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Duke Lecturer Argues World Liberty Financial Issued Unregistered Security, Citing 25B WLFI Token Sale

GateNews
Regulation & PolicyEnforcement Actions
WLFI-0.89%
DOLO1.76%
According to Lee Reiners, a lecturing fellow at Duke University and former Federal Reserve Bank of New York examiner, World Liberty Financial's WLFI token may constitute an unregistered security, as argued in a blog post on Friday (May 8). Citing the SEC's recent token taxonomy, Reiners notes that WLFI does not qualify as a pure digital commodity despite World Liberty's claims that it is a governance token. Reiners argues that the sale of approximately 25 billion WLFI tokens out of a 100 billion total supply likely created a reasonable expectation of profit among buyers, a key element of the Howey Test used by the SEC to determine securities. He points to the token's Trump-family branding, centralized control, and specific arrangements such as borrowing $75 million in stablecoins from Dolomite using 5 billion WLFI as collateral, as evidence that WLFI may not be truly decentralized.
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