Trump’s WLF Co-Founder: “We Want to Make ICOs Great Again”

Initial Coin Offerings (ICOs) may be set for a resurgence, according to Zak Folkman, co-founder of World Liberty Financial (WLF)—a crypto venture linked to former U.S. President Donald Trump.

During a panel discussion with Tron founder Justin Sun at Consensus Hong Kong on February 19, Folkman expressed his vision for ICOs and criticized the influence of venture capital (VC) in the crypto industry.

“We want to make ICOs great again,” Folkman declared, drawing parallels between memecoins and past ICOs.

From left: Justin Sun, TRON (TRX) Founder, Jack Folkman, World Liberty Financial Co-founder, Sam Reynolds, CoinDesk Senior Reporter. Hong Kong=Lee Jun-hyung

The Return of ICOs?

Once the primary fundraising method for crypto startups, ICOs fell out of favor due to regulatory scrutiny following the 2017 ICO boom. Many projects failed due to scams, lack of oversight, and mismanagement—leading to increased government intervention.

However, Folkman believes the industry has an opportunity to revive the ICO model in a more inclusive and transparent manner. He criticized the way venture capitalists manipulate projects for their own benefit, leaving retail investors at a disadvantage.

“What they want to do is engineer everything so that they win—even if it’s at the expense of somebody else.”

He argued that ICOs originally offered equal access to investors, unlike today’s system where VCs gain preferential treatment.

“That’s just not what we’ve seen in the last few years. Our whole thing is like, we want to make ICOs great again.”

Memecoins and the Risks of Unregulated Hype

Folkman also addressed the similarities between memecoins and ICOs, acknowledging that both attract significant investment—often fueled by endorsements from public figures.

Despite this, he warned against reckless speculation, criticizing those who risk their entire savings on hyped tokens with no fundamentals.

“I’m not going to give someone financial advice, but I think it’s pretty stupid to risk your entire life savings on a memecoin, right?”

He emphasized the need for fair regulations to prevent fraudulent schemes while still allowing the industry to innovate.

Justin Sun: “Memecoins Are the Future of Crypto”

While Folkman focused on ICOs, Justin Sun took a different stance, doubling down on the long-term potential of memecoins.

“I definitely believe memes are the future of crypto,” Sun stated, pointing to the enduring success of Dogecoin (DOGE) as an example of a memecoin with real staying power.

Sun criticized the current memecoin market, noting that many tokens experience an initial surge in value before crashing to zero.

“Most memecoins we’ve seen in the market today have a high market cap at launch and then go zero—everybody loses their confidence in the token.”

The Battle for the Future of Crypto

The panel discussion highlighted a fundamental divide in crypto’s future—should the industry return to ICO-style fundraising, or are memecoins the new frontier?

Folkman’s vision for ICOs suggests a return to more equitable opportunities for investors, while Sun remains bullish on meme-driven digital assets.

Either way, both agree on one thing: crypto needs to evolve beyond the manipulation of venture capitalists and rug pulls that plague today’s market.

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