The Trump Effect: Crypto's New Golden Age?

World Liberty Financial (WLF), a crypto project linked to President Donald Trump, raised $1 billion through token sales. Meanwhile, the Trump memecoin soared in value. Concerns have emerged regarding ethical issues and regulatory scrutiny, despite excitement in the cryptocurrency industry regarding potential pro-crypto policies under Trump’s leadership.

World Liberty Financial (WLF), a cryptocurrency project associated with President Donald Trump, garnered $1 billion from token sales, the company announced on Monday. Concurrently, a Trump-branded memecoin surged to a market cap exceeding $10 billion as Trump commenced his second term in office.

The resurgence in Trump-linked crypto ventures comes amid his promise of a 'golden age' for cryptocurrencies, contrasting the regulatory rigor of the previous administration. WLF, established by Trump alongside his sons and envoy Steve Witkoff, was initiated two months pre-election.

While enthusiasm grows in the crypto sector anticipating regulatory relaxations, the project's ethical implications and potential regulatory challenges have drawn criticism from analysts. Legal predictions suggest imminent civil lawsuits related to the memecoin's speculative nature.

(With inputs from agencies.)