After experiencing a second shooting, Trump still insists on supporting the family's cryptocurrency project

Author: Fu Ruhe, Odaily Planet Daily

Recently, U.S. presidential candidate Trump led the core team of World Liberty Financial in an interview dialogue with Rug Radio founder Farokh on the X platform. Just a day before the live broadcast, Trump had experienced his second shooting incident.

In this live broadcast, Trump elaborated on his views on the cryptocurrency industry, the U.S. SEC's hostility towards the crypto sector, policies regarding the crypto industry after being elected, and related aspects such as NFTs.

After Trump concluded the interview, his good friend Steve Witkoff also shared his views on the crypto industry and World Liberty Financial, followed by core members of World Liberty Financial expressing their opinions. Finally, Zak Folkman, the operations director of World Liberty Financial, officially disclosed relevant information about the project.

Trump's Core Views on the Crypto Industry

1. The U.S. should become the crypto capital: Trump believes that the U.S. should take swift action to become the global leader in cryptocurrency. If the U.S. does not take the initiative, countries like China will take the lead.
2. The current regulatory environment is hostile: He criticized the SEC's hostile attitude towards the cryptocurrency industry, arguing that the Biden administration lacks support for the crypto sector. Without an appropriate regulatory framework, U.S. innovation will lag behind other countries.
3. Support for a legal framework for the crypto industry: Trump stated that the U.S. needs to establish a clear legal framework for the crypto industry to ensure that businesses can thrive domestically. He mentioned that the current operating environment for crypto entrepreneurs in the U.S. is filled with uncertainty, forcing many to leave the country.
4. Widespread use of crypto payments: He pointed out that more and more people are using cryptocurrencies for payments, a trend that was almost unseen in the past few years. He believes that cryptocurrencies will continue to grow in the future and may become a primary payment method.
5. Insights from NFT experience: Trump's NFT series was a huge success, which surprised him and led him to reevaluate the potential of cryptocurrencies. He noted that most NFT buyers used cryptocurrencies for payment, giving him a new understanding of crypto payments.
6. Competition in future technologies: Trump believes that the U.S. must maintain a leading position in future technology fields such as cryptocurrency and artificial intelligence (AI), or it will be surpassed by other countries. He emphasized that these technologies will become key areas of global competition.

Core Views on World Liberty Financial Tokens

Token Plan:

• World Liberty Financial will issue a governance token, WLFI, specifically for platform governance.
• This token only provides voting and proposal rights, with no economic rights and is non-transferable.

Purchase Eligibility:

• The sale of WLFI tokens will be restricted; U.S. investors must be accredited investors (in compliance with Regulation D).
• Non-U.S. sales will also comply with relevant legal regulations.

Token Distribution Method:

• 63% of the tokens will be sold publicly, with no pre-sale or early discounts for VCs.
• 17% will be used for user rewards, and 20% will be reserved for team compensation.
• The voting power cap will be set at 5% to ensure fairness in governance.

Author's subjective view: By watching the live broadcast, the author believes that this event was more like a speech by Trump to crypto voters, from which it can be seen that Trump does not fundamentally understand the native crypto industry, but rather interprets the crypto sector from a national perspective. However, it is evident that he recognizes the crypto industry. From the responses of other core members of World Liberty Financial, it appears that the target audience for this project is not the current investors in Web3, but rather advocates for the inclusion of new users. Moreover, most of the content discussed was overly macro and sensational, lacking a genuine and practical project introduction. Finally, after operations director Zak Folkman announced the tokenomics, aside from differences in token distribution compared to previous reports from CoinDesk, the remaining content was essentially the same; the tokens are non-transferable and only serve governance functions.

Here are selected dialogue excerpts from the live broadcast, compiled by Odaily Planet Daily.

Trump's Views on the Crypto Industry

Farokh: You once said that the U.S. should become the global crypto capital. Why isn't it that way now?

Trump: I believe the U.S. will soon become the crypto capital. Currently, the SEC is very hostile towards the cryptocurrency industry, which is hard to understand, but it relates to the current Biden administration. Their hostile attitude is even hard to believe. My stance is different; I believe that if the U.S. does not take proactive measures, China will get ahead. In fact, China is already doing this. While there are some issues in the cryptocurrency industry, such as credibility problems, overall it is still very young and developing rapidly. If we do not take action, other countries will take the lead.

My children are very knowledgeable about cryptocurrencies, especially Barron, who has four crypto wallets. Eric and Barron have also excelled in this field. Young people often understand these technologies better than older generations. I respect their judgment; while cryptocurrency is still in its infancy, its prospects are enormous. I have noticed that more and more people are using cryptocurrencies for payments, which was a rare phenomenon a year or two ago. So I believe that cryptocurrencies will become bigger in the future.

Farokh: Why is it so important for the U.S. to lead in cryptocurrency adoption and innovation?

