Eric Trump, son of U.S. President Donald Trump, stated that his family supported cryptocurrency after they were 'withdrawn' from their bank accounts following the Capitol attack in early 2021.
Trump shared with The Wall Street Journal that some banks closed hundreds of accounts related to the Trump Organization without giving reasons, forcing the corporation to rely on regional banks before finding an unnamed new bank to switch to.
“At that moment, I realized how fragile the financial system was and how easily it could be exploited against you,” Trump said.
The American entrepreneur said the reasons were purely political, leading him to support cryptocurrency, as people in the industry told him that the Biden administration was restricting cryptocurrency companies' access to banking services by applying regulatory pressure.
“This entire system has been weaponized against them, just as it has been used against us for various reasons.”
Notably, the Trump Organization sued Capital One in March this year, claiming the bank closed their accounts for political reasons, causing significant financial damage to the organization.
A month later, Trump declared that banks must adopt cryptocurrency or face the risk of bankruptcy within 10 years.
Some believe that banks are adhering to restrictive operational policies by closing accounts owned by cryptocurrency companies.
Eric Trump also spoke in support of tokenizing real assets.
Trump said: "Why, if I want to refinance Trump Tower, can’t I tokenize this asset and release it to the market so billions of people around the world can invest in it?"
The Increasing Connection of the Trump Family with Cryptocurrency
The Trump family has many connections to the cryptocurrency industry, which has become a topic of criticism as many accuse them of using it to enrich themselves.
Including Donald Trump's official memecoin, TRUMP, launched just days before he was inaugurated as the 47th president of the United States.
World Liberty Financial was launched on September 16, 2024, and is currently offering the USD1 stablecoin. The website lists Donald Trump as an honorary co-founder, while his sons are listed as co-founders.
Trump's two sons, Donald Trump Jr. and Eric Trump, are the founders of American Bitcoin, a subsidiary of Hut 8, which raised $220 million to purchase Bitcoin and Bitcoin mining equipment.
According to a report on August 11, Donald Trump has amassed a fortune of $2.4 billion from his cryptocurrency endeavors.
Eric Trump denied allegations that the Trump family benefited from his father's election as the 47th president. He also mentioned the possibility of him or a family member running for president in 2028.
