The decentralized finance protocol World Liberty Financial (WLFI), co-founded by former U.S. President Donald Trump's family, has initiated a community proposal aimed at making the WLFI governance token transferable and tradable within the crypto ecosystem.
This proposal is part of the project's roadmap, transitioning to an "open participation" model by allowing the token to be traded on secondary markets, including decentralized exchanges and peer-to-peer networks.
Currently, the WLFI token exists within a closed system and cannot be traded outside the platform, which limits governance participation and price discovery.
If the proposal is approved, WLFI token holders will be able to vote on token issuance, ecosystem incentives, and treasury policies.
WLFI and other crypto projects associated with Trump have drawn scrutiny from Democratic lawmakers, some of whom have expressed concerns about potential conflicts of interest related to his crypto dealings. Fully decentralizing WLFI could alleviate congressional pressure that hinders comprehensive regulatory reform.
According to the platform, the Trump family reduced its stake in WLFI by 20% in June. The entity managing the family's investment in WLFI, DT Marks DeFi LLC, initially held 75% of the company. The family's LLC has been reducing its stake in the platform since December.
In a financial disclosure submitted to the U.S. Office of Government Ethics in June, the President reported a profit of $57 million from WLFI.
Reports indicate that Trump has increased his net worth by a total of $620 million through various crypto projects, including the Official Trump (TRUMP) meme coin, non-fungible token (NFT) sales, ownership stakes in WLFI, and capital appreciation of other digital assets in his portfolio.
According to Bloomberg, cryptocurrencies account for about 9% of the President's $6.4 billion net worth.
Unexpected profits and a highly visible relationship with the crypto industry have led to proposed legislation aimed at limiting the President's involvement in the sector.
Democratic Congressman Adam Schiff introduced the "COIN Act" in June, which would restrict the President, immediate family members, and executive branch officials from issuing or promoting specific cryptocurrencies.
Related: Thanks to Trump's "Big and Beautiful Act," Bitcoin (BTC) could reach $150,000 in a few weeks.
Original article: “World Liberty Financial initiates community proposal to make WLFI token transferable”
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