DeFi, Trump Style: A Family Circus

Forbes Daily Briefing

Forbes

Careers, Business, News, Entrepreneurship

4.6 • 12 Ratings

🗓️ 19 September 2024

⏱️ 5 minutes

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Summary

With World Liberty Financial, Donald Trump and his sons promise a new decentralized lending platform—but a closer look reveals recycled ideas and glaring red flags.

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Transcript

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0:00.0	Here is your Forbes Daily Briefing for Thursday, September 19th.
0:05.0	Today on Forbes, Defy Trump style, a family circus.
0:11.0	Donald Trump is making another high profile move into the world of
0:14.8	cryptocurrencies and this time he's bringing the family along for the ride.
0:19.2	On Monday on a live stream on X before 155,000 listeners,
0:24.6	Trump rolled out World Liberty Financial,
0:27.3	a crypto venture, quote unquote, led by his sons,
0:30.9	Donald Jr. and Eric. Streaming from Marilago his
0:35.0	country club in Palm Beach, Florida,
0:37.0	Trump said, quote,
0:38.0	we have to be at the top, no matter what we do.
0:41.0	Crypto is one of those things we have to do, whether we like it or not.
0:45.0	Apparently unaware that cryptocuracies have been illegal in China since 2021, he added, quote,
0:52.0	If we don't do it, China is going to do it. China is doing it anyway.
0:57.0	The former president said it was his kids who, quote, opened his eyes more than anything else.
1:02.3	Trump said, quote,
1:04.0	Baron knows so much about this.
1:06.0	He's a young guy, but he knows.
1:08.0	He's got four wallets or something,
1:09.0	and I say, what is a wallet?
1:12.0	railing against what they see as the inherent unfairness of the banking sector.
1:17.0	Trump's sons and the World Liberty Financial Team recycled old narratives
	...

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