Former President Donald Trump has unveiled his latest business venture, World Liberty Financial, a cryptocurrency initiative that aims to capitalize on the growing interest in decentralized finance. This move comes just weeks ahead of the presidential election, raising eyebrows among ethics experts and some of his supporters.

During a livestream event on X, Trump promoted World Liberty Financial, emphasizing the importance of engaging with cryptocurrencies despite his initial skepticism. "Crypto is something we must pursue," he stated, crediting his children for opening his eyes to the potential of digital currencies. Trump's sons, particularly Donald Trump Jr., have been instrumental in promoting the venture, highlighting its potential to assist underserved and unbanked populations.

World Liberty Financial is envisioned as a cryptocurrency banking platform, allowing users to lend and borrow cryptocurrencies, with transaction fees serving as a revenue stream. The platform is expected to issue governance tokens, known as WLFI, which will be available for purchase by accredited investors as defined by US federal regulations.

The launch of World Liberty Financial has been shrouded in ambiguity, with Trump and his associates providing few specifics about the platform's operational mechanics. Critics argue that this lack of transparency, combined with Trump's history of controversial business practices, could pose significant conflicts of interest if he were to be elected president.

Ethics experts have expressed concerns about Trump's involvement in a new business venture so close to the election. Jordan Libowitz of Citizens for Responsibility and Ethics in Washington noted that while a pro-crypto stance is not inherently troubling, personally benefiting from such a venture during a campaign is problematic.

Despite these concerns, Trump's shift towards embracing cryptocurrencies has been welcomed by some in the crypto community. His campaign has begun accepting cryptocurrency donations and he has promised to make the U.S. the "crypto capital of the planet" if elected.

The venture also highlights broader themes within the cryptocurrency sector, including the risk of debanking and the perceived antagonism from regulatory bodies like the Securities and Exchange Commission (SEC). Trump has criticized SEC Chair Gary Gensler for regulating through enforcement rather than established guidelines, a sentiment shared by many in the crypto industry.

As the presidential election approaches, Trump's foray into the blockchain and cryptocurrency space is likely to remain a contentious issue, reflecting both the potential and the pitfalls of this rapidly evolving sector.