World Liberty Financial opened its doors yesterday. But the DeFi project of Donald Trump and his sons has access to a limited part of users located in the United States. For what ?
World Liberty Financial opens its doors this week
Donald Trump, who wants to be “the president of cryptos”, is carrying out a project alongside his sons. Called “World Liberty Financial”, the decentralized finance (DeFi) project is still relatively vague in terms of services offeredeven if we know that it will have its own cryptocurrency, WLFI, and that it will operate on Ethereum (ETH).
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Partially based on the Dough Finance code, World Liberty Financial should, according to the indices collected, be a lending platform. On the site, little information is circulating, and a footnote explains the reasons :
« Additional information about World Liberty Financial is intended to be accessible only to individuals who have been prequalified by completing an identity verification (KYC) process. »
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In the United States, only wealthy Americans can register at this stage
Although the site offers users to connect their wallets, only a fraction of Americans can in fact register with World Liberty Financial. Only US accredited investors can open an account at this time. According to the rules laid down by the SEC, this category of investors must demonstrate significant income.
The latter must therefore provide proof of assets of a minimum amount of $1 million (excluding the value of the main residence). They must also receive an annual salary of at least $200,000.or $300,000 in total with their spouse. Furthermore, they must show that their salary will probably reach this same amount in the coming year.
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For those outside the United States, there appears to be no income requirement. This is a particularly notable element, coming from a presidential candidate who has made national preference a major issue. World Liberty Financial explains, however, that the project is hampered by local regulatory requirements:
« Due to dated policies and regulations in the United States, a whitelist is limited to accredited investors from the United States. […] We are fighting for change. »
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Donald Trump continues to promote cryptocurrency
Donald Trump, however, welcomed the launch of the project yesterday, promising to “Make America Great Again” :
« World Liberty Financial plans to help make America the crypto capital of the world! »
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In just over a month, the US elections will take place. Although Donald Trump has positioned himself as a “pro-crypto” candidate, Kamala Harris also recently clarified her position, saying she is in favor of the growth of blockchain. In any case, it is an issue that has become major in the United States.
Source : World Liberty Finance
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Journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance by analyzing how news in this sector influences the cryptocurrency industry, providing a unique and informed perspective to Cryptoast readers.
Marine Debelloir
3160 articles
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