Trump Family's Crypto Pivot: Debanking Sparked Interest
Trump Family's Crypto Embrace Stemmed From 'Debanking,' Says Eric Trump
Eric Trump, son of former US President Donald Trump, attributes the Trump family's foray into cryptocurrency to being effectively "debanked" following the Capitol attack in early 2021. Several banks reportedly closed numerous accounts tied to The Trump Organization without explanation.
According to Eric Trump's statements to The Wall Street Journal, the organization was forced to rely on smaller, regional banks before ultimately finding a new banking partner.
"At that time, I realized how fragile the financial system was and how easily it could be weaponized against you,” Trump stated.
Trump further suggested the debanking was politically motivated, claiming industry insiders informed him of regulatory pressure from the Biden administration restricting crypto companies' access to banking services.
“This whole system was weaponized against them, no different than it had been weaponized against us for different reasons.”
The Trump Organization previously sued Capital One, alleging similar politically motivated account closures that caused financial damage.
A month later, Trump publicly stated that banks must adopt crypto or face extinction within a decade.
Despite this, concerns remain that banks continue to enforce "Operation Chokepoint" policies, resulting in account closures for crypto firms.
Eric Trump also voiced support for the tokenization of real-world assets, questioning why assets like Trump Tower couldn't be tokenized for global investment.
Trump Family's Growing Crypto Footprint
The Trump family's involvement in the crypto industry has drawn scrutiny, with critics alleging potential self-enrichment.
- This includes the launch of the official TRUMP memecoin.
- World Liberty Financial, which lists Donald Trump as Co-Founder Emeritus and his sons as co-founders, offers the USD1 stablecoin.
Donald Trump Jr. and Eric Trump are also founders of American Bitcoin, a Hut 8 subsidiary that raised $220 million for Bitcoin mining operations and Bitcoin acquisition.
Reports indicate Donald Trump has accumulated an estimated $2.4 billion from his crypto activities.
Eric Trump has denied allegations of profiting from his father's presidency and has hinted at a potential Trump family presidential run in 2028.