Eric Trump: Banks Have Tried to Crush Us – That’s Why We Support Cryptocurrency

In a statement to The Wall Street Journal, the son of U.S. President Donald Trump said that the family has become "supportive of cryptocurrency" after banks severed ties with the Trump Organization following the incident at the Capitol in early 2021. From Bank Account to Bitcoin According to Trump, hundreds of accounts of this organization were abruptly closed without explanation, forcing the business to turn to smaller regional banks before finding a new primary lender. He called this closure a political motive and stated that it exposed the vulnerabilities of the traditional banking system. "At that moment, I realized how fragile the financial system was and how easily it could be exploited against you," he said. This experience made him empathize with the cryptocurrency industry, which has also accused 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 so-called "Operation Chokepoint" policy. Call for Banks to Accept Cryptocurrency Earlier this year, the Trump Organization sued Capital One, alleging that the bank closed accounts for political reasons and caused significant financial harm. 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 property like Trump Tower could not be offered as a blockchain-based investment vehicle for global investors. Expand Cryptocurrency Footprint The Trump family's involvement in the cryptocurrency sector has steadily grown since then. Donald Trump launched his own memecoin, TRUMP, just before becoming the 47th president. In 2024, the family launched World Liberty Financial, the company issuing the stablecoin USD1. This project acknowledges Donald Trump as an honorary co-founder, along 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 buy BTC and mining equipment. Reports indicate that the former president himself has earned over $2.4 billion from cryptocurrency-related projects. Despite criticisms that they exploit political power for personal gain, Eric Trump still denies benefiting improperly from his father's presidency. He also hinted that he or another family member might run in 2028, suggesting that the political ambitions and cryptocurrency interests of the Trump family may continue to intertwine.