The former president Donald Trump promoted on Thursday “The DeFiant Ones,” A DeFi project headed by Donald Jr.
The promotion came via a post on Truth Social, the former president’s — and would-be future president’s — social media platform.
“For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand—together,” Trump shared a post, which included a Telegram link for the project.
Telegram’s chat channel, which was created on August 6, has more than 31,000 users at the time this article went to press. The channel was called the “only official” Group for Trump DeFi Project and promising more updates “over the next few days.”
Details of the project remain unclear. Donald Trump Jr. posted a Telegram link on X earlier in the month and cautioned his followers about rumor.
Experts in law say it is not clear whether the project will alert regulators.
“Based on the available information it is not clear whether the project could be deemed to be a security, which would implicate the rules governing public offerings,” Jeff Blockinger said that Quadrata’s chief operating and legal officer, Jeff Blockinger. “It seems like this is some sort of memecoin. If that is the case, someone would need to allege fraud to take action against him.”
Blockworks’ comment request to the Trump campaign was not answered.
This promotion is part of the Republican Presidential nominee’s continued cozying up with the crypto industry. Trump appeared last month at the Bitcoin 2024 Conference in Nashville where he made a promise to fire Securities and Exchange Commission Chairman Gary Gensler. “on day one” Should he be elected.
Trump’s campaign accepted donations denominated by various crypto currencies, including Bitcoin and Ether, in May. In the second quarter, Trump PACs received a total of $3 million worth of crypto donations. These were then converted to USDC.
Federal Election Commission records show that Gemini cofounders Cameron Winklevoss, Tyler Winklevoss, and their combined amount of 31 BTC or approximately $2 million was donated to the Trump 47 Committee PAC by them on 20 June. Next day the twins announced that a portion had been returned to them, as the amount donated exceeded the $844.600 limit for individual contributions.
Jesse Powell (co-founder Kraken) donated approximately $840,000 worth of ETH (245 Kraken tokens) to Trump’s campaign.
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