Eric Trump, son of U.S. President Donald Trump, revealed that the family embraced cryptocurrencies after facing widespread account closures in the wake of the Capitol events in early 2021.
Speaking with The Wall Street Journal, Trump explained that numerous banks suddenly shut down hundreds of accounts tied to the Trump Organization without explanation. The company was forced to rely on small regional banks until securing a new partner, which remains undisclosed.
“That was the moment I saw how unstable the financial system really is—and how quickly it can be used as a weapon,” Trump said.
He argued the decision was politically motivated and compared it to how, under President Biden, crypto companies have allegedly been pressured out of the banking system through regulatory tactics.
“This is the same playbook. The system is used against whoever they want, for different reasons,” Trump added.
In March, the Trump Organization even filed a lawsuit against Capital One, claiming the bank closed its accounts due to political bias, causing significant damage to its operations. A month later, Eric Trump warned that traditional banks must integrate crypto or risk becoming obsolete within a decade.
Industry voices argue this reflects “Operation Chokepoint”-style policies, where financial institutions cut ties with businesses in politically sensitive industries—including crypto.
Beyond crypto banking, Eric Trump also highlighted the potential of tokenization for real-world assets. “Why shouldn’t I be able to tokenize Trump Tower, letting millions of people worldwide invest directly in it?” he asked.
The Trumps’ Expanding Crypto Footprint
The Trump family has been steadily deepening its involvement in digital assets, despite frequent criticism that they use the industry for personal gain.
Donald Trump has his own memecoin, TRUMP, which launched just before his inauguration as the 47th president. In September 2024, the family also helped launch World Liberty Financial, which issues the USD1 stablecoin. The platform lists Donald Trump as co-founder emeritus, with Eric and Donald Jr. named as co-founders.
Meanwhile, Eric and Donald Trump Jr. co-founded American Bitcoin, a Hut 8 subsidiary that raised $220 million to acquire Bitcoin and mining rigs.
According to reports from August, Donald Trump’s crypto ventures have already generated an estimated $2.4 billion.
Eric Trump has denied that the family’s political power was used for financial gain and has even suggested that either he or another Trump family member could run for president in 2028.
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