The Trump family’s crypto project, World Liberty Financial, opened up sign-ups yesterday, although not all Americans will be eligible.
Former president Donald Trump and his family first released details about how the public can get involved with World Liberty Financial last month (Sept. 17).
On Monday (Sept. 30), the crypto exchange opened up the doors to accredited US investors and those outside of America.
However, not all Americans are eligible to sign up for the upcoming platform. Selected participants were able to connect to the platform if accredited investors, with plans to open up to more people down the line, according to a post on X – the Trump family’s platform of choice for promoting the exchange.
“While these whitelists are currently open to accredited investors in the US and all non-US persons, we are not turning our backs on the everyday American,” the exchange wrote. “Our mission is to bring financial freedom to everyone, no matter their background or bank balance.”
World Liberty Financial went on to blame “outdated policies and regulations in the US” for the limited access to the platform at the moment.
4/6 We plan for all Americans to be able to use this platform in the future, giving everyone access to the tools and opportunities that have been restricted for far too long.
— WLFI (@worldlibertyfi) September 30, 2024
Donald Trump also took to X to promote the exchange opening for sign-ups, promising “to Make America Great Again, this time with crypto.”
I promised to Make America Great Again, this time with crypto. @WorldLibertyFi is planning to help make America the crypto capital of the world! The whitelist for eligible persons is officially open – this is your chance to be part of this historic moment. Join:…
— Donald J. Trump (@realDonaldTrump) September 30, 2024
What are accredited investors?
The SEC defines accredited investors as those with a net worth of at least $1 million, whether that’s individually or with a partner/household. It excludes the value of a primary residence and must be accompanied by an annual salary of at least $200,000 solo or $300,000 with a partner for the last two years, as well as the expectation of continuing to earn at that level for the rest of the current year.
There are extra requirements for entities and investment professionals but even those initial requisites exclude the vast majority of Americans. Forbes reported in May 2023 that there are 24.4 million people in the United States with wealth greater than $1 million – but that’s out of a population of over 330 million.
Featured image: Flickr, licensed under CC BY-SA 2.0
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