Odaily Planet Daily News Chase Herro, co-founder of the Trump family's crypto project WLFI (World Liberty Financial), said the platform plans to use the purchased tokens to establish a "strategic reserve", but did not specify what the goal of WLFI's token reserve is.
Donald Trump Jr. attended the first summit of the startup Ondo Finance in New York with World Liberty co-founders Zak Folkman, Zach Witkoff and Herro. Zach is the son of Steve Witkoff, a close ally of Trump who helped the president's family connect with the founder of WLFI and was later selected as Trump's Middle East envoy.
House Financial Services Committee Chairman Patrick McHenry, CFTC Acting Chairman Caroline Pham and "Father of Cryptocurrency" J. Christopher Giancarlo were some of the speakers at the meeting, which discussed the future of tokenization and regulatory issues.
"Promises are being delivered," Giancarlo said of the Trump administration's plans for the cryptocurrency industry. "Getting rid of the bad policy of the last four years is one thing. Getting good policy is the challenge."
Meanwhile, William Hinman, a senior adviser to venture capital firm Andreeson Horowitz, stressed that changes in the crypto industry in Washington will not happen overnight.
"There will be some improvements, but I think it will take time," Hinman said of the 21st Century Financial Innovation and Technology Act. "Similarly, it will take time for the SEC to turn over a new leaf and really come up with some concrete evidence that this is now a more friendly regulatory approach." (Bloomberg)