WLFI passes controversial governance vote amid restricted voting

World Liberty Financial (WLFI) is facing controversy after its team passed a governance proposal for its USD1 stablecoin while holders of locked tokens were restricted from voting, Cointelegraph reported. During the vote, the top nine addresses associated with the team exercised approximately 59% of the total voting power. The project's whitepaper also specifies that token holders are not entitled to protocol revenue, with 75% of net profits allocated to an entity linked to the Trump family and the remaining 25% to an entity connected to the Witkoff family. WLFI has previously applied for a banking license to manage the issuance, custody, and exchange of USD1.