In a bombshell statement, Eric Trump – Executive Vice President of the Trump Organization – bluntly criticized the traditional financial system as “slow, expensive and outdated”, warning that banks will be completely replaced within the next 10 years if they do not quickly adopt cryptocurrencies.
Speaking in an interview with CNBC in the United Arab Emirates, Eric Trump did not hesitate to call the international payment network SWIFT “a total disaster” and described the current banking system as “crazy, irrational and biased towards the rich.”
Traditional banking: “operating like it's the last century”
Eric Trump pointed out many serious weaknesses of the banking industry today:
Limited Hours: Why are banks only open from 9am to 5pm, take long lunch breaks and are closed on weekends – when finance is a 24/7 need?
Slow transaction processing times: If a business misses the transaction window by 4pm on Friday, they can wait up to 72 hours for the money to be transferred.
Costs and red tape: Hard-working Americans spend up to 120 days just completing the Know Your Customer (KYC) process when applying for a mortgage – even if they have been a bank customer for 25 years.
He emphasized:
“This is not modern finance, this is systemic incompetence.”
“People want to buy a house, but by the time the loan is approved, their dream house has already been bought by someone else.”
Crypto – A Way Out for an Outdated System?
#EricTrump believes that cryptocurrencies and DeFi (decentralized finance) are the solution to all the problems that traditional finance is facing:
Fast transaction, 24/7
No need for intermediaries, no need for office hours
Lower fees, more transparent and fair
He affirmed:
“Blockchain technology can do everything that current financial infrastructure does – but better.”
Notably, he also said that the current banking system has been “weaponized” to make it difficult for “most Americans” – especially those who are not wealthy, or who supported Donald Trump in the previous election.
The Trump family is expanding its influence into crypto
Beyond just talking, the Trump family is now taking aggressive action to get deeper into the cryptocurrency space:
American Bitcoin Corp: A Bitcoin mining project recently announced by Eric Trump, in partnership with the popular mining company Hut 8.
World Liberty Financial: A DeFi project launched last year, aiming to create its own decentralized financial ecosystem.
USD1 Stablecoin: A stablecoin introduced by Eric Trump in March 2025, aiming to provide a stable digital currency pegged to the USD.
Meanwhile, President Donald Trump – Eric Trump’s father – has also introduced a series of crypto-friendly policies since taking office earlier this year. These policies facilitate banks to legalize and integrate digital assets – paving the way for crypto to penetrate deeper into the mainstream financial system in the US.
Impact on the Market and Binance Users
Eric Trump’s statement not only reflects a new wave of pro-crypto politics in the US, but also hints at a profound shift in the global financial industry. For Binance users, here are some of the highlights:
The trend towards DeFi and non-custodial wallets will continue to grow, especially as major businesses and politicians publicly endorse the technology.
The issuance of stablecoins like USD1 could impact the demand for USDT, $USDC , or other stablecoins on exchanges.
If traditional banks fail to adapt, early crypto adopters will be the ones to benefit the most from the global infrastructure shift.
Conclude:
Eric Trump’s remarks are not just a criticism of the old system, but a strategic statement about the financial future of America and the world. With Trump joining the crypto race through mining, stablecoins, and DeFi, the game is changing – and banks can no longer ignore it.
Meanwhile, for crypto users, especially on platforms like Binance, this is a crucial time to keep a close eye on the policy, technological, and geopolitical developments surrounding cryptocurrencies. “Crypto is no longer a fringe technology – it is becoming the center of global financial innovation.”
Risk Warning: Cryptocurrencies are highly volatile assets and carry a high level of risk. Statements from politicians or business leaders can influence prices and trends, but should not be construed as investment advice. Do your own research and only invest what you can afford to lose. Cryptocurrencies are not suitable for everyone.