crypto world.

According to US media reports, Democratic members of the US House of Representatives have indicated that they will target Trump family's WLFI crypto project, emphasizing concerns about conflicts of interest because he has integrated the project into policy information that supports cryptos. If the Democrats regain the House, they will have subpoena power in 2025, and during Trump's first term, they used this power to target Trump's financial records.

(Source: Politico)

Sean Casten, a Democratic representative in the U.S. House Financial Services Committee and an Illinois congressman, said: 'For those of us who are concerned about anti-money laundering and protecting investors, we must conduct the strictest investigation into the recent fraudulent behavior of the Trump family.'

These remarks indicate that as the election approaches in less than 50 days, the risks of the commercial enterprises founded by Trump's sons, who support him, are enormous. This opens up a new attack ground for Democrats, who have long tried to portray Trump as a corrupt figure.

Trump's potential opponents in this case include Maxine Waters, a Democratic congressman and chair of the House Financial Services Committee, and Jamie Raskin, a Democratic congressman and chair of the House Oversight and Reform Committee.

'The fundamental problem is that the position of the U.S. president is not a business venture, or should not be, and Trump has always seen it as an extension of his own business enterprise,' Raskin said in an interview last week. 'This will only exacerbate conflicts of interest and expose more crimes and constitutional issues.'

In a recent hearing of the House Financial Services Committee, Waters accused Trump's cryptocurrency investments of fraud. If the Republicans lose control of the House, Waters will become the chair of the committee. Other Democratic members of the committee are also eager to conduct a thorough investigation. They argue that it is unethical for the Trump family to promise to support cryptocurrency policies when they establish a digital asset company.

If he wins, WLFI is likely to become the latest financial services company entangled in congressional scrutiny of Trump. In 2019, as chair of the committee, Waters and Congressman Adam Schiff subpoenaed Trump's bank records, sparking a long legal standoff over their power.

In the live Q&A session, Trump did not mention specific issues related to the WLFI project, but he criticized the Harris-Biden administration's stance on cryptocurrencies and once again pledged to formulate policies that are beneficial to the industry.

'The current environment is very hostile, the U.S. Securities and Exchange Commission (SEC) has been very unfriendly, and they are really going after people,' he said. 'I have a different view on this, I just think that no matter what we do, we must be at the forefront.'

He also stated that cryptocurrencies are "a very powerful market".

(Source: Twitter)

Little Trump said in the live broadcast, "I believe that what we are doing here will indeed change the rules of the game, and this is the beginning of a financial revolution."

Although the details of the WLFI project were not mentioned in the live broadcast, its inside information was exposed by the currency circle media.

According to Decrypt's report, many details of Trump's cryptocurrency project WLFI are still unclear, but the WLFI backstage team revealed previously unconfirmed details in a live interview with Decrypt's sister company Rug Radio.

This project will provide cryptocurrency lending services on the Ethereum blockchain network, similar to many existing applications in the DeFi space. DeFi is a generic term for cryptocurrency products that provide financial services without the need for banks or other intermediaries.

Trump's cryptocurrency project promises to be more "user-friendly" and accessible than existing alternatives with higher technical content, and will be based on non-transferable (i.e. non-tradable) WLFI governance tokens.

According to the excerpt from the WLFI white paper reviewed by Decrypt, most of the token's supply (62.66%) will be distributed in the upcoming token sale. A portion of the net proceeds from this sale will go into the project's multi-signature wallet treasury. The remaining portion of the net proceeds will be paid to the project's founders, team, and service providers.

According to the excerpt from the white paper, approximately 17.33% of the WLFI supply will be specifically allocated for incentivizing the expansion of participation in global governance and other community development initiatives.

The remaining 20% of the token supply will be allocated to the project team, advisors, and future employees. The undisclosed portion of WLFI will be distributed to the WLFI Foundation, affiliated institutions of the Trump Group, and Witkoff Group, which is operated by Witkoff, a long-time ally and friend of Trump, and participant in the World Liberty Movement.

Despite taking new actions, Trump did not mention Bitcoin and cryptocurrencies during his debate with Harris earlier in September, which raised questions among the community.

According to data from the major cryptocurrency betting platform Polymarket, Trump's win rate in November dropped to 48%, losing to Harris's 50%. #USAElections#

(Source: Polymarket)