Eric Trump says the Trump family embraced crypto after banks cut ties, citing political motives behind account closures.
Eric Trump has said that the Trump family turned toward digital assets after banks cut ties with their businesses. Speaking to The Wall Street Journal, he explained that their accounts were closed in early 2021 after the Capitol attack incident, and this experience made him rethink the security of traditional finance.
Banking Restrictions and the Shift to Crypto
According to Eric Trump, several banks shut down hundreds of accounts linked to The Trump Organization without giving explanations. The group was forced to rely on smaller regional banks until finding another financial institution willing to work with them. Trump said this experience made him view the banking system as fragile and easily influenced.
“At that time, I realized how fragile the financial system was and how easily it could be weaponized against you,” Eric Trump stated. He added that the decisions appeared to be politically motivated and compared the treatment of his family to pressures faced by crypto companies under the Biden administration.
In March 2024, The Trump Organization filed a lawsuit against Capital One, alleging that the bank closed accounts for political reasons. The organization claimed that these actions caused financial harm and disrupted business operations. A month later, Donald Trump warned that banks risk extinction in ten years if they do not adapt to crypto adoption.
Support for Tokenization and New Ventures
Eric Trump also expressed support for tokenization of real-world assets. He asked why large assets, such as Trump Tower, could not be tokenized to allow global investors to participate. Industry advocates have argued that tokenization could open new funding opportunities, although regulatory concerns remain a challenge.
The Trump family has increasingly linked itself to digital asset ventures. Donald Trump launched his own memecoin, TRUMP, shortly before becoming the 47th U.S. President. In September 2024, World Liberty Financial introduced its USD1 stablecoin, with Donald Trump listed as Co-Founder Emeritus and his three sons as co-founders.
Donald Trump Jr. and Eric Trump also co-founded American Bitcoin, a subsidiary of Hut 8. The company raised $220 million to purchase Bitcoin and mining equipment. These ventures added to the family’s involvement in the digital asset sector and connected them with larger players in the industry.
Financial Gains and Political Speculation
Reports in August 2024 suggested that Donald Trump’s crypto-related activities helped him build a fortune of $2.4 billion. The figure drew scrutiny from critics who claimed that the family used political connections to expand their business in digital assets. Eric Trump denied these claims, saying that their support for crypto came only after being pushed away by banks.
“The whole system was weaponized against them, no different than it had been weaponized against us for different reasons,” Eric Trump said, referring to restrictions faced by crypto firms under federal oversight.
He also suggested that a family member could run for president in the 2028 election, though no official announcement has been made. While critics question the family’s financial interests, the Trump Organization and related ventures continue to expand in the crypto space.
