# Crypto's Trump Gamble *Author: Bankless* *Published: Sep 14, 2024* *Source: https://www.bankless.com/cryptos-trump-gamble-2* --- [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/09/Frame-50572--4--1-2.png)](https://www.bankless.com/sponsor/cartesi-1713304933?ref=cryptos-trump-gamble&email=true) Crypto's Trump Gamble Published on Sept 14, 2024 [ View in Browser ](https://bankless.com/read/briefs) --- [**Sponsor: Cartesi**](https://www.bankless.com/sponsor/cartesi-1713304933?ref=cryptos-trump-gamble&email=true) — Discover the power of Linux for your ambitious dApps, only on Cartesi. [Visit cartesi.io to Learn More](https://www.bankless.com/sponsor/cartesi-1713304933?ref=cryptos-trump-gamble&email=true) .  .  . WEEKLY RECAP Crypto's Trump Gamble [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/09/image---2024-09-14T103038.397.png)](https://www.bankless.com/cryptos-trump-gamble) ### 1️⃣ World Liberty Financial Sets Launch Date Trump’s DeFi project, World Liberty Financial, is officially [launching on September 16](https://www.bankless.com/world-liberty-financial-to-launch-on-sept-16th-says-trump), according to his announcement on Twitter this week. The Aave-based project has sparked controversy over its token allocation and ties to the recently hacked Dough Finance. A draft whitepaper shows 70% of non-transferable WLFI tokens go to insiders, leaving only 30% for public sale, with the project led by Trump’s sons. With Trump’s 2024 campaign ongoing, many expect the project to face heightened regulatory scrutiny, especially considering its ties to a previously compromised protocol. While the launch has generated excitement, it’s also drawing skepticism, with concerns mounting over the risks of releasing such a high-profile project during election season. [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/09/Xnapper-2024-09-14-10.33.42.png)](https://x.com/realDonaldTrump/status/1834311432982135015) ### 2️⃣ Bitcoin Volatility Bitcoin is up 10% this week, wrestling with the $60K barrier. Earlier this week, disappointment around Trump's presidential debate performance led to Bitcoin "selling the news,” dropping below $56K. This drop was also exacerbated by the release of [higher-than-expected inflation figures](https://www.bankless.com/harris-trump-debate-and-new-cpi-data-bring-market-volatility) on Wednesday. Markets initially expected a 25 basis point rate cut from the Fed, but [recent data suggests](https://www.coindesk.com/markets/2024/09/13/odds-of-50-basis-point-fed-rate-cut-next-week-jump-to-45/) expectations of a 50 basis point cut, increasing Bitcoin's near-term uncertainty. Regardless, with Bitcoin’s steady grind upward this week, sentiment has shifted to “cautiously optimistic.” [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/09/Xnapper-2024-09-14-10.33.34.png)](https://x.com/marcusmoles/status/1834406710649520458) ### 3️⃣ Coinbase Launches cbBTC On Thursday, Coinbase launched [cbBTC on Ethereum and Base](https://www.bankless.com/coinbase-launches-cbbtc-ethereum-base), allowing users to hold wrapped Bitcoin backed 1:1 by the exchange’s Bitcoin reserves. This move allows owners to use Bitcoin in DeFi protocols, with exchanges like Aerodrome and Curve already supporting cbBTC. Predictably, [Justin Sun,](https://x.com/justinsuntron/status/1834242086079750335) who holds majority control in WBTC's custodian BitGo, criticized the product, claiming it lacks proof of reserves and auditing mechanisms. Sun pointed out that cbBTC can be frozen anytime and questioned its centralization, calling it “central bank Bitcoin.” [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/09/Xnapper-2024-09-14-10.33.24.png)](https://x.com/justinsuntron/status/1834242086079750335) ### 4️⃣ ENS Expands Despite lackluster ETF flows, Ethereum took another step toward mainstream adoption this week as PayPal and Venmo announced that U.S. users can now send crypto by entering [ENS addresses into their platforms](http://easily/). This new integration simplifies the payment process, allowing users to send tokens easily via ENS names instead of addresses. [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/09/Xnapper-2024-09-14-10.33.15.png)](https://x.com/ensdomains/status/1833536140529570039) ### 5️⃣ eToro Settles On Thursday, eToro agreed to a [$1.5M settlement with the SEC](https://www.bankless.com/etoro-settles-with-sec-will-only-offer-eth-btc-bch-trading) over allegations that it operated as an unregistered broker and clearing agency by offering certain crypto assets as securities. As part of the settlement, eToro will limit its crypto offerings for U.S. users to just Bitcoin, Bitcoin Cash, and Ether, with all other crypto assets to be sold off within 180 days. While eToro has avoided a prolonged legal battle, U.S. users have more limited options on where to buy tokens, which adds to confusion around how regulators view these assets moving forward. [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/09/Xnapper-2024-09-14-10.33.06.png)](https://x.com/SECGov/status/1834245544291569993) --- --- *This article is brought to you by [MetaMask](https://www.bankless.com/sponsor/metamask-1776260643?ref=cryptos-trump-gamble-2)*