Trump: Whether it's cryptocurrency or artificial intelligence (AI), these are important technological fields for the future. If the U.S. does not act quickly, other countries will surpass us. China is already building power facilities specifically for AI, while in the U.S., it takes a long time to build power infrastructure due to environmental regulations. I will create conditions to accelerate infrastructure development, ensuring that the U.S. maintains a leading position in technologies like AI and cryptocurrency.

The U.S. must maintain its lead in all key areas, especially in technologies like cryptocurrency and AI. Just like space exploration, when I was in office, the U.S. became the global leader again, and Musk achieved remarkable success in this area; he is my friend and a strong supporter of me.

Farokh: Do you think the U.S. should establish a legal framework for the crypto industry to allow businesses to thrive here?

Trump: Yes, I think it is very necessary. The crypto industry needs a clear legal framework to ensure its development. Of course, there should also be some necessary regulatory measures. I have spoken with many leaders of crypto companies, and they have expressed a desire for reasonable regulation. Currently, the SEC's crackdown on the crypto industry is hard to understand. Since I became interested in cryptocurrencies and got involved, I have noticed a slight change in the SEC's attitude; they seem to see the potential of the crypto industry, possibly because they feel my involvement has political influence.

But if we cannot win the election, the SEC may revert to its hostile stance and resume its crackdown on the crypto industry. Therefore, we must continue to advance in future technology fields, including cryptocurrency and AI, to ensure that the U.S. maintains its leading position globally.

Farokh: Can you talk about your successful experience in the NFT space? Was it surprising to you?

Trump: When I entered the NFT market, the hype had already passed, and many people thought the NFT market had cooled down. But we launched 45,000 NFTs, and I originally thought it might take months or even a year to sell out, but they were almost all sold out on the same day. Then we launched the second, third, and fourth batches, each achieving tremendous success. I even asked some early buyers, worried that subsequent releases might dilute the value of their NFTs, but most expressed support and hope that we would continue to launch new series, which surprised me.

This experience made me realize the enormous potential of cryptocurrencies in payments. The vast majority of buyers paid with cryptocurrencies rather than traditional dollar checks, which deepened my understanding of crypto payments. This was also the moment I truly began to take an interest in cryptocurrencies. Although I initially did not pay much attention to it, the success of NFTs opened my eyes to the practical applications and potential of cryptocurrencies.

Farokh: Did NFTs change your view on digital assets?

Trump: Yes, the success of NFTs gave me a whole new perspective on cryptocurrencies. If I were only using dollars for payments, I might not have reacted much, but seeing that almost all transactions were completed using cryptocurrencies really opened my eyes. At the same time, my children are passionate about cryptocurrencies, and their deep understanding of this industry has influenced me. I realize that this is not just a game for young people; many of my friends are also staunch supporters of cryptocurrencies, which further solidified my interest and confidence in this industry.

Renowned Real Estate Developer Steve Witkoff on the Origin and Potential of WLFI Collaboration

Farokh: How did this collaboration begin? I know there's an exciting story behind it; can you take us through it?

Steve Witkoff: My son introduced me to two partners, Chase Hero and Zach Folkman, who are very smart. These young people dress differently from us, perhaps with more tattoos. Through Chase and Zach, I met traders from around the world. These people are as smart as any currency trader I have met; they started explaining the concept of decentralized finance, or "frictionless finance," and why this approach benefits the public, especially those overlooked by the traditional financial system. The driving force of the American economy is credit, yet many people cannot access credit resources.

As I gradually understood this, I thought no one could understand this issue better than the Trump family. So we first had discussions with Eric Trump Jr. and President Trump and his advisory team, and we decided to move this forward together. We spent nearly nine months conducting very in-depth due diligence and hired an excellent legal team to help us operate legally in this field. Now, we stand at this important juncture, which is the result of our years of effort.

Farokh: Do you believe this can really change the way wealth is created in America?

Farokh: I believe decentralized finance is the direction of future development. If you consider that today, to borrow money, you almost need to be "anointed" and become part of the privileged class. I remember when I left the legal profession, I represented the president, but even then, it was very difficult to enter the business world and gain access to credit resources. Credit is the core driver of our economic development, and cryptocurrencies make all this possible. Decentralized finance, as an application of cryptocurrencies, also makes it easier to access credit.

We see a huge market opportunity, especially for those excluded from the traditional banking system. They cannot find banks to serve them or receive the attention and support of banks. We see this as a business opportunity and a way to democratize credit. We can make this process more equitable while potentially achieving good economic returns in this field, as many people cannot access credit in the existing system. This is unfortunate; young people have great ideas but cannot turn them into reality, which goes against the American dream.

Digital and Strategic Director Chase Hero on the Vision and Future Impact of WIFI

Farokh: What is the overall vision for this project?

