According to a report by CNBC, former President Donald Trump took to his social media platform Truth Social on Thursday to endorse a soon-to-launch crypto platform called “The DeFiant Ones,” marking his first public promotion of the project. Addressing his 7.5 million followers, Trump framed the initiative as a stand against the power of big banks and financial elites, declaring, “It’s time we take a stand — together.”
This announcement represents a significant moment in Trump’s ongoing rebranding as a pro-crypto candidate for the 2024 presidential election. Although the platform has not been launched yet, Trump’s endorsement has already generated considerable attention. Shortly after his post, Donald Trump Jr. posted the message on social media platform X (formerly known as Twitter), linking to “The DeFiant Ones” Telegram channel, which quickly gained thousands of followers.
CNBC reports that the Telegram channel describes itself as the only official communication hub for the Trump Organization’s DeFi project, which aims to build “the future of finance.”
The platform’s promotion comes at a crucial time in Trump’s campaign, as he seeks to regain momentum in the race against Kamala Harris. His public embrace of decentralized finance is a sharp departure from his previous skepticism about cryptocurrencies during his presidency. Since then, Trump has launched several NFT collections, accepted crypto donations, and headlined a major crypto event (the Bitcoin 2024 conference), solidifying his new image as a pro-crypto candidate.
As Trump positions himself against traditional financial institutions, his family has made it clear that “The DeFiant Ones” is not another memecoin but rather a serious attempt to disrupt the banking system.
Eric Trump mentioned his love for crypto and DeFi in a post on X on August 6:
And — per a report by Cointelegraph — on August 8, Donald Trump Jr. emphasized the platform’s potential to democratize finance, particularly for those who have been excluded from conventional banking services, during a Q&A session on Locals:
“What we want to do is take on a lot of the banking world. I think there has been a lot of inequality in that only certain people can get financing […] so this notion of decentralized finance is obviously very appealing to guys like me who have been debunked.“
On August 14, New York Post reported on a conversation they had with Eric Trump, during which he described crypto as “digital real estate,” emphasizing its equitable nature and accessibility. “It’s collateral anyone can get access to and do so instantly,” he stated, highlighting the potential for this technology to disrupt traditional banking and finance sectors.
The 40-year-old executive sees crypto and decentralized finance (DeFi) as powerful tools that could accelerate the U.S. economy. He pointed out a startling statistic, claiming that “essentially over half this country right now cannot be banked,” suggesting that crypto could provide financial services to those currently excluded from traditional banking systems.
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