The son of U.S. President Donald Trump, Eric Trump, stated that his family turned to using cryptocurrency after several banks closed accounts related to the Trump Organization following the Capitol attack in 2021. He said their bank accounts were closed without warning, forcing them to rely on smaller banks until they found a new partner. "That's when I realized how weak the financial system is and how easily it can be overturned," he said.

Trump believes this closure is politically motivated. He also compared the current situation to the difficulties that cryptocurrency companies face in accessing banking services during Joe Biden's previous administration. He added: "This system has been used against them, just as it has been used against us."

Subsequently, the Trump Organization continued to sue Capital One, alleging that their accounts were closed for political reasons. They stated that this caused significant financial damage. Shortly after, Trump warned banks that they should accept cryptocurrency, otherwise they would risk disappearing within 10 years.

Banks refuse to close accounts for political reasons, but 'account closures' have become a major topic, especially in the cryptocurrency space.

Senator Elizabeth Warren also called on banks to end discriminatory practices, while the Trump administration has now made the removal of inactive banks a policy priority. Recently, the president issued an executive order to investigate banks accused of political or religious bias.

The Trump family's increasingly developing relationship with cryptocurrency is being closely monitored.

The Trump family has built many relationships in the cryptocurrency industry, leading lawmakers to criticize them for allegedly using it for personal gain.

An example of their cryptocurrency projects is the official meme coin of Donald Trump, TRUMP, which launched just days before the 47th president of the United States took office. At one point, its value reached nearly $15 billion, but then fell to about $1.7 billion.

World Liberty Financial, a company founded by Trump and his son, is said to have earned him $390 million, while his meme coin TRUMP brought in about $315 million through licensing deals and price fluctuations.

Donald Trump Jr. and Eric Trump also founded American Bitcoin, a subsidiary of Hut 8 that raised $220 million to purchase Bitcoin and mining equipment.

However, Eric Trump denied allegations that his family's cryptocurrency assets were influenced by his father's election.

SEC Delays Decision on Cryptocurrency ETF Related to Trump Until October

Last week, the U.S. Securities and Exchange Commission (SEC) once again delayed a decision on the Truth Social Bitcoin and Ethereum ETF (exchange-traded fund), a proposal from Trump Media & Technology Group that raised concerns about conflicts of interest due to President Trump's involvement.

The new deadline is now October 8, marking the third delay since the ETF was filed in June. Analysts note that such delays are normal, as the SEC has up to 240 days to make a final decision, and this process allows time to gather public opinion and assess risks related to issues such as liquidity, custody, and market manipulation.

The regulator is also reviewing several other cryptocurrency ETF applications, including funds linked to Litecoin, XRP, and Ethereum staking.

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