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Those familiar with Donald Trump from his previous presidency claimed that he might forget his promises regarding cryptocurrency. However, despite the absence of cryptocurrencies in official policy documents, Trump frequently emphasizes his seriousness about the matter by taking significant steps in the crypto domain.
Trump and the Cryptocurrency Initiative
During the election season, Trump showcased his commitment to cryptocurrency by signing a contract and launching the WLFI initiative. Until his presidency became assured, World Liberty Financial garnered little attention. Today, major crypto companies are racing to enhance their visibility by purchasing WLFI, even if just for advertising purposes, and are competing to get Trump to accept their tokens.
There’s more. With the announcement of a stablecoin initiative on Tuesday, World Liberty is embarking on another significant venture. This also highlights Trump’s determination in the crypto sphere once again. The stablecoin, named USD1, will be backed by short-term U.S. Treasuries, U.S. dollar deposits, and other cash equivalents. The BNB Chain will also launch its stablecoin, marking one of the first of several to debut this year.
World Liberty’s stablecoin project reflects the Trump family’s recent moves toward cryptocurrency while keeping the battle for U.S.-based crypto innovation alive. Trump pledged to make the U.S. a “superpower for Bitcoin 
$87,277 and the world’s crypto capital” earlier this March.
Stablecoin Regulation and USD1
The launch of World Liberty’s stablecoin should be examined from various perspectives. For instance, it is significant concerning ongoing discussions regarding stablecoin legislation. Critics, highlighting potential conflicts of interest, argue that the USD1 initiative will expedite the Trump administration’s stablecoin regulation efforts. Trump requested the legislation to be on his desk for signing before the August recess.
Kedric Payne, senior director of ethics at the Campaign Legal Center, stated:
“We haven’t seen any president recently sign legislation that directly affects their financial interests. This is a clear violation of ethical standards.”
Did the same apply to Democrats funded by campaigns before the FTX collapse? Or did they challenge the changes in the stock portfolios of significant figures in Biden’s administration before critical decisions? Thus far, Trump has openly and shamelessly navigated conflicts of interest in a manner that is quite transparent.
Time flies, doesn’t it? With the USD collapse serving as a pretext, mainstream media and politicians in the U.S. launched an attack on cryptocurrency, blaming algo stablecoins following the FTX collapse. Now, the sitting U.S. president is openly issuing stablecoins, negotiating for crypto ETFs, and maybe even discussing acquiring a cryptocurrency exchange. Quite interesting indeed.
