Donald Trump Jr. has stirred excitement within the crypto community with a bold declaration that he is poised to make a significant move in the world of decentralized finance.
“We’re about to shake up the crypto world with something HUGE,” he announced on his X, formerly Twitter, account. “Decentralized finance is the future—don’t get left behind.”
Speaking on Locals, a subscription based platform, Trump Jr. explained that the project would target the banking sector, aiming to challenge what he perceives as inequality in access to financing.
He also mentioned that this project would take time to develop, indicating that while the idea is in its early stages, the goal is to provide alternatives to those who have faced issues like “debanking.”
Trump Jr. also expressed his admiration for the growing support his father, former President Donald Trump, has garnered from the crypto community. “I love how much the crypto community is embracing Trump. It’s absolutely incredible,” he said.
After the DeFi announcement, a lot of reactions followed the post made by the son of the US Republican Presidential candidate. Peter Schiff, chairman of Schiffgold and founder of Schiffsovereign.com, known for being a crypto critic warned that the younger Trump to stay away from crypto and not bring distraction to the election and the most important troubles facing US citizens.
“Don’t blow the election by embracing this nonsense,” he said. “Focus on the real economic issues that actually matter to the vast majority of voters and stay away from crypto.”
Trump Jr warned people to be careful about fake cryptocurrencies using his name. He said that any official Trump project would be announced by him directly and that people shouldn’t be fooled by imposters.
He also clarified that his family has no connection to the Restore the Republic (RTR) memecoin. Many other memecoins have been created around the US election, with some supporting Biden and Kamala, like $BIDEN and Kamala Inu, while others support Trump, such as TrumpCoin and MAGA Coin.
The coming election in the US is a strategic event that will not only affect its economy but the global economy and the crypto space. So far, Donald Trump, who wants to become the US president for the second time, has been supporting the crypto space with attention on Bitcoin.
Aside from being one of the top keynote speakers at the just concluded Bitcoin Conference at Nashville, where he mentioned that the US will maintain a bitcoin account, he has said that he wants the US to lead the way if Bitcoin gets to the moon as the US is meant to be the crypto capital of planet earth.
He also explained that part of his campaign promise is that he’ll fire the current SEC Chairman, Gary Gensler, noting that Gary has been pushing against the crypto industry for years.
Under his time as SEC chair, several Web3 firms such as Ripple, Binance, Telegram working on TON, Coinbase, and Kraken, have been sued, and fined millions of dollars while these companies ask for a clear regulatory path for the industry.
Trump (Snr) believes that people should hold onto their Bitcoin and not sell it. He thinks that cryptocurrency will become one of the most important industries globally. He also sees the United States as a future leader in Bitcoin and cryptocurrency, shaping the world’s financial future. However, he does not support Central Bank Digital Currencies (CBDCs).
The US like over a hundred other nations have been working on CBDCs as an alternative to crypto. However, there’s no implementation yet of a dollar CBDC. Concerns have been raised on privacy and control if a dollar CBDC is launched.
