Trump did not provide details about the project, named The DeFiant Ones. Once a critic of cryptocurrencies, calling them a “scam” during his presidency, Trump has drastically shifted his stance to support them.
On Thursday, Donald Trump announced the upcoming launch of a cryptocurrency platform, presenting it as an alternative to offerings from major banks and financial institutions.
“Americans have been squeezed by big banks and financial elites for too long,” the Republican presidential candidate wrote on X (formerly Twitter) and his social media platform, Truth Social. “It’s time for us to stand up, together,” he added.
The project, known as The DeFiant Ones, will focus on decentralized finance (DeFi), which allows transactions without intermediaries such as banks. Trump promised at a major industry conference in late July in Nashville, Tennessee, that if re-elected, he would be “the pro-innovation and pro-bitcoin president that America needs.”
The Biden administration is seen as favoring regulation of the sector.
In other relevant news, a Washington D.C. appeals court reinstated the district’s lawsuit against Amazon on Thursday, stating that it is plausible that the online retail giant’s pricing policies could illegally suppress competition.
The District of Columbia Court of Appeals overturned a ruling that had dismissed the lawsuit, which accuses Amazon of harming competition through restrictions imposed on its suppliers and third-party sellers on Amazon.com.