Chase Hero: This is a very ambitious goal. What I care most about is liquidity. We have somewhat confused the concepts of Bitcoin, Ethereum, and other tokens; while they are all great assets, I believe the game is actually quite simple. People understand dollars, understand accounts, and understand their simplicity.

Therefore, I started to seriously study stablecoins and really liked the idea behind them. For me, stablecoins are the easiest way for newcomers unfamiliar with speculation to enter this field. Just like a gym membership, once you go from free to paid, you become more invested. So, I hope to encourage people to enter this space with just $5, allowing them to engage more with this environment. And in this process, real miracles will happen. If you are not familiar with stablecoins, they are remarkable assets backed by U.S. Treasury bonds. I believe this is an excellent way to maintain the U.S. as the global financial foundation for the next century.

Historically, we can see that a strong America means a strong world. And now, the status of the global financial foundation is being challenged, and the uncertainty of the future makes us value the current dollar even more. Currently, the largest cryptocurrency trading medium is still stablecoins pegged to the dollar. My goal is to provide people with financial freedom while ensuring the sovereignty of the U.S. economy and giving individuals control over their own assets. Think about it: when have you heard of ordinary people being able to buy Treasury bonds or bonds?

Farokh: How do you think this project will reshape the financial landscape in the coming years?

Chase Hero: The key is "accessibility." The goal of any large project is to make it easy for users to use and enjoy it. I think this is the direction we need to strive for, and this is also why I like the Trump family; they have been pursuing comfort and ease of use from start to finish. Their performance in this regard is impeccable.

Our goal aligns with their philosophy, which is to continuously work to ensure that we can create a system that allows ordinary Americans and global users to easily enter this field and gain access to opportunities they could not reach before. In this regard, this technology is very advanced but also very complex. In the initial stages, we often tried to enter this field with my mother, grandmother, and sisters; we even offered them $10,000 to successfully register a MetaMask account. If they needed help along the way, the reward would decrease. You quickly realize that many people encounter difficulties early on.

This is the key to the future: allowing ordinary Americans to enter and use this field, experiencing the freedom it brings. This is one of the coolest things—your bank is with you, wherever you are, and money is in your pocket. This experience of controlling finances anytime and anywhere is revolutionary.

At the same time, this will also be the most challenging intersection to achieve, so we need the simplest ways to attract the broadest user base. I have never seen anyone simplify complex issues as well as the Trump family. I truly believe that combining these two factors will secure opportunities for the American people to achieve sovereign freedom.

This will fundamentally change the status quo because ordinary people have never had the chance to earn through $1. If you invest dollars into stablecoins and put them on the chain, you will immediately earn money, and this is backed by Treasury bonds. So we must ask ourselves, why exclude this opportunity from the public? Sometimes I feel that certain people are doing this on purpose; they want to stop all this from happening. There are many powerful people who may not want this to happen because it would undermine their power and resource efficiency. During the 2008 financial crisis, some people still bought mansions while many lost their retirement savings.

Farokh: What do you hope to achieve with this project?

Chase Hero: Zac is always more pragmatic, while I am always more ambitious. My goal is to break our debt shackles and rebuild America's debt structure, which benefits both cryptocurrencies and the U.S. Whoever holds the debt holds the power. Therefore, as interest rates begin to decline, funds will shift from their original investment destinations, and we hope to create a product that can reasonably attract these funds. My goal is to prioritize American interests, and for this, we will build a product to achieve this goal.

Additionally, our overall goal is to illuminate the future of the entire crypto community. There is a lot of tribalism in the cryptocurrency space, with everyone having their own opinions on which Layer 2 solutions or tokens are the best. Our goal is to showcase everything that cryptocurrencies and DeFi can offer, whether it's decentralized media platforms like Rug Radio or decentralized lending platforms like Aave; we want to introduce these tools and innovations to the general public.

Operations Director Zak Folkman: Future Goals and Usability Challenges of Simplifying DeFi

Farokh: How is World Liberty Financial addressing usability challenges? Who do you plan to bring into the DeFi ecosystem through this platform?

Zak Folkman: First of all, the usability of DeFi is indeed a significant challenge. Many DeFi protocols, including some of our favorite platforms, are very powerful, but it is difficult for ordinary users to understand and use them.

I have many friends who are tech-savvy and have ventured into cryptocurrencies like Bitcoin and Ethereum, but most of them keep their assets in exchange accounts like Coinbase, completely missing out on the potential of DeFi. They don't even know that there are other things to do besides asset speculation. Stablecoins are the best tool to help these users move away from pure speculation, as Chase mentioned; they provide stable returns and are pegged to the dollar, eliminating most volatility.

For us, the opportunity lies in showing these users who hold assets like Bitcoin and Ethereum that they can not only hold these assets but also participate in the DeFi ecosystem through a simple, user-friendly product.

