Despite once referring to bitcoin as a “scam” that weakens the dollar, former President Donald Trump has now embraced cryptocurrency to the point where he bills himself as the “pro-crypto” presidential candidate in his race against Vice President Kamala Harris.
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Over the last couple of months, Trump has made a major pivot toward crypto as a way of bolstering his presidential campaign and winning rich and influential friends in the industry, The Wall Street Journal reported.
That pivot included launching a new crypto business with his family, making a stop at a bitcoin-themed bar in New York and promising to create a “national bitcoin stockpile” should he win a second term in the White House this November.
Here are six ways Trump now embraces digital currency.
Launch of World Liberty Financial
Last month, Trump announced the launch of World Liberty Financial, a crypto banking platform designed to encourage the public to borrow, lend and invest in crypto, CNBC reported. The platform will include an accompanying token called WLFI. One-fifth of the tokens will go to the founding team. Another 17% will be set aside for user rewards, while the remaining 63% will be made available for the public to purchase.
The token will be a Reg D token offering, according to CNBC. This means it follows the U.S. Securities and Exchange Commission’s (SEC) Regulation D provision that lets companies raise capital without first registering their securities with the commission if certain conditions are met.
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Support for Domestic Crypto Mining
In a speech to the Bitcoin 2024 conference in Nashville, Tennessee over the summer, Trump told attendees, “You’re going to be very happy with me.”
He said, “If crypto is going to define the future, I want [it] to be mined, minted and made in the USA. … If bitcoin is going to the moon … I want America to be the nation that leads the way.”
The ex-president announced plans to establish a crypto and bitcoin presidential advisory council should he win election and pledged to make America a “bitcoin mining powerhouse.” He also…
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