According to a report from CNBC, former President Donald Trump took to his social media platform Truth Social on Thursday to endorse a cryptocurrency platform called “The DeFiant Ones,” marking his first public promotion of the project. Speaking to his 7.5 million followers, Trump framed the initiative as a stand against the power of big banks and financial elites, saying, “It’s time for us to take a stand — together.”
The announcement represents a significant moment in Trump’s ongoing repositioning as a pro-crypto candidate for the 2024 presidential election. While the platform has yet to launch, Trump’s endorsement has already garnered considerable attention. Shortly after his message, Donald Trump Jr. posted the message on the social media platform X (formerly known as Twitter), linking it to the Telegram channel “The DeFiant Ones,” which quickly gained thousands of subscribers.
CNBC reports that the Telegram channel describes itself as the sole official communications hub for the Trump Organization’s DeFi project, which aims to build “the future of finance.”
The platform’s promotion comes at a crucial time in Trump’s campaign, as he seeks to regain momentum in the race against Kamala Harris. His public embrace of decentralized finance marks a sharp shift from his previous skepticism of cryptocurrencies during his presidency. Since then, Trump has launched multiple NFT collections, accepted cryptocurrency donations, and headlined a major crypto event (the Bitcoin 2024 conference), cementing his new image as a pro-crypto candidate.
While Trump has positioned himself against traditional financial institutions, his family has made it clear that “The DeFiant Ones” is not another memecoin but rather a serious attempt to disrupt the banking system.
Eric Trump mentioned his love for crypto and DeFi in a post on X on August 6:
And — according to a report from Cointelegraph — on Aug. 8, Donald Trump Jr. highlighted the platform’s potential to democratize finance, particularly for those who have been excluded from conventional banking services, during a Q&A on Locals:
“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 finance (…) so this notion of decentralized finance is obviously very appealing to people like me who have been demystified.“
On August 14, the New York Post reported on a conversation they had with Eric Trump, in which he described crypto as “digital real estate,” emphasizing its fair nature and accessibility. “It’s collateral that anyone can access, and it’s instantaneous,” he said, highlighting the technology’s potential to disrupt traditional banking and financial industries.
The 40-year-old executive sees crypto and decentralized finance (DeFi) as powerful tools that could accelerate the American economy. He pointed to a startling statistic, saying that “virtually over half of this country is currently unbanked,” suggesting that crypto could provide financial services to those currently excluded from traditional banking systems.
Featured image via Pixabay
