Trump promotes family cryptocurrency project 'The Defiant Ones'

Former President Donald Trump has apparently strongly backed his family's crypto project, Defiant Ones.

In an article dated August 22 mail At Truth Social, Trump endorsed the decentralized finance project, saying, “For too long, the average American has been squeezed by big banks and financial elites. It’s time for us to take a stand, together.”

It is worth noting that Trump met with the leaders of the largest financial companies in the United States and promised them tax cuts and deregulation in exchange for their support before the 2024 presidential elections. Among the names he mentioned are: speak This summer, they include JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser and Bank of America CEO Brian Moynihan.

This is the first time Trump has publicly endorsed the still-dormant cryptocurrency project on his personal account.

So far, his sons, Eric Trump and Donald Trump Jr., have been promoting the mysterious project for the past few weeks.

In a previous interview with The New York Post, Eric described the project as “digital real estate” and highlighted its potential to revolutionize the financial sector by providing equal and instant access to collateral.

It's fair. It's a guarantee that anyone can access instantly. I don't know if people realize what a radical change this is for the world of banking and finance.

Eric Trump, speaking about the Defiant Ones

Most of the Trump brothers' posts have alluded to the project's goal of building “the future of finance,” but have not provided details about its functionality.

This has left followers curious as to whether it would involve a decentralized autonomous organization, a new cryptocurrency, a trading marketplace, or something else entirely.

To curb speculation, Trump Jr. recently directed people to a Telegram channel called Defiant Ones, claiming it would be the official source of information about the mysterious project.

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The channel currently has almost 40,000 members and recently gave away premium Telegram subscriptions to 10 of them.

The project appears to be the culmination of Trump's newfound support for cryptocurrencies. While he has referred to the industry as a “scam” in the past, he has since reinvented himself as a crypto stalwart, winning over the industry in the process.

In July, the former president headlined the bitcoin 2024 conference in Nashville, Tennessee, where he outlined a number of pro-crypto proposals, including the creation of a national bitcoin (btc) reserve if elected.

After The Defiant Ones was released, numerous reviewers on x.com almost immediately… x.com/ZazaChilvers/status/1826794571923423339″ data-type=”link” data-id=”https://x.com/ZazaChilvers/status/1826794571923423339″ target=”_blank” rel=””>called It's another “scam”.

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At least six of Trump's companies have disappeared spoiledThe now-defunct Trump University, opened in 2005, was closed by fraudTrump has since turned to selling sneakers, Bibles and non-fungible tokens, or nfts.