Donald Trump vows to create cryptocurrency platform 'The DeFiant Ones'



On August 22, 2024, former President Donald Trump announced that he would launch a cryptocurrency platform. The platform will be operated by

the Trump Organization and will be called ' The DeFiant Ones .'



Trump promotes family's new crypto platform, 'The Defiant Ones'
https://www.cnbc.com/2024/08/22/trump-crypto-defi-protocol-launch.html

Trump announces The DeFiant Ones, a new cryptocurrency platform - The Verge
https://www.theverge.com/2024/8/22/24226184/trump-defiant-ones-cryptocurrency-platform

Exclusive | Eric Trump previews major Trump Org move into crypto as he charts the family company's future
https://nypost.com/2024/08/14/us-news/eric-trump-previews-major-trump-org-move-into-crypto-as-he-charts-the-family-companys-future/

'For too long, average Americans have been exploited by big banks and the financial elite. Now is the time to stand up together,' Trump wrote on Truth Social, the social media platform he founded, and included a link to his Telegram channel.

The link leads to a channel called The DeFiant Ones. There are posts on the channel saying, 'This is a channel related to Trump's DeFi (decentralized finance) project,' but no further details have been revealed.



Trump has previously pointed out that there are people who are unable to obtain loans from existing financial institutions, and has commented on the convenience of virtual currencies, saying, 'With virtual currencies, loans are approved or denied based on numbers, not policy, and money is deposited in your account in minutes instead of months.' He also stated his view that 'we believe that bureaucracy has become extremely bloated and that serious change is needed to keep the economy moving,' suggesting that the decentralized finance project he is promoting could target underserved local communities.

Trump, along with his son, Donald Trump Jr., also promoted decentralized finance using the hashtag '#BeDeFiant.'




Trump's second son, Eric Trump, told the New York Post in an interview that cryptocurrencies are unique in that they are digital real estate, collateral that is fair and accessible to everyone. I'm not sure if people understand that cryptocurrencies are going to shake up the world of banking and finance, and I hope to help change that, expressing his belief that cryptocurrencies will benefit the American economy.



While there is some talk of cryptocurrencies making financial services more accessible to the unbanked, the liberal think tank Center for American Progress points out that 'there is no systematic evidence that cryptocurrency transactions are cheaper than traditional financial transactions,' and that 'cryptocurrencies are primarily used for speculation, not payments, and encouraging people to use their hard-earned paychecks or savings to purchase risky assets could have just the opposite effect.'

Trump also attended an official conference for Bitcoin, a major virtual currency, where he said things like, 'I have a plan to make America the virtual currency capital and the world's Bitcoin superpower,' and 'I'm going to fire Gary Gensler, chairman of the Securities and Exchange Commission, who is trying to regulate virtual currencies, on the first day.'

Donald Trump proposes national cryptocurrency stockpile, Kamala Harris declines Bitcoin conference invitation but approaches experts - GIGAZINE



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