The project is also expected to promote the use of stable coins tied to the U.S. dollar and increase America's financial clout around the world.
For some time, the Trump family has been hinting at their involvement in the #cryptocurrency sphere. Donald Jr. and Eric hinted at future projects involving digital currencies this summer.
This has sparked interest and speculation in both the political and #bitcoin spheres. The project's technical description states that it aims to provide consumers with an alternative to traditional banking services and encourage mass adoption of #DeFi .
As the launch date approached, concerns about the security and openness of the project arose. Critics, including MP Maxine Waters, have highlighted the dangers associated with DeFi, including its vulnerability to hacking and fraud. In addition, the legality of the project has been questioned due to the use of privacy protection services on websites linked to past cybercrime activity.
Despite the criticism, other parts of the crypto community supported the initiative. Some believe that this is a bold move that will help the United States change the direction of financial development. Others, especially Trump supporters and Castle Island Ventures partner Nick Carter, expressed fear that the venture would turn out to be a naive attempt to cash in and jeopardize the reputation of the cryptocurrency sector, which he has been gaining for years.
Read more on the topic: US Congress tackles DeFi - what is the position of the White House?
The timing is very interesting, given that the debut took place just a few weeks before the US presidential election. Trump has changed his stance on cryptocurrencies; previously, he called bitcoin a "fraud" His sudden embrace of digital assets seems like a deliberate move to get the growing crypto community on his side. During his campaign, he promised to oust Gary Gensler, the current chairman of the U. S. Securities and Exchange Commission, if he is re-elected.
Read us at: Compass Investments