Donald Trump is teasing a new DeFi crypto project on his TruthSocial account. “For too long, the average American has been crushed by big banks and financial elites,” the Republican candidate wrote on his account Thursday morning. “It’s time we take a stand, together.” The post ends with a link to a new Telegram channel called “The Defiants”, which has already gathered more than 31,000 subscribers.
Decentralized finance (DeFi) is a growing network of peer-to-peer financial services that uses blockchain technology to allow users to lend, borrow, stake, and trade without relying on intermediaries such as banks and credit card companies.
Trump’s re-election bid in November relied on the crypto asset class. Specifically, he sought to protect the rights of digital asset holders in the country. As a result, he has become an increasingly popular option for crypto voters who have long awaited government intervention to guide appropriate regulatory measures. Furthermore, he has stated that the United States must become a global leader in crypto and suggested that Bitcoin could play a central role in the American economy. There have even been rumors of Bitcoin’s potential as a reserve asset for the U.S. government, which would certainly be big news for the future of American debt.
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Trump’s son, Donald Trump Jrhas also announced plans to build a DeFi platform to protect investors from banks. During a Q&A in August, Trump Jr. said he wanted to solve the banking industry’s problems by using cryptocurrency technology to give people more choice. “What we’re talking about is a bigger type of platform,” he said. “It’s something very different and not a memecoin.”
Donald Trump has already received significant support from the cryptocurrency community since his Republican nomination. Donors from the community have contributed to his campaign fund, even donating in various cryptocurrencies such as BTC and Ethereum. He seems to be leaning further on the community with his latest DeFi announcement.
