Trump announces new crypto project

Former President Trump on Thursday announced a new cryptocurrency project called “The DeFiant Ones” but offered few details about the enterprise.

“For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand — together,” the former president wrote on his platform Truth Social, linking to a Telegram channel for the “Trump DeFi project.”

The channel was first created on Aug. 6, the same day that Trump’s son, Eric Trump, teased a forthcoming announcement related to crypto and decentralized finance. 

“I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement,” he wrote on the social platform X, tagging his father along with his brother, Donald Trump Jr., and the Trump Organization. 

“We’re about to shake up the crypto world with something HUGE. Decentralized finance is the future — don’t get left behind,” Trump Jr. said in a post on X one day later. 

Trump has largely embraced crypto this election despite once dismissing it as a “scam.” The former president headlined a Bitcoin conference in Nashville last month, unveiling a series of crypto proposals. 

“I am proud to be the first American president to address a Bitcoin event anywhere in the world,” he said during his appearance at Bitcoin 2024. “If crypto is going to define the future, I want it to be mined, minted, and made in the USA.” 

The former president’s shift on crypto comes amid growing frustration in the industry with the Biden administration’s approach to enforcement.  

However, since President Biden dropped out of the 2024 race and endorsed Vice President Harris, some in the industry have been hopeful for a “reset.” The Harris campaign gave its strongest positive signal to the crypto community yet on Wednesday. 

“She’s going to support policies that ensure that emerging technologies and that sort of industry can continue to grow,” Brian Nelson, a senior campaign adviser for policy, said during a Bloomberg roundtable at the Democratic National Convention when asked about crypto.