The Defiant Ones, a crypto project by his family, is gaining support from the former president Donald Trump.
In a Truth Social post dated 22 August , Trump supported the decentralized finance initiative, saying: “For far too long the average American was squeezed by big banks and financial elites.” It’s time to stand up together.
Trump promised tax cuts and deregulation to the leaders of America’s largest financial companies in exchange for their backing ahead of the presidential election in 2024. He talked to JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser as well as Bank of America CEO Brian Moynihan this summer.
It is the first time Trump publicly endorses the crypto project, which is still inactive.
His sons, Eric Trump and Donald Trump Jr., have been marketing this mysterious project for the past few weeks.
In an interview with The New York Post in the past, Eric referred to as “digital property,” emphasizing its potential to disrupt the financial sector through equitable and instantaneous access to collateral.
It’s equitable. It’s collateral anyone can get access to and do so instantly. I don’t know if people realize what a shakeup that is for the world of banking and finance.Eric Trump, speaking about the Defiant Ones
The Trump brothers have referred to the project as “the future” of finance in many of their posts, but they have not provided any specifics about its functionality.
It has made followers curious as to whether this would involve a decentralized organization, new cryptocurrency, trading markets, or something entirely different.
Trump Jr., in an effort to reduce speculation, directed people recently to a Telegram Channel called the Defiant Ones. He said it was the official source for information on the mysterious project.
A lot of rumors are swirling about our crypto project. To get the real story and stay updated with official announcements, join our official Telegram channel. Don’t rely on speculation—get the news directly here!https://t.co/wVPMEJTpKy— Donald Trump Jr. (@DonaldJTrumpJr) August 15, 2024
He channel has nearly 40,000 subscribers and gave 10 of them premium Telegram subscriptions recently.
This project is the culmination in Trump’s newly found support for crypto. He used to call the crypto industry a scam, but has now reinvented himself and gained the support of the industry.
The former president was the keynote speaker at the Bitcoin 2024 Conference in Nashville, Tennessee. He outlined a number of crypto-friendly propositions including the creation of a national Bitcoin Reserve if elected.
After The Defiant Ones’ release, critics were quick to call it “another grift” on X.com.
On to the new grift.— Zaza Chilvers (@ZazaChilvers) August 23, 2024
Six of Trump’s businesses have gone into bankruptcy. In 2005, the now-defunct Trump University was shut down due to fraud. Since then, Trump has sold sneakers, Bibles, and non-fungible tokens.
