- The son of the Republican presidential candidate, Donald Trump Jr., has announced plans to release a DeFi platform that will disrupt the current US banking system.
- Details around the project are still minimal, but it appears many in the Trump family will be involved in its development.
- Trump Jr. stressed that the release of his DeFi platform is a long way away.
- The move marks yet another step from Donald Trump Sr. and his circles into the crypto industry.
Republican presidential candidate Donald Trump has stolen the attention of the crypto community, following several moves toward improving market regulation and fostering local innovation. However, the Trump name and its newfound love for crypto apparently extends beyond the former president. Donald Trump Jr. took to X (formerly Twitter) to announce his plans for a decentralised finance platform as he looks to “take on” the current banking system.
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Trump Jr.’s DeFi Platform to Assist the “Debanked”
Last week, Trump Jr. had hinted that his team was working toward an important crypto project – but most in the community believed it would end up being “just” a memecoin.
However, his idea is much more grandiose in nature. Trump Jr. is developing a DeFi platform set to address the inequality present in the current financial system. In particular, the new platform is intended to oppose the banks, particularly in the United States, who hold significant sway over the national economy.
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 decentralised finance is obviously very appealing to guys like me who have been debanked.
Donald Trump Jr. November Election to Be a Landmark Moment for Crypto’s Future
Donald Trump’s other son, Eric, also appears to be involved in the project, after he claimed he’d “fallen in love” with the blockchain sphere.
The DeFi project is likely a fair way from becoming reality, with Donald Trump Jr. unwilling to put a timeframe on its release, simply stating it will be a “long time before we can do anything”.
Nevertheless, it appears the Trump family is doubling down on the support to (and from) the crypto community as the United States approaches the peak of its four-year presidential cycle.
Related: Trump vs Harris: Crypto-Bets Show Tie in Presidential Race
The outcome of the November election is set to shake up the crypto industry, with the Republicans making several promises such as a national Bitcoin Reserve and the ability to remove SEC Chair Gary Gensler if he continues to adopt a regulation by enforcement modus operandi.
Meanwhile, the Democratic leader Kamala Harris has also made strides into the Web3 world, holding several meetings with high-ranking officials to better understand what her party can do to help crypto strive.
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