TechFlow News, September 17 — According to CNBC, Republican presidential candidate Donald Trump officially announced the launch of his family's cryptocurrency project, World Liberty Financial, during an X Space event held at Mar-a-Lago in Florida. Sources indicate the project is planned to operate as a cryptocurrency banking platform, with 70% of its equity to be held by members of the Trump family and insiders—a figure significantly higher than the industry norm of approximately 20%.
An internal white paper obtained by CoinDesk reveals that the project’s “leadership team” includes Trump himself (as “Chief Crypto Advocate”), his children Donald Trump Jr. and Eric Trump (both serving as “Web3 Ambassadors”), Barron Trump (“Chief DeFi Visionary”), along with long-time political donor Steve Witkoff and his son Zach Witkoff. Insiders say real estate investor Steve Witkoff and Eric Trump, executive vice president of the Trump Organization, are the actual decision-makers behind the Trump family’s crypto venture, World Liberty Financial. Both parties are new entrants to the crypto industry. CNBC reached out to Eric Trump and Steve Witkoff for comment on their leadership roles in World Liberty Financial but did not receive an immediate response.
A person familiar with the project said Witkoff has shown little interest in understanding how the platform technically operates. Sources also noted that anyone seeking access to key details about the platform—including the white paper—must first sign a non-disclosure agreement. Additionally, Donald Trump is currently not involved in the technical development of the platform.
At the launch event, Trump said his children's experience with non-fungible token (NFT) sales helped him recognize the potential of cryptocurrencies. However, critical details such as the project’s operational mechanics, regulatory compliance strategy, and risk management framework have yet to be disclosed. Industry experts warn that, in the absence of transparent information, investors should remain cautious.
