Trump-affiliated WLF aims to revive ICOs at Consensus Hong Kong panel
Trump-affiliated WLF aims to revive ICOs at Consensus Hong Kong panel
Zak Folkman, co-founder of World Liberty Financial (WLF), the cryptocurrency venture backed by Donald Trump, expressed his desire to “make ICOs great again” during a panel at the Consensus Hong Kong conference on February 19.
Alongside Tron founder Justin Sun, Folkman discussed the challenges of decentralized finance (DeFi) adoption and the regulatory concerns surrounding memecoins. Folkman believes that Initial Coin Offerings (ICOs), once a popular method for raising funds in the crypto industry, failed due to a lack of regulation. According to him, the ICO boom of 2017 was marred by a lack of oversight, which resulted in scams and regulatory scrutiny, reports CoinDesk.
Folkman’s comments come at a time when the crypto market is seeing renewed interest in ICO-like projects, such as Trump’s Official Trump (TRUMP) token. He suggested that ICOs should be reformed to allow for more equitable access, a sharp contrast to the current role of venture capital (VC) in crypto, which he sees as predatory and unfair. “If you’re going to allow a VC to come in and get something that’s not available to anybody else, it’s almost very anti-crypto,” Folkman argued. He stressed the importance of fair and uniform regulations that could help restore confidence in the industry.
The future of memecoins and DeFi
Despite the regulatory concerns surrounding memecoins, Sun remains optimistic about their future. He believes that memes are central to the evolution of crypto but emphasized that they must be launched in a responsible manner to avoid the pitfalls that have plagued many memecoins. While some, like Dogecoin, have seen slow but steady growth, others have suffered from high initial market caps followed by sharp declines, leaving investors disappointed. “It’s stupid to risk your entire life savings on a memecoin,” Folkman warned, urging for better regulations to protect investors.
The debate over ICOs, VC involvement, and the regulation of memecoins is far from over. As the market matures, stakeholders are calling for more transparency and oversight to ensure that these new crypto ventures can thrive while protecting the interests of investors.
Read also: Bitcoin wallets holding over $1 million drop by 22,279 since Trump inauguration
