Donald Trump Is Backing His Sons' Effort to Take on Wall Street With a New Crypto Project

"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 posted

Former U.S. president Donald Trump has thrown his support behind his sons' efforts to take on Wall Street with a new crypto project.

"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 posted to his Truth Social account on Friday.

The post linked to a Telegram messaging app group called "The DeFiant Ones" that is run by his sons Eric and Don Jr. and appears to be named after the crypto-related concept of decentralized finance (DeFi).

"They shut people out, deny them loans, drown them in paperwork and kill them with legal and processing fees," a message on the group, attributed to Donald Trump Jr., reads.

"These banks and the elites who run them want absolute control but that ends now," the message reads.

"We’re making finance great again by putting the power back in your hands. This new DeFi platform will cut out the corrupt, expensive and inefficient middlemen. No more bureaucrats deciding your fate. It’s time to modernize an unfair and antiquated system and give everyone the same opportunities the elites have been hoarding. Join us, and let’s make finance work for the people again."

Further details of the Trump crypto project, such as launch date, the website address and even its name are still not known, though it's expected to be a crypto platform that may also act as a bank account alternative.

Earlier this month Eric Trump told the New York Post that the project will show "how to take on the banks and the financial institutions in a way that no one has ever done before and really revolutionize the financial landscape of this country."

Banking and finance have become increasingly politicized in recent years, with high-profile examples including the freezing of Canadian trucker protesters' bank accounts by prime minister Justin Trudeau and U.K. politician Nigel Farage claiming his bank account was closed partly due to his politics.

Don Jr. has previously spoken out against the "unfair" banking system, while both brothers have claimed their family has been "de-banked" by several financial institutions.

"They've tried to de-platform us, they've tried to cancel us, they've tried every political game imaginable, and now they're trying to bankrupt us," a message on the Telegram group, attributed to Don Jr., reads.

"Over half this country right now cannot be banked. They're either un-bankable or under-bankable. It's a massive problem in this country."

"We're going to be launching something that's going to change the face of finance in this country and really revolutionize the way that people bank and the way that people have access to their money and their finances," Eric Trump told the Post.

"It will show how to take on the banks and the financial institutions in a way that no one has ever done before and really revolutionize the financial landscape of this country."

The brothers also shot down speculation they'd be launching their own cryptocurrency to rival bitcoin, with Don Jr. adding that their project is "the future of finance."