Former President Donald Trump's World Liberty Financial decentralized finance project has started to sign up users even though it remains unclear what the services on the platform will be. Bloomberg's Zeke Faux and Mike Regan have more.
Let's just go to the latest in the Trump world and crypto. At the end of the day, it's interesting because from what I understand from Bloomberg's reporting from your own reporting, is even though he doesn't have management over World Liberty Financial, he gets some sort of financial claim to it.
What do we know about the sign ups and what he gets at the end of the day? Yeah, so it's clear he's getting something, but there's a disclaimer that they're not saying exactly what it is and they're not telling us what world Liberty is. I mean, it's very crypto, right? It's like, Hey, I got this project. It's really cool. Somebody famous is talking about it now, by my token. And that's all they're going to tell us for now. How is the crypto community reacting to this? Because I was scrolling through through some tweets, thanks to some that Shonali sent me over the last day. It doesn't seem like there's uniform support of this project from established players in the crypto industry. No, it's pretty hard to find established guys who are for world Liberty. There have been a lot of people saying this looks like a cash grab. They love Trump when he was saying, I'm going to change policy to support your tokens. Now that he's got his own token, they're like, Ooh, no, not so fast. To be fair, also World Liberty and the Republican Party stance on crypto are not quite the same thing. But I am curious, Mike, as to how a new presidential administration, whether it be Kamala Harris or Donald Trump, would change the game here for the crypto community? Well, that is the million dollar question. I mean, obviously Donald Trump has made very sort of friendly remarks towards crypto promising to appoint regulators that are in favor of the of the asset class. It's not 100% clear that he'll be able to do that without the support of Congress. Now, the most sort of sweeping bill that has gone through Congress that's known as Fit 21, which sort of divide regulation of crypto between the FCC in some cases and the CFTC. In other cases, it did pass the House with bipartisan support. A surprising number of Democrats voted for it, but it's just dead in the water in the Senate. So there is, you know, a lot of reports and speculation that J.D. Vance might be able to sort of help push that along should Trump and Vance get to the White House. You know, the big elephant in the room, obviously, is all this campaign funding. I mean, about half of all the campaign money being raised by companies is is from the crypto industry. So it's a very asymmetrical thing right now. Not a lot of politicians are anti crypto these days. And the really vocal pro crypto ones are benefiting from this funding. But it's not quite enough to really get this crypto friendly legislation through the Senate.Former President Donald Trump's World Liberty Financial decentralized finance project has started to sign up users even though it remains unclear what the services on the platform will be. Bloomberg's Zeke Faux and Mike Regan have more. "Bloomberg Markets" is focused on bringing you the most important global business and breaking markets news and information as it happens.The David Rubenstein Show: Peer-to-Peer Conversations" explores successful leadership through the personal and professional choices of the most influential people in business.
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