Duke University scholar: WLFI may issue unregistered securities

According to Odaily Odaily, Duke University Law School lecturer Lee Reiners stated that World Liberty Financial, associated with the Donald Trump family, may have its governance token WLFI constituting an unregistered security. It points out that although the project team defines WLFI as a governance token, its issuance method, marketing, and investor profit expectations may meet the "Howey Test" standard used by the U.S. SEC to determine securities. Furthermore, WLFI's large-scale pre-sale before the protocol was even launched, and its promotion using the Trump brand, are also seen as strengthening its "investment attributes."