Eric Trump: Banks Tried to Crush Us – That’s Why We Back Crypto

Speaking to The Wall Street Journal, the son of U.S. President Donald Trump said the family became “pro-crypto” after banks cut ties with the Trump Organization in the wake of the Capitol incident in early 2021.

From Bank Accounts to Bitcoin

According to Trump, hundreds of the organization’s accounts were abruptly closed without explanation, forcing the business to scramble for smaller regional banks before securing a new primary lender. He called the closures politically motivated and said they exposed how vulnerable traditional banking could be.

“At that time, I realized how fragile the financial system was and how easily it could be weaponized against you,” he said.

The experience left him sympathetic to the crypto sector, which has also accused regulators under the Biden administration of pressuring banks to deny access to digital asset firms. Trump likened the treatment of his family to what crypto companies have faced under so-called “Operation Chokepoint” policies.

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Calls for Banks to Embrace Crypto

Earlier this year, the Trump Organization sued Capital One, alleging that the bank shut down accounts for political reasons and caused significant financial harm. Around the same time, Eric Trump warned that banks refusing to integrate crypto could be obsolete within a decade.

He has also spoken in favor of tokenization, questioning why a landmark like Trump Tower could not be offered as a blockchain-based investment vehicle to global investors.

Expanding Crypto Footprint

The Trump family’s involvement in crypto has grown steadily since then. Donald Trump launched his own memecoin, TRUMP, shortly before becoming the 47th president. In 2024, the family unveiled World Liberty Financial, which issues the USD1 stablecoin. The project lists Donald Trump as co-founder emeritus, with Eric and Donald Trump Jr. as co-founders.

The brothers also established American Bitcoin, a Hut 8 subsidiary that raised $220 million to acquire BTC and mining equipment. Reports suggest the former president himself has earned more than $2.4 billion from crypto-related ventures.

Despite criticism that they leveraged political power for financial gain, Eric Trump has denied profiting unfairly from his father’s presidency. He has also hinted that either he or another family member could run for office in 2028, signaling that the Trumps’ political and crypto ambitions may continue to intertwine.

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