Trump's crypto project raised $550 million in tokens

World Liberty Financial announced that it raised $250 million in its second token sale. This brings the total amount of tokens sold to $550 million. The project, linked to former President Donald Trump, aims to operate as a crypto banking platform. The token sale included over 85,000 participants. They all completed a verification process to buy the tokens. Co-founder Zach Witkoff said that the project is set to enhance decentralized finance, or DeFi. World Liberty Financial was launched in October, shortly before Trump's election victory. Documents from that time revealed that the Trump family could earn 75% of the project's net revenue. In January, Justin Sun, a well-known entrepreneur in the crypto space, increased his investment in WLFI tokens to $75 million. Recently, President Trump signed an executive order to create a Strategic Bitcoin Reserve. Additionally, David Sacks, an official in the Trump administration, sold over $200 million in digital asset investments to avoid conflicts of interest. Earlier in February, the Securities and Exchange Commission (SEC) ruled that meme tokens do not qualify as securities. This came after the Trumps introduced their own meme coins leading up to the inauguration.