Trump Used To Think Crypto Was A 'Scam' — Now He's Launching His Own Crypto Platform Run By His Sons

Topline Former President Donald Trump is set to unveil a new cryptocurrency platform Monday run by his sons—as the ex-president has warmed to the industry since launching his latest campaign for president, despite previously disavowing crypto during his time in office. Former US President and Republican presidential candidate Donald Trump speaks during a campaign ..

. [+] rally at the Expo World Market Center in Las Vegas, Nevada, on September 13, 2024. (Photo by PATRICK T.



FALLON/AFP via Getty Images) Key Facts Trump is expected to formally debut the platform, dubbed World Liberty Financial, in a discussion on X Spaces later Monday, a launch he’s been promoting for weeks, including in a video posted to his X account last week, where he said “we’re embracing the future with crypto and leaving the slow and outdated big banks behind." The platform will presumably operate similar to others such as Coinbase, Gemini and Binance, charging users fees to trade cryptocurrencies, and it could eventually incorporate its own token, referred to as WLFI, Coindesk reported , citing an anonymous source familiar with the company’s plans. World Liberty Financial, which will be run by Trump’s sons, Donald Trump Jr.

and Eric Trump, is the latest crypto-centric move that represents a reversal for Trump since his time in office—when he trashed crypto as “highly volatile and based on thin air,” he tweeted in 2019 . In 2021 , Trump told Fox Business bitcoin seems like a “scam,” and called crypto a “disaster waiting to happen” that “takes the edge off of the dollar and the importance of the dollar,” arguing that the U.S.

should “regulate [crypto] very, very high.” Trump—and the Republican Party as a whole—have warmed to crypto, apparently seeing an opening to court donors and bash Democrats as the industry has been angered by a Securities and Exchange Commission crackdown on bad actors and attempts at regulations under President Joe Biden, what Trump has described as a “war on crypto.” Trump has pledged to fire SEC Chair Gary Gensler if he’s re-elected, began taking campaign donations in crypto in May, chose longtime crypto ally Sen.

JD Vance, R-Ohio, as his running mate and announced his support for bitcoin mining , as miners have battled with the Biden administration over the electricity consumption required to process transactions. Trump has also successfully courted donors in the digital currency space throughout his 2024 campaign, begun selling Trump-branded non-fungible tokens , and is personally invested in crypto, promising he’d be a “crypto president.” Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines.

Text “Alerts” to (201) 335-0739 or sign up here . What To Watch For Trump is set to discuss World Liberty Financial on X Spaces Monday at 8 p.m.

EDT. Key Background Few details have been made public about World Liberty Financial. Eric Trump has said the platform will promote “financial independence.

” Trump’s youngest son, Barron Trump, will be the project’s “DeFi [decentralized finance] Further Reading Trump Campaign Now Accepts Crypto Donations (Forbes) Are Trump And Vance Good For Bitcoin? Here’s Why The Market Thinks So—Even Though Trump’s Called It A ‘Scam.’ (Forbes) Trump Selling More NFT Trading Cards—As He Courts Crypto Voters (Forbes).