World Liberty Financial co-founder Zach Witkoff described the origins of the project and its ties to the Trump family in an interview aired Tuesday.
‘Putting The Hands Back In The Power Of The People’
During an interview with journalist Colin Wu, Witkoff revealed that the idea was born out of a conversation with fellow co-founders Donald Trump Jr. and Eric Trump, who were “downtrodden” after being debanked by two major U.S. banks.
“And we started to talk about what the solutions were,” Witkoff added. “And the solution really revolved around a democratized system that revolved around a stablecoin.”
He argued that stablecoins prevent accounts from being arbitrarily shut down and shield against excessive meddline by centralized institutions.
“No one’s ever going to tell you who and why and what money you can send. So that was really the genesis of World Liberty, putting the hands back in the power of the people,” Witkoff said, alluding to the ideals of decentralization.
See Also: Peter Schiff Predicts Bitcoin Could Sink To $75,000: ‘Sell Now, Buy Back Lower’
Trump Family’s Grievances
The Trumps have frequently highlighted debanking woes as the key cause pushing them towards cryptocurrency and Bitcoin (CRYPTO: BTC).
Eric Trump revealed earlier in the month that he had no choice but to embrace cryptocurrency after being abruptly excluded from the financial system due to what he claimed was a broader campaign against his family.
The Trump Organization sued Capital One Financial earlier this year, alleging that the bank closed hundreds of accounts linked to President Donald Trump for politically motivated reasons. Capital One has denied these allegations.
Trump’s WLFI Profits Invite Scrutiny
The family’s involvement in cryptocurrency ventures has proven lucrative. According to the latest financial disclosure, President Donald Trump’s investment in World Liberty Financial yielded him over $57 million in 2024, positioning it as one of his primary sources of income.
However, these engagements have come under intense scrutiny by opposition lawmakers, with Sen. Elizabeth Warren (D-Mass.) alleging a conflict of interest and labeling products like USD1, a stablecoin launched by World Liberty Financial, a conduit for corruption.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Image via Imagn
