Referring to the initiative as "Global Financial Freedom," Trump said in a post on X, formerly Twitter, that the project is part of his "plan to ensure that the United States is the cryptocurrency capital of the world" and promised to reveal more details in the coming hours.
There is little public information about the initiative so far. CoinDesk spotted a website for the project that has information about its intention to provide access to “high-return investment opportunities” through crypto assets and blockchain technology.
The initiative would be the "only decentralized finance [DeFi] platform" backed by Donald Trump and would connect investors with the "best decentralized finance tools for secure, high-yield crypto investments."
Also this month, the candidate in this year's presidential election said it was time to "take a stand against big banks and financial elites." "For too long, the average American has been bullied by big banks and financial elites," the politician said.
Eric Trump has promised that the bill would "shock" the banking industry. Forbes recently reported that the initiative would include an alternative to existing bank accounts, as well as involving the real estate market, with easier access to collateral.
In an interview with the Washington Post, Eric Trump commented that "“Essentially, over half of this country right now is unbankable. Which means they will be rejected for most loans by most institutions. But with this technology, they could have the ability to be approved or denied almost instantly by a lender based on math, not politics. The money could be in their account in minutes, not months."
The move by Donald Trump's sons comes amid an effort by the former president to reach out to the cryptocurrency market, courting potential voters and campaign donors during this year's presidential election. He has even described himself as a "crypto president" and promised measures to boost the sector in the United States.
