Former President Donald Trump has seemingly put his weight behind his family’s crypto project, the Defiant Ones. Trump endorsed the decentralized finance project, highlighting the need to challenge big banks.
In an Aug. 22 post on Truth Social, Trump stated, “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 recently met with leaders of the largest financial firms in the U.S., promising tax cuts and deregulation for their support ahead of the 2024 presidential election. Among the names he spoke with this summer are JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser, and Bank of America CEO Brian Moynihan.
This marks the first time Trump has publicly endorsed the still-inactive crypto project on his personal account. Up until now, his sons—Eric Trump and Donald Trump Jr.—have been promoting the mysterious project.
In an interview with The New York Post, Eric Trump described the project as “digital real estate,” highlighting its potential to revolutionize the financial sector by providing equitable and instant 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
Until now, the Trump brothers have hinted the project aims to build "the future of finance," but specifics on its functionality have not been provided. Speculation ranges from a decentralized autonomous organization to a new cryptocurrency.
To cut down on speculation, Trump Jr. directed people to a Telegram channel called the Defiant Ones for official information. The channel has almost 40,000 members and recently gave away premium Telegram subscriptions to ten of them.
The project seems to align with Trump’s newfound support for crypto. Once calling the industry a "scam," he now positions himself as a pro-crypto advocate. In July, at the Bitcoin 2024 conference in Nashville, Tennessee, Trump outlined crypto-friendly plans, including a national Bitcoin reserve if elected.
Critics have been vocal on social media, with many calling the project another “grift.” Trump’s history includes several business failures, and his ventures have been met with both support and skepticism.
