During a recent Rumble livestream, Trump Jr. addressed the growing speculation linking the Trump family to various meme currencies. He stressed that while he appreciates the excitement surrounding meme currency culture, no official Trump project would fall into that category.
However, Trump Jr. and his brother Eric are working on a project that is intended to be more substantial and long-term, aiming at broader financial and technological goals rather than simply capitalizing on the memecoin trend. He also noted:
“Bitcoin is the best way to beat the Fed. Look, I think Bitcoin is great.
I love what they’re doing with this. I think it’s a great solution, it’s a hedge against some of these things. I think there’s going to be a lot of other options in the crypto space as well.
Trump Jr. made it clear that the Trump family’s interest lies in developing a platform to address systemic inequalities within the financial sector. He hinted at DeFi’s potential as a solution to issues such as restricted access to finance and insurance, which have affected people who don’t meet traditional financial criteria.
His rhetoric suggests the project could aim to disrupt the banking industry by leveraging blockchain technology, possibly through a stablecoin or other decentralized financial instruments. Trump Jr. said:
“I think what we want to do is take on a lot of the banking world. I think there’s been a lot of inequality in the sense that only certain people can get financing, only certain people can do these kinds of things. This notion of decentralized finance is obviously very appealing to people like me who have been debanked or haven’t been able to get insurance or whatever.”
He also warned against confusing the upcoming project with existing meme currencies, reiterating that any official announcement would come directly from the Trump family. On Twitter, Trump Jr. echoed this sentiment, advising the crypto community to be wary of fake tokens falsely claiming affiliation with the Trump name.
Trump’s Stablecoin vs. CBDC
While Trump Jr. has distanced himself from meme or “community” currencies, some speculate that they could be looking to launch a stablecoin. While former President Trump has said he would not support a Fed-issued CBDC, calling them “very dangerous,” the potential for a programmable digital dollar could still be possible. Additionally, this could align with Trump Jr.’s comments about wanting to create something “frankly much bigger” to “beat the Fed.”
However, journalist Whitney Webb is concerned about the potential implications of what she calls synthetic CBDCs in the United States, particularly in the context of the previous Trump administration. Webb argues that while prominent figures like Trump and Florida Governor Ron DeSantis publicly oppose CBDCs, the reality could involve a more subtle but equally concerning alternative. She suggests that instead of a government-issued CBDC, the United States could see the emergence of a synthetic CBDC – a stablecoin pegged to the US dollar but issued by private entities such as Wall Street banks.
Webb argues that this model, which Jared Kushner, who championed the idea during Trump’s presidency, said it could be just as susceptible to surveillance and control as a traditional CBDC. The crux of his argument is that shifting the issuance of a digital currency from the Federal Reserve to powerful financial institutions like Bank of America or JPMorgan Chase does not mitigate the risks associated with programmable surveillance. currency.
Instead, she argues that it simply transfers control of a public institution to private companies, potentially exacerbating problems of concentrated financial power and erosion of privacy. Webb warns that this could be a misleading strategy, presented as a victory for freedom but ultimately reinforcing the same control structures that a CBDC would have imposed.
To date, the Trump family has not indicated that it plans to announce the creation of a stablecoin backed by Wall Street banks. Trump Jr. has also directly addressed the need to challenge the current banking world.
Moreover, current theories about the upcoming Trump-related crypto project remain speculative. While market odds on Polymarket fluctuate, with the probability of a cryptocurrency launch before the election decreasing from 28% to 15%, the exact nature and timing of the project are yet to be determined. However, Trump Jr.’s remarks indicate that something is afoot.
Trump Jr. said details of the project would be revealed in due course, promising to provide a platform that could challenge the status quo in the financial world.