I know there are over 70,000 people still following this project; they are the true members of our DeFi and crypto community. For these users, entering a DeFi platform often feels very complicated. You open the app, and there may not be clear guidance, or you face various markets and staking opportunities without knowing how to choose, ultimately leading to abandonment.

For example, Eric and I discussed how to loop Ethereum on the Aave platform, but he gave up after a while because the process was too complicated, even though he is very tech-savvy and still felt frustrated. This is the problem—DeFi lacks usability, and if we want to achieve mass mainstream adoption and liquidity influx into the market, we must develop user-friendly products that allow ordinary users to use them seamlessly.

Farokh: How does World Liberty Financial plan to achieve these goals?

Zak Folkman: Our goal is not to rebuild the flywheel but to bring the best parts of DeFi to ordinary users who have yet to participate in DeFi platforms. We want to build simple, intuitive, and easy-to-use products that do not require users to seek help from friends for operational guidance.

Through this simple product, we hope to bring more people into DeFi, helping them earn through stablecoins rather than taking on the high risks of speculating on the next meme coin.

Additionally, we plan to help users unlock liquidity in their existing assets, such as Ethereum or other crypto assets. This is how we will achieve our goals: by providing a stable income mechanism and simple product design, allowing ordinary users to easily enter the world of DeFi.

WLFI Advisor Corey Caplan: Security Architecture Outlook

Farokh: Given the high visibility and expectations for this project, how will you ensure its robustness and reliability in terms of security and architecture? It is crucial for the crypto community to understand how to ensure the security of this platform.

Corey Caplan: Security is an ongoing process, not a one-time event. I view security as a journey. In the early days of cryptocurrencies and open finance, we considered some systems to be secure, but over time, situations changed. Therefore, we must remain flexible, continuously learn, and adapt to emerging security methods, never sticking to existing security models. Our team must always maintain an open mindset, embracing new technologies and methods to ensure the project's security and robustness.

World Liberty Financial: Token and Crypto Community Feedback

Farokh: What is the token plan related to World Liberty Financial?

Zak Folkman: This question is probably one of the most anticipated ones, and there has been a lot of discussion about the token. I have seen some crazy predictions, and many people are guessing. Now I will officially answer this question: yes, we will have a token. To answer this question, I have prepared a statement to give everyone some background and ensure that everyone understands the significance of this token.

At World Liberty Financial, we believe that the future direction of the platform and the entire decentralized finance (DeFi) space requires broad participation. We believe that governance tokens are the best way to achieve this goal. Therefore, we plan to issue and distribute a governance token called WLFI in the future. The WLFI token is limited to governance purposes; it only grants holders the rights to propose and vote on matters related to the platform. The WLFI token will be non-transferable and will not provide any economic rights, such as dividends or distributions. We only want those who genuinely want to participate in the governance direction of World Liberty Financial to purchase this token, not those who are merely looking to speculate for profit.

Please remember that although we are sharing these plans now, this does not constitute any offer to sell tokens. Any sale will be officially announced through our official channels in the future.

Farokh: Who can purchase the tokens?

Zak Folkman: That's a good question. Although we do not believe that WLFI tokens are securities, due to the current regulatory uncertainty regarding tokens and token sales in the U.S., we have decided to proceed with caution and limit the token sale to accredited investors who meet the exemptions under U.S. federal securities laws.

This means that U.S. individuals can only participate if they are reasonably verified as accredited investors (in compliance with Regulation D). Potential token sales for non-U.S. individuals will also be restricted and will comply with applicable regulations.

Farokh: How will the tokens be distributed?

Zak Folkman: As I mentioned earlier, there are many scams in the crypto world, and everyone must be cautious of those claiming to be related to World Liberty Financial. If the information does not come from our official channels (Twitter, Telegram, or our official website), then it is fake.

Regarding the distribution of tokens, many previous reports have been incorrect. The actual distribution method is as follows: like other DeFi projects, we will have a very fair token distribution. Approximately 63% of the tokens will be sold to the public, with no pre-sale or early discounts for VCs; the initial sale will be directly to the public. 17% of the tokens will be used for user rewards, and 20% will be for team compensation (including advisors and future employees). To ensure broad participation, we will set a voting power cap at 5%, meaning that even if someone holds a large number of tokens, their voting power will not exceed 5%.

Farokh: How has the crypto community responded to this project?

Zak Folkman: Like any project, some people will support you, some will envy you, and some will disagree with your ideas; this is all normal. For me, the most incredible thing is to see the support from the leaders of our community, the true pioneers in the crypto space. We have announced many advisors, such as Corey Caplan, Sandy Pang, Luke, Raphael, and others.

We also have many big names who quietly support the project; they keep a low profile because they need to balance their own investors. If I could tell you who these people are, you would be shocked. These individuals are confident in the potential of the crypto community and World Liberty Financial.