Trump-linked World Liberty Financial issued security

Lee Reiners, a Duke Law lecturer and former Federal Reserve Bank of New York examiner, argues that World Liberty Financial's WLFI token constitutes an unregistered security. Reiners cited the SEC's recent token taxonomy, asserting that WLFI is not a decentralized commodity but rather a Trump-branded governance token used to fund a centralized crypto business. This assessment challenges the project's claims of decentralization, especially following a lawsuit by Justin Sun after his tokens were allegedly frozen. The SEC's current leadership under Chairman Paul Atkins may bring increased scrutiny to such digital assets.