- Former President Trump promotes crypto project.
- Trump's sons have teased the project for several weeks.
- Trump crypto project is not described in detail.
Former President Donald Trump promoted a forthcoming crypto project called “The DeFiant Ones” with a posting on his Truth Social platform, but was short on actual details or description.
“For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand — together,” Trump wrote.
His post linked to a Telegram channel recently established for the project that reads:
“Over the next few days, we’ll be sharing some important updates and announcements right here in this channel,” it said. “This is the ONLY place to get the official news, so make sure to stay tuned and keep your notifications on. Exciting things are coming — don’t miss out!”
The mysterious project was teased by the former president’s two sons earlier this month, DL News has reported. Eric Trump wrote on his X account “I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement…”
And Donald Trump Jr. claimed the platform will disrupt the traditional financial system. “There’s been a lot of inequality in that only certain people can get financing,” he wrote. “So this notion of decentralised finance is obviously very appealing to guys like me.”
He hinted at personal frustrations with the current financial system, mentioning difficulties in securing insurance and other financial services.
Trump Jr. also posted on X earlier this week that “a lot of rumours are swirling about our crypto project” and urged people to join the Telegram channel to get updates on the project.
The DeFiant Ones’ Telegram channel already has more than 40,000 subscribers.
Elections
The former president’s post came on the final day of the Democratic National Convention, when Kamala Harris was officially nominated to run against Trump in the US presidential election set for November 5.
The crypto industry has become a force in the 2024 campaign, collecting well in excess of $100 million to help elect crypto-friendly candidates.
Trump has gone all in, making an appearance at a Bitcoin conference last month, where he told a cheering crowd that “the rules will be written by people who love your industry, not hate your industry,” should he win the election.
And Harris adviser Brian Nelson indicated a reset of sorts would be coming from the Democratic side should they win, saying the candidate would “support policies that ensure that emerging technologies and that sort of industry can continue to grow,” according to a Bloomberg report.
Crypto market movers
- Bitcoin is up 0.39% today at $61,248.
- Ethereum is up 1.41% today at $2,674.
What we are reading
- From Chaos to Crypto: The Crecimiento Movement Igniting Argentina — CoinDesk
- Aussie regulator wins case against Kraken crypto exchange operator on distribution flaws — Reuters
- Justin Sun responds after USDD stablecoin silently removes $732m of Bitcoin collateral — DL News
- Crypto Hacks Lead to Long-Term Price Declines, Immunefi Report Reveals — CoinMarketCap
- Tether Teams Up for UAE Dirham-Pegged Stablecoin — Milk Road
