World Liberty Financial is expected to operate as a crypto banking platform, with 70% of the equity to be held by a small group of Trump family and insiders.
For over a month, Republican former President Donald Trump and his family have been pumping up a secretive family crypto project, promising that it will do many things at once.
From there, Trump covered familiar ground, talking about the perceived hostility of the Securities and Exchange Commission towards the digital currency industry. Several high profile figures in the industry take issue with SEC Chair Gary Gensler, claiming that he is regulating the industry through enforcement actions, rather than with rules.
Witkoff was seated to Trump's right during Monday night's spaces, and described how he brought the Trump family together two crypto entrepreneurs. Seventy percent is an unusually large equity share for the founders of a crypto platform to retain, according to several industry experts including crypto-specific venture capitalists. The typical founders stake is closer to 20%.
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