Compilation | Wu Shuo Blockchain

In this episode, Donald Trump, along with his sons Donald Trump Jr. (Don Jr.) and Eric Trump, and partners Steve Wickoff and Zachary Folkman, discussed the launch of their new cryptocurrency platform, World Liberty Financial (WLFI). The conversation delved into the challenges faced by entrepreneurs in the crypto space, the role of decentralized finance (DeFi), and Trump's personal experience in the crypto industry, including NFTs. The discussion also highlighted how the platform is committed to democratizing wealth creation and providing financial solutions for those who are underserved by traditional banking.

What are your expectations for the future of cryptocurrency? Why hasn't the United States become a leader in the crypto space?

Donald Trump: I believe it will soon become a leader. However, we are currently facing a very hostile regulatory environment, such as the SEC. My attitude is quite different. If we don't take action, China will take the lead. The total market value of the crypto industry is enormous, even surpassing the combined market value of many large companies. We must become the largest market, because if we don't, others will take that position.

When we look at the crypto market, although it is still young, its momentum is very strong. If we don't act, countries like China will seize the opportunity, and many countries hope to gain a favorable position in this field. We have an advantage because we are the United States. But our greater advantage lies in me, because I believe in the crypto industry. Many of my friends and my children are very interested in cryptocurrencies. For example, Baron is very familiar with these things. He often talks about his crypto wallets, and he has four wallets. I even asked him, "What is a wallet? Explain it to me." But he knows these things inside out. Eric and Donald Jr. are the same way. They have a very deep understanding of cryptocurrencies, even more so than many older people. I greatly admire their judgment, as they always show exceptional insights. I believe that cryptocurrencies have a very special future, and although it is currently substantial, it is still just the beginning compared to the future. I think it will develop even more impressively in the future.

What impact did you experience from learning about cryptocurrency from your children?

Host: I really like that you mentioned your children, who also use crypto wallets. I myself am teaching my mom how to use a wallet, and I give her some ETH for Christmas and her birthday every year. My little brother is also a member of Generation Z, and although he may not be as old as my mom, he is also learning about these things. Could you tell us about the impact you experienced from learning about cryptocurrency from your children?

Donald Trump: It certainly made it easier for me to understand cryptocurrency. It's like learning a new language. My granddaughter Arabella can speak fluent Chinese, and my two grandsons also learned Chinese at a very young age. They learn very quickly. If you want to learn a skill, it's best to start learning from a young age. Cryptocurrency is the same. For me, my children understood the operation of cryptocurrencies at a young age, which made me realize its importance.

Why do you believe the United States must be at the forefront of cryptocurrency adoption and innovation?

Host: I just returned from Asia, where I attended the Korea Blockchain Week and Webex in Japan. There, cryptocurrency is no longer a future trend but a current reality. When I return to Canada or North America, I always feel that we are lagging behind. So I would like to ask, why do you believe the United States must be at the forefront of cryptocurrency adoption and innovation?

Donald Trump: This is not just about cryptocurrency; it's the same for artificial intelligence (AI). We need a massive power infrastructure far beyond the current scale. The United States needs to accelerate action in these areas, or we will be left behind. China has already begun building a large number of power facilities, mainly to support AI development. They don't need to go through complex environmental impact assessments, while we have many restrictions in this regard. I will expedite this process to ensure that the United States can rapidly increase power supply to support these emerging fields.

Whether it's cryptocurrency or AI, we must maintain a leading position in these emerging technology fields. If we want to continue to be a strong country, we must be at the forefront. We have achieved tremendous success in the space domain, such as the Space Force. Previously, China and Russia were surpassing us in space, but now we are global leaders. I am very proud of this. Elon Musk has done a great job; he launches 90% of the world's rockets. We must continue to maintain a leading position, whether it's in cryptocurrency, AI, or other emerging technologies.

Do you think the United States should establish an appropriate legal framework to support the domestic development of crypto enterprises?

Host: Many American crypto entrepreneurs have had to leave the country because they find it too difficult to develop in the United States. My company also experienced being denied banking services and even had our accounts closed. Do you think the United States should establish an appropriate legal framework to support the domestic development of crypto enterprises?

Donald Trump: I believe there should be some regulatory measures, although this may not be what everyone likes to hear, but some level of protection is necessary. The current environment is very hostile, and the SEC's crackdown on the crypto industry is very severe. I believe the situation has improved since they became aware of my involvement. Perhaps they realized that this market is very large and has enormous potential, so they have moderated their approach. If we don't win this election, the situation may become even worse. The election results will directly impact the future regulatory direction. We must maintain a leading position, whether it's in chips, AI, or cryptocurrencies; these are things we must do.

Can you talk to us about the success of your NFT? Did it surprise you?

