Key Points
- Donald Trump Jr. has launched a Telegram channel for an upcoming crypto project, indicating the Trump family’s interest in DeFi.
- The project, hinted at by both Donald Trump Jr. and Eric Trump, is envisioned as a “digital real estate” and aims to revolutionize the banking and finance sectors.
Donald Trump Jr., the son of ex-U.S. President Donald Trump, has started a Telegram channel called “The Defiant Ones.” This move suggests that the Trump family is preparing to enter the decentralized finance (DeFi) space. The Telegram channel was launched amidst growing conjecture about the family’s crypto venture, which has been a subject of speculation recently.
Last week, Trump Jr. addressed the rumors on social media. He encouraged those interested in getting accurate details and updates about the project to join the official Telegram channel. He warned crypto enthusiasts not to rely on speculation, stating that direct information would be provided through the channel. This channel quickly gained over 18,000 subscribers and is now the sole authorized platform for project communications.
The Trump Family’s Crypto Venture
Both Donald Jr. and his brother Eric Trump have been dropping hints about this crypto project for some time, leading many in the crypto community to speculate that it might be a meme coin. However, they have recently dismissed these rumors.
Eric Trump provided more insight into the project during an interview with the New York Post. He likened the project to “digital real estate” that is equitable and enables anyone to easily access money that can be used as collateral. He expressed hope that their project would significantly impact the banking and finance sectors.
The decision by the Trump family to build a crypto community is understandable given the strong crypto communities present on the messaging app. However, the specifics of the project are still largely unknown.
Implications for the 2024 Election
This new crypto initiative from the Trump family aligns with former President Donald Trump’s recent shift in sentiment towards the cryptocurrency industry. At the Bitcoin Conference 2024, the Republican presidential candidate pledged to make the US the crypto capital of the world if reelected.
He promised to implement crypto-friendly policies and to dismiss SEC Chair Gary Gensler, who is perceived as an opponent of the crypto industry.
Cryptocurrency has become a significant factor in the upcoming election. While Donald Trump has made various promises to the industry, Kamala Harris initially made a misstep. However, she is now backtracking and has recruited three campaign advisors with ties to the crypto space. These include Gene Sperling, a former board member of Ripple Labs; Brian Nelson, who has regulatory expertise; and David Plouffe, who has served on Binance’s Global Advisory Board and as a global strategic advisor for Alchemy Pay.
