In yet another sign that the Trump family is increasingly embracing crypto, Donald Trump Jr. recently revealed that he is working on a decentralized finance project to "take on" the big banks.

Don Jr. and his brother Eric had been tweeting about dropping something "huge" in crypto before the former president's eldest son took to his podcast to explain the thinking behind why now a new DeFi project might be needed.

“What we want to do is 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," Don Jr. said on his subscription podcast. "This notion of decentralized finance is obviously very appealing to guys like me who have been debanked or haven't been able to get insurance or whatnot or mortgages because they don't check certain boxes."

Now, to be fair, there is at least some precedent for conservative figures facing debanking issues. British conservative Nigel Farage, who led the country's Brexit movement, saw his accounts at NatWest's private bank Coutts closed last year. He said he was later turned down by nearly a dozen banks over his political views. As Coinage has also covered, many right-wing truckers in Canada saw their funds frozen after protesting during the pandemic.

But by most accounts, it doesn't necessarily seem like any of the Trump children have had any issues getting mortgages. Last year, the Daily Beast reported that Don Jr. took out a $4.8 million-dollar mortgage to buy a nearly $10 million-dollar home in Florida. Eric Trump reportedly also took out a more than $2 million-dollar mortgage from Valley National Bank.

Nonetheless, Don Jr. seems pretty sold on the opportunities that DeFi present over traditional banking. He also seems fairly convinced that it is the hottest opportunity in crypto. He said he has no plans to sell other crypto tokens or "memecoins" which many in the space had rushed to speculate on after the Trump's teased their project.

One memetoken that is not attached to what the Trumps are working on shot up and later collapsed by 95% after the rumors were dispelled.

"It's too early to get into the details of it, but what we're talking about is frankly much bigger," Don Jr. said.

Former President Donald Trump has also had a few forays into crypto, including selling his own non-fungible token projects to raise millions of dollars. He also was the first major presidential candidate to accept crypto donations in currencies beyond bitcoin. And now, his sons appear to be going even deeper on the technology.

Still, many across the aisle are skeptical any of this is more than postering. Democratic Congressman Wiley Nickel (D-NC) has perhaps been the loudest detractor. At the Bitcoin Conference in Nashville he was booed for calling out the former President's old statements on crypto, including when he called Bitcoin a "scam."

"He's someone who's just trying to stay out of jail," Rep. Nickel said. "I think he'll say anything and do anything and I don't think that commitment is especially real."