Host: Let's switch to a lighter topic. I remember your NFT series caused quite a stir when it was released. Many people on our morning show, FOMO Hour, were eager to buy your NFT, and some even interrupted the program to make a purchase. I remember everyone was fervently buying NFTs, and they sold out quickly. Can you talk to us about the success of your NFT? Did it surprise you?

Donald Trump: To be honest, at the time, I thought the NFT market had cooled off, as it had a moment of popularity a few years ago. But when I decided to release NFTs, I thought, "Why not give it a try?" The result was unexpected. We released 45,000 NFTs, and we originally thought it might take six months or even a year to sell out, but they were almost sold out on the first day. We later released several more NFT series, and the market response was very positive. People really enjoyed buying them, and most transactions were completed using cryptocurrencies, which further made me realize the importance of cryptocurrencies.

Host: I'm glad you could share these experiences with us personally. Hearing your views on cryptocurrency has reassured many people in the industry. We will be watching the election results in November.

Has NFT changed your view of digital assets?

Host: One last question, has NFT changed your view of digital assets?

Donald Trump: Perhaps NFT has changed my view, because most people purchased these NFTs using cryptocurrencies. If they were using US dollars, I might not have felt as strongly. But the proportion of people using cryptocurrencies is very high, which has indeed made me start thinking about the potential of this emerging field. My children have also broadened my horizons, and many of my intelligent friends believe in cryptocurrencies, so this has had a significant impact on me.

Host: Thank you very much for sharing, Mr. President. Please bear with me for a moment; I will soon be meeting with Steve Wickoff and some other guests. However, Mr. President, thank you very much for taking the time. It really touched me that you participated in this interview on the second day after the second assassination attempt. As a 30-year-old guy from Montreal, it is truly an honor for me to host an interview with you. Thank you for giving me this opportunity.

Donald Trump: Thank you. It was a great conversation.

Do you think DeFi can change the wealth creation model in the United States?

Host: Do you think this approach can change the wealth creation model in the United States?

Steve Wickoff: I believe decentralized finance is the future. If you want to borrow money, you must currently be a member of the recognized "privileged class." When I left the legal profession and started working for the president, I wanted to enter the business field, but it was difficult to obtain credit at that time. However, credit is the key to our development.

Steve Wickoff: Cryptocurrency makes all of this possible. Decentralized crypto applications make all of this possible. Therefore, we hope to help those who have been "unbanked" or those who are unable to access banking services at all. They have no bank willing to listen to their needs. So we see a huge business opportunity, where we can make this process more democratic and equal, while also benefiting from it, because there are a large number of people who cannot access credit in the existing system. This situation is not normal, especially for young people with great ideas who are unable to realize those ideas. This is not the American dream.

Host: Thank you very much, Mr. Wickoff, for sharing these insights with us today. We are very grateful. Next, we will continue to chat with Donald Jr.

(Host's chat with Donald Jr.)

How does decentralized finance (DeFi) address these real-world financial issues?

Host: Wow, that's very real. Okay, let's get back on track. Donald Jr., the system you mentioned today is no longer serving many Americans, which is a theme you often talk about. Mr. Wickoff also mentioned this, and your father and your entire family have been discussing this issue. I'd like to share my experience. My company and my CEO's accounts have been "unbanked," and my CEO is a U.S. citizen from Texas. He received a call from the bank, telling him to come and take his money. You are very familiar with this, as you and your family have experienced similar situations. So how does decentralized finance (DeFi) address these issues?

Donald Jr.: Yes, I think I may have been a bit slow to accept these technologies because I originally worked in traditional real estate, completely in the physical economy. There was a time when the Trump family could pick up the phone and call any bank CEO to get a loan for any project, and the loan terms were very favorable. However, when we entered the political arena, these conveniences were suddenly cut off. This was not because we didn't have a strong balance sheet, but because there was a change in political stance. I even encountered a situation similar to what you mentioned. I operated a company with a partner, and one morning he called me to say there was no money in our operating account, thinking we had been hacked. Our account was with PNC Bank, a large bank, and the account operations were very normal, but the bank did not notify us and suddenly kicked us out of the system.

I have a family member with a seven-figure deposit in her account, but when she wanted to withdraw some money to buy a house, the bank actually refused to provide a loan. The money in her account was worth more than the value of the house, but the bank still considered the loan too "risky." Clearly, this is all related to politics.

In the past, we were the "elite" in the eyes of the banks, but overnight we were completely canceled. This made us understand the difficulties faced by many ordinary Americans. In America, the founders established a fair system, and decentralized finance is the embodiment of this fairness, rather than a system where intermediaries extract a large amount of valueless fees. The current system is not only inefficient but also politicized. We deeply feel this, and the impact of all this will only go in one direction.

