Eric Trump, the son of U.S. President Donald Trump, stated that his family supports cryptocurrency after their bank accounts were 'frozen' following the Capitol riot in early 2021.

Trump shared with The Wall Street Journal that several banks have closed hundreds of accounts related to the Trump Organization without stating reasons, forcing the business to rely on local banks before finding an unnamed new bank to switch to.

"At that moment, I realized that the financial system is an easy way to be exploited against you," Trump said.

The American businessman stated that the reason is purely political, leading him to support cryptocurrency, as people in the industry told him that the Biden administration is restricting cryptocurrency companies' access to banking services through regulatory pressure.

"The entire system has been used against them, just as it has been used against us for various reasons."

Notably, the Trump Organization sued Capital One in March this year, accusing the bank of closing their accounts for political reasons, causing significant financial harm to the organization.

A month later, Trump declared that banks must accept cryptocurrency or face bankruptcy risks within 10 years.

Some believe that banks are adhering to restrictive operational policies by closing accounts of cryptocurrency companies.

Eric Trump also expressed support for the creation of real asset cryptocurrency.

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 ties to the cryptocurrency industry, becoming a subject of criticism as many accuse them of using it to get rich.

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, currently offering the USD1 stablecoin. The website lists Donald Trump as a honorary co-founder, while his two sons are listed as co-founders.

Trump's two sons, Donald Trump Jr. and Eric Trump, are the founders of American Bitcoin, a branch of Hut 8, which raised $220 million to buy Bitcoin and Bitcoin mining equipment.

According to a report on August 11, Donald Trump has accumulated $2.4 billion in assets from cryptocurrency efforts.

Eric Trump denied allegations that the Trump family has benefited from his father becoming the 47th President. He also mentioned the possibility of him or a family member running in 2028.

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