Eric Trump’s Shift to Pro-Crypto Stance
Eric Trump, the son of US President Donald Trump, shared that the family embraced pro-crypto views after they were “debanked” following the events of the Capitol attack in early 2021.
According to Trump, several banks closed numerous bank accounts associated with the Trump Organization without explanation. This situation, as he recounted to The Wall Street Journal, forced the family to rely on smaller regional banks until they discovered a new, unnamed bank to transition to.
“At that time, I realized how fragile the financial system was and how easily it could be weaponized against you,” Trump stated.
The American businessman noted that the motivations behind this were strictly political, which prompted his pro-crypto stance. He revealed that industry insiders informed him that the Biden administration was imposing regulatory pressures to restrict crypto companies from accessing banking services.
In March of this year, the Trump Organization filed a lawsuit against Capital One, alleging that the bank shut down their accounts for political reasons, leading to significant financial damage for the organization.
A month later, Trump asserted that banks must embrace cryptocurrency or risk facing extinction within ten years.
There are claims that banks are adhering to operational chokepoint policies, resulting in the closure of accounts owned by crypto firms.
Eric Trump also advocated for the tokenization of real-world assets, questioning, “Why is it that if I wanted to refinance Trump Tower, I couldn’t tokenize this asset and put it on the street for billions of people around the world to otherwise invest in it?”
More Read
The Trump family has established various connections to the crypto sector, which have raised eyebrows among critics who suggest that they have leveraged it for personal gain.
This includes Donald Trump’s official memecoin, TRUMP, which was launched just days before his inauguration as the 47th US president.
World Liberty Financial was established on September 16, 2024, and currently offers the USD1 stablecoin. The website identifies Donald Trump as co-founder emeritus, while his sons are recognized as co-founders.
Donald Trump Jr. and Eric Trump also founded American Bitcoin, a subsidiary of Hut 8, which successfully raised $220 million to acquire Bitcoin and Bitcoin mining equipment.
According to a report dated August 11, Donald Trump has reportedly accumulated a wealth of $2.4 billion from his ventures in crypto.
Eric Trump has refuted claims that the Trump family benefited financially from his father’s election as the 47th president. He has also suggested the possibility of him or another family member considering a run for the presidency in the 2028 election.