I am often called an "extremist" or similar titles, and I have become accustomed to it. In fact, I studied finance at the Wharton School, and our family changed the skyline of New York City and did similar work in multiple cities around the world. But even with this background, we still face discrimination from banks. For us, this situation changed our view of the system. We hope to establish a truly fair system, no longer favoring certain people for political reasons.

How can DeFi help ordinary Americans?

Host: I originally wanted to ask, do you think the banking system in the United States has become politicized? Obviously, you have already given the answer. So, since this affects every ordinary American, how can DeFi help them?

Donald Jr.: DeFi eliminates the politicized impact. You can see that many leaders in Silicon Valley, who were long-time Democratic donors in the past, have now changed their stance because they understand that the Democratic Party is not willing to give up control of everyone's finances. Cryptocurrencies threaten their political power, and they do not want people to have true financial freedom. This freedom threatens their power, so they are trying to over-regulate this industry. They have openly stated their intention to strengthen regulation, but over-regulation will stifle innovation in the entire industry.

In the past, we could call any bank to solve problems, but now the situation is completely different. Ordinary people do not have this power, nor do they have the corresponding resources to deal with this situation. The advantage of decentralized finance is that it is a correction to the unfairness of the existing system. Many people are systematically excluded because they do not have our family background. DeFi provides them with a fair opportunity.

What would you like to say to those considering joining your camp because of cryptocurrency?

Host: In the crypto community, many people may not have supported your father in the past, but over time, especially seeing his open attitude towards technology and innovation, many people are changing their stance. Do you have anything to say to those who were not in your camp before but are now considering joining because of cryptocurrency?

Donald Jr.: In fact, the answer is very simple, and the real data has already explained everything. If we look at it purely from a political perspective, it is clear that the conservative camp is more supportive of financial freedom. The Democratic camp stands on the side of the scrutiny system, and they want to control everything through over-regulation. Currently, their intention to over-regulate cryptocurrencies is very clear. My father has already expressed his attitude during his first term as president; he cut a lot of red tape and reduced unnecessary regulations. Everyone wants some basic regulatory framework, but we do not want over-regulation to stifle innovation. If there is too much regulation, it will not be much different from the current traditional system, just with a digitalized facade.

Any framework will be helpful, and we do need some regulatory framework. We are currently working with some of the top lawyers in the world who are very familiar with relevant regulations. However, even so, many times we still face uncertainty. Sometimes different lawyers give different interpretations, not because of their fault, but because the existing legal framework is not clear enough.

How do you evaluate the tokenization of real-world assets and DeFi's handling of mortgage issues?

Host: Speaking of frameworks and regulations, your father, as a real estate tycoon, has had a huge impact in Florida and New York, and is now very interested in decentralized finance. He mentioned earlier how you and your brother have influenced him. Zach, can you tell us how you view the tokenization of real-world assets? What are the advantages of decentralized finance in handling mortgage issues?

Zachary Folkman: This is a great question, and there is a lot to discuss. I will focus on some key points. First is transparency. Blockchain technology can record every transaction on an immutable ledger. I think the best example of this is the bond market, especially mortgage-backed securities (MBS). Before the 2008 financial crisis, many banks packaged junk bonds into AAA-rated bonds, and investors did not know what they were buying because tracking these assets was very difficult. Only a very small number of smart people like Michael Burry and John Paulson could find the loopholes and profit from them. Ordinary investors suffered heavy losses. If we apply blockchain technology to the bond market, such opaque operations will no longer be possible because blockchain can clearly record the origin and changes of these bonds.

Zachary Folkman: Another key point related to decentralized finance is the automation of smart contracts. We have all applied for mortgage loans, and Donald and his family have also gone through this process. Even when loans were not too difficult to obtain in the past, the entire process was very long and complex.

Donald Jr.: Indeed, even when loans were not too difficult to obtain at that time, the entire process was extremely cumbersome. And the people involved were not necessarily very professional, but they charged high fees throughout the process, driving some meaningless paperwork, which was a waste of time and resources. They not only had low efficiency but also caused a lot of unnecessary costs.

Zachary Folkman: Just as we need to improve the efficiency of the government, the business sector also needs more efficient operations because a lot of funds are being wasted. Decentralized finance, through the automation of smart contracts, can greatly reduce these intermediary steps, thereby reducing costs. Another thing that excites me is that it provides an opportunity for the younger generation to enter the real estate field. Many young people have said to me, "Zach, how can I enter the real estate market?" I can only smile bitterly because usually, only top families have the opportunity to enter the high-end real estate market. But blockchain technology and tokenization can change this. Through tokenization, real estate assets can be divided into small portions, allowing ordinary investors to participate, and this approach can also attract global investors to the real estate market.

Zachary Folkman: This approach not only reduces costs but also potentially increases the liquidity of assets, thereby increasing the value of real estate. I think this is very exciting.

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