Eric Trump recently explained his family’s move into the crypto world, citing issues with the traditional banking system and claims of political targeting.
Banks Shut Down Trump Businesses
After the January 6th Capitol riot, several banks cut ties with the Trump family businesses. Hundreds of accounts were closed without explanation, forcing the Trump Organization to scramble to find new banking solutions. Eric Trump saw this as a sign of how easily the financial system could be “weaponized” against political opponents. He believes the banks’ actions were politically motivated.
Crypto as Resistance
This experience, coupled with observing the banking difficulties faced by crypto companies, pushed the Trumps towards cryptocurrencies. Eric Trump framed their involvement not as a purely financial investment, but as a form of resistance against what he sees as unfair targeting of conservatives and crypto businesses by the establishment. He points to allegations that banks have denied services based on political or religious beliefs, echoing claims of “Operation Chokepoint 2.0.”
Government Response and Crypto Regulation
The Trump administration, and now the current administration, has been addressing these concerns. Recent actions include executive orders aimed at preventing banks from refusing services based on political or religious views, along with efforts to modernize crypto regulations.
Addressing Conflicts of Interest and the Future of Crypto
Eric Trump insists there’s a clear separation between the family’s crypto ventures and President Trump’s official business dealings. However, some lawmakers disagree, expressing concerns about potential corruption and the risks posed by Trump-branded crypto projects like the $TRUMP memecoin and USD1 stablecoin.
Despite these concerns, Eric Trump views memecoins as a gateway to crypto for newcomers, making it easier for people to access Bitcoin, Ethereum, and other cryptocurrencies. He also envisions a future where real-world assets, like Trump Tower, can be tokenized, allowing broader global investment. He believes this represents a path towards greater financial freedom for many.
