The cryptocurrency company World Liberty Financial, supported by U.S. President Trump and his son, has initiated a proposal vote to determine whether the platform's governance token should be tradable.
As of Wednesday, the proposal to make the World Liberty Financial token (WLFI) tradable has received over 99% support from users, with the voting scheduled to end on July 16. If approved, the plan could unlock a significant amount of WLFI tokens; however, the proposal states that "founder, team, and advisor tokens"—which seemingly include the tokens held by Trump and his family—will not be immediately available for trading.
"This will mark an important milestone in the development of the World Liberty Financial ecosystem, opening the door to broader community participation, access, and protocol development," the proposal states.
The cryptocurrency venture was launched in 2024 by Trump, his son Barron, Donald Trump Jr., and Eric, along with co-founders Chase Herro and Zak Folkman. World Liberty and Trump's other cryptocurrency investment projects have become a focal point of controversy as the president attempts to formulate policies related to digital assets.
According to Bloomberg, due to investments in the cryptocurrency industry (including through World Liberty), the president has added at least $620 million to his personal investment portfolio in a matter of months. In June, Trump disclosed that he earned $57.4 million from the cryptocurrency business and personally holds 15.75 billion governance tokens.
However, reports indicate that the Trump family has been reducing its stake in World Liberty since December 2024, holding 40% of the company as of June. At the time of publication, WLFI token holders had cast approximately 5 billion votes, with the majority supporting the token's tradability.
Starting Monday, the Republican leadership in the U.S. House of Representatives is expected to address three pieces of cryptocurrency-related legislation. One of the bills is the "U.S. Stablecoin National Innovation and Establishment Act" (GENIUS Act), aimed at regulating payment stablecoins in the U.S.
The GENIUS Act previously faced opposition from several Democratic senators due to Trump's association with World Liberty and the company's USD1 stablecoin. Eric Trump announced in May that a company based in Abu Dhabi would use the stablecoin to settle a $2 billion investment in Binance. The House subsequently passed the bill after a second vote in June.
Related: Emirates Airlines signs memorandum of understanding with Crypto.com to enable cryptocurrency payments
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