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Donald Trump’s family is teasing more details of their latest ‘crypto’ grift while Democrats try to put the digital asset community at ease over what a Kamala Harris presidency might mean for the sector. Trump’s sons, Don Jr. and Eric, began pimping a purported decentralized finance (DeFi) product of some sort last week but weren’t all that forthcoming regarding the details. Don Jr. later participated in an online Q&A in which he declared that the plan was to “take on a lot of the banking world. I think there has been a lot of inequality in that only certain people can get financing.” Earlier this week, Eric spoke to the New York Post, revealing that “digital real estate” would play a role in the Trump Organization’s new cash grab. It appears to involve a plan for more efficient processing of loan applications by Americans who allegedly “cannot be banked … meaning they will be rejected for most loans from most institutions.” Eric claimed that DeFi would give these unbanked masses “the ability to almost instantaneously be approved or denied from a lender based on math, not policy. Money could be in their account in minutes, not months… It’s equitable. It’s collateral anyone can get access to and do so instantly.” Maybe it’s our cynical ears, but promising easier access to real estate financing by people who really can’t afford to buy real estate conjures up uneasy echoes of the subprime mortgage fiasco that crashed the global economy in 2008. But apparently, “this time it’s different,” courtesy of DeFi. There’s also the fact that the last time the Trump Organization pledged to help the ‘little guy’ get into real estate, it ended with a $25 million legal settlement on behalf of all the suckers who’d been duped by the sham “who…

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Filed under: News - @ August 16, 2024 11:26 am