According to the son of U.S. President Donald Trump in The Wall Street Journal, his family became 'supportive of cryptocurrency' after banks severed ties with the Trump Organization following the events in Congress in early 2021.

From Bank Accounts to Bitcoin

According to Trump, hundreds of the organization's accounts were abruptly closed without explanation, forcing the business to turn to smaller regional banks before finding a new primary lending bank. He called these closures politically motivated and stated that they exposed the flaws in the traditional banking system.

"At that time, I realized how fragile and easily exploited the financial system is against you," he said.

This experience made him sympathetic to the cryptocurrency industry, which has also been accused by regulators under the Biden administration of pressuring banks to deny access to digital asset companies. Trump compared the treatment of his family to what cryptocurrency companies face under the 'Operation Chokepoint' policy.

Calling on Banks to Accept Cryptocurrency

At the beginning of this year, the Trump Organization sued Capital One, alleging that the bank closed accounts for political reasons and caused significant financial damage. At the same time, Eric Trump warned that banks refusing to integrate cryptocurrency could become obsolete within a decade.

He also expressed support for tokenization, questioning why a famous building like Trump Tower could not be offered as a blockchain-based investment vehicle for global investors.

Expanding the Digital Currency Footprint

The Trump family's involvement in the cryptocurrency space has steadily increased since then. Donald Trump launched his own meme coin, TRUMP, just before becoming the 47th President. In 2024, the family launched World Liberty Financial, a USD1 stablecoin issuer. This project lists Donald Trump as an honorary collaborator, with Eric and Donald Trump Jr. as co-founders.

The two brothers also founded American Bitcoin, a subsidiary of Hut 8 that raised $220 million to purchase BTC and mining equipment. Reports indicate that the former president has earned over $2.4 billion from cryptocurrency-related projects.

Despite being criticized for leveraging political power for profit, Eric Trump denies any improper benefits from his father's presidential career. He also suggested that he or another family member might run for office in 2028, implying that the Trump family's political ambitions and cryptocurrency endeavors could continue to intertwine.

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