New buying rules, who can invest and what it means for early adopters

The team behind Donald Trump’s latest crypto venture, World Liberty Financial, took over two hours to release the key details many were expecting at Monday night’s event on X.

The suspense finally ended when they revealed who could buy future tokens and how the shares would be distributed. Billed as the next big step for the former president and his family, the release has generated anticipation for weeks.

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Zak Folkman, one of the founders of the project, explained that the platform’s WLFI token will be shared between several groups. “Twenty percent of the chips are set aside for the founding team,” he said, referring to a group that includes the Trumps.

Another 17% will go towards user rewards, while the remaining 63% of the tokens will be publicly available. He emphasized, “There will be no pre-sales or pre-emptive purchases.”

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This was a crucial clarification, as an earlier draft of the project outline that had been leaked had raised eyebrows. The project has indicated that the founders will control 70% of the tokens, leading many to worry that it could be just another quick cash scheme.

The structure of the offering, a Regulation D token offering, allows World Liberty Financial to raise funds without registering with the Securities and Exchange Commission (SEC), as long as they meet certain criteria. This led to a conversation about how the SEC, under its chairman Gary Gensler, has regulated the crypto industry, often using enforcement measures instead of clear guidelines.

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Trump himself got in on the act, speaking openly about his initial lack of interest in crypto. “I wasn’t too interested,” Trump said, adding that his perspective changed when his children introduced him to crypto through the success of his non-fungible token collections. “I think my kids opened my eyes more than anything else,” he remarked.

The event took place against an unusual background for Trump. Just the day before, an alleged assassination attempt took place while Trump was playing golf with Steve Witkoff, his longtime friend and a key figure in World Liberty Financial.

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The incident took place at Trump’s West Palm Beach golf club, and the FBI is investigating. Despite the dramatic incident, Witkoff joined Trump for Monday’s event, where he talked about how the affair began.

Witkoff recounted how his son introduced him to two young crypto-entrepreneurs, Chase Herro and Zak Folkman, who convinced him that decentralized finance (DeFi) could be the future of money.

“These guys are as sharp as any currency traders I’ve ever met,” Witkoff said. He then described how he brought the Trump family into the fold. “I had a meeting with Eric, Don Jr., the president and his counsel. We’ve been here for almost nine months,” he revealed.

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The similarities between World Liberty Financial and Trump’s previous venture, Trump Media & Technology Group, have not gone unnoticed. Like the media company that launched the conservative social platform Truth Social, this crypto venture is expected to turn heads.

However, despite the Trump family’s involvement, they do not own or manage the platform. Eric Trump and Steve Witkoff are the two figures at the helm and both are new to the crypto space. Although Trump has been touting crypto in recent months, even giving a presentation at bitcoin’s biggest event in July, the public remains curious — and wary — about this new project.

The founders have been tight-lipped about the plans, offering little clarity on the timeline. The only hint given was that updates would come through official channels, and they warned fans to beware of scammers eager to take advantage of the buzz surrounding the project.

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This article The Trump Family’s Crypto Venture Revealed: New Buying Rules, Who Can Invest, and What It Means for Early Adopters originally appeared on Benzinga.com

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