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World Liberty Financial, a decentralized finance (DeFi) initiative endorsed by former President Donald Trump, has revealed that its ambitious $300 million cryptocurrency token offering is largely aimed at international investors.
So far, fewer than 350 US investors have participated in the project, raising questions about its domestic appeal amid a landscape of regulatory scrutiny led by the US Securities and Exchange Commission (SEC).
World Liberty Financial’s external focus
Operating out of Wilmington, Delaware, however recently operated from Puerto Rico, World Liberty I gave notice With US regulatory authorities, it announced its intention to sell only $30 million worth of tokens within the United States.
Once this threshold is reached, the cryptocurrency venture firm plans to stop the US supply, despite having approximately $288.5 million worth of assets. WLF codes Still available for sale.
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World Liberty co-founder Zachary Volkman noted in a September interview on X (formerly Twitter) that the company plans to take advantage of Regulation S — a provision that allows tokens to be sold to non-U.S. investors without requirements typically imposed by U.S. securities laws.
the Limited interest from US investors may stem from the SEC’s strict approach to regulating cryptocurrencies, which has led many token issuers to focus their efforts abroad.
Trump’s involvement, along with his sons, Donald Jr. and Eric, was highlighted in the company’s filings. However, the document makes clear that their names are included for “informational purposes” and do not imply official endorsement of the offer.
Raising capital in a complex cryptocurrency landscape
During a September interview, Volkmann discussed the possibility of doing so Non-US sales Through Regulation S, he declined to detail the distribution of tokens between domestic and international buyers.
U.S. investors have been approached through a different regulatory route — Regulation D — that allows companies to raise unlimited capital from accredited investors, defined as individuals with a net worth exceeding $1 million, excluding their principal residence.
Both Regulation D and Regulation S are designed for simplicity Raising capital Corporate operations. However, Regulation D imposes more stringent investor protections and disclosure requirements.
For example, companies using Regulation D must publicly disclose details about the offering, including the total amount raised and the number of investors participating. Volkman noted the need to verify that US buyers meet accredited investor criteria, a process that adds another layer of complexity to the offer.
As of October 15, World Liberty announced raising $2.7 million under Regulation D by selling tokens to 348 investors. In contrast, Kaiko’s analyzes show that about 17,000 are unique Titles They’ve held the original at least once, suggesting broader interest that may not be reflected in US sales alone.
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The difference between sales in the United States and foreign sales can be attributed in part to the anonymity provided by Regulation S, which does not require private companies to disclose details of capital raising or verify the financial status of buyers.
However, the regulation stipulates that offers are strictly limited to non-US persons, ensuring compliance with international investment rules.
Volkmann stressed the company’s commitment to adhering to regulatory standards during his interview, saying: “We expect any potential token sale outside the United States to be limited to non-US persons and comply with applicable restrictions under what is known as Regulation S.”
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