Duke University Scholar: WLFI May Issue Unregistered Securities

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Odaily Planet Daily News reports that Lee Reiners, a lecturer at Duke University School of Law, said that World Liberty Financial, which is associated with the Donald Trump family, and its governance token WLFI, may constitute an unregistered security.

He noted that although the project team defines WLFI as a governance token, the way it was issued, its marketing, and investors’ expected profits may meet the “Howey Test” standard used by the U.S. SEC to determine whether something is a security.

In addition, WLFI is also believed to have strengthened its “investment attribute” by running large-scale pre-sales before the protocol was launched and using the Trump brand to promote it.

WLFI2.86%
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