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Attorney Deaton expresses shock following Worldcoin co-founder Alex Blania’s refusal to disclose the token’s distribution model.
Pro-XRP lawyer John Deaton has reacted to a recent video regarding the newly-launched Worldcoin’s native token WLD.
The video relates to a recent Bankless interview involving Worldcoin’s co-founders, Alex Blania and Sam Altman. During the interview, the Bankless host asked Blania to provide details about WLD’s token distribution.
However, Blania, also the CEO of Worldcoin, refused to answer the question, citing U.S. regulatory uncertainty issues.
“Look, many of the details we can’t talk about here for the regulatory uncertainty in the United States,” Blania was quoted as saying.
A Red Flag? Deaton Reacts
Blania’s remark sparked widespread reaction, with many people calling it a “red flag.”
In a tweet yesterday, Attorney Deaton was surprised that Blania would publicly refuse to talk about Worldcoin’s token distribution model due to the regulatory uncertainty in the U.S.
According to Deaton, Blania’s refusal to disclose the information is a major signal that investors must “run away” from the project.
Wtf did this dude just say? Did he literally say that he can’t talk about how WorldCoin is distributed “because of the regulatory uncertainty” in the United States? 🤦♂️
If there was ever a signal to RUN AWAY as fast as you can from a project, HERE IT IS. Is he saying he can’t… https://t.co/e2f7V7pxTa
— John E Deaton (@JohnEDeaton1) July 24, 2023
Deaton raised multiple questions to understand the rationale behind Blania’s comment.
“Is he saying he can’t tell you how to acquire it or what you’re acquiring because he might get sued? Now that I think of it, is he being smart and just following legal advice, or is he a m*ron?”
Deaton Slams SEC
Meanwhile, Deaton said the development is one of the chaos caused by “bad faith regulators,” like SEC Chair Gary Gensler. Per Deaton, Gensler and other bad faith regulators have “intentionally kept the regulatory environment as unknowable.”
Notably, Deaton’s remark comes less than a day after Worldcoin announced the launch of its highly-anticipated token.
Worldcoin Goes Live
As reported yesterday, leading crypto exchanges, like Binance, KuCoin, and Gate.io, added support for the coin.
For context, Worldcoin is a crypto project founded by OpenAI CEO Altman and Blania. Worldcoin launched yesterday, taking its first step towards solving one of the major issues that stemmed from advancement in artificial intelligence- the difficulty in telling whether humans or bots developed something.
The team plans to solve this issue by using an eye-scanning orb that gives people unique digital identities to differentiate them from these algorithms.
Worldcoin Major Components
The entire Worldcoin system is built around three components: the World ID, World App, and Worldcoin token.
The World ID is an Ethereum-based digital identity system that validates users as unique individuals. This feature allows users access to multiple online services without sharing personal data.
The Worldcoin token is the native currency distributed to users after verifying their identities. It is worth noting that the token will have a future governance role within the Worldcoin ecosystem.
At press time, WLD is trading at $2.03, up 13.4% in the past 24 hours, according to CoinGecko data.
Finally, the World App allows users to make payments and transfers using WLD, digital assets, and fiats. Interestingly, the rationale behind the World App is to provide digital identity and global finance for everyone, including people living in rural areas.