Donald Trump is teasing a new crypto DeFi project on his TruthSocial account. “For too long, the average American has been squeezed by the big banks and financial elites,” the Republican nominee posted to 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 DeFiant Ones,” which has already garnered over 31,000 subscribers.
Decentralized finance (DeFi) is a growing network of peer-to-peer financial services. It uses blockchain technology to allow users to lend, borrow, stake, and trade without the need for intermediaries like banks and credit card companies.
Trump’s bid for reelection in November has leaned into the crypto asset class. Specifically, he has sought to protect the rights of digital asset holders in the country. Therefore, he has become an increasingly popular option for crypto voters who have long-awaited government intervention to steer appropriate regulatory action. Moreover, he said that the US must become a global crypto leader, and suggests that Bitcoin could play a pivotal role in the US Economy. Rumors even swirled around Bitcoin’s potential as a reserve asset for the US Government, which would certainly be big news for the future of US Debt.
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Trump’s son, Donald Trump Jr, has also voiced his plans to create a DeFi platform to protect investors from banks. In an August Q&A, Trump Jr said he wants to solve problems in banking by using cryptocurrency technology to give people more choices. “What we are talking about is a more significant type of platform,” he said. “It’s something very different and not a memecoin.”
Donald Trump has already received plenty of 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 appears to be further leaning into the community with his latest DeFi announcement.