Eric Trump, son of U.S. President Donald Trump, said the family turned pro-crypto after being “debanked” following the Capitol attack in early 2021.
He told The Wall Street Journal that several banks closed hundreds of Trump Organization accounts without giving an explanation. The group was then forced to use regional banks until it eventually migrated to a new, undisclosed bank.
“At that time, I realized how fragile the financial system was and how easily it could be weaponized against you.”
Eric Trump
Eric Trump Says Politics Drove Family Into Crypto
The American businessman, said the family’s shift toward crypto was driven by politics. He explained that banks cut ties with them for political reasons, and industry insiders also warned him that the Biden administration was pressuring banks to limit services for crypto firms.
In March, the Trump Organization sued Capital One, alleging that the bank shut down their accounts for political motives, causing major financial damage. A month later, Trump argued that banks must embrace crypto or risk disappearing within the next decade.
Observers have linked these moves to “Operation Chokepoint” style practices, where banks close accounts tied to crypto companies under regulatory pressure.
Eric Trump also backed the tokenization of real-world assets, questioning why landmark properties couldn’t be tokenized to open up global investment opportunities.
“Why is it that if I wanted to refinance Trump Tower, I couldn’t tokenize this asset and put it on the street for billions of people around the world to otherwise invest in it?”
he said.
World Liberty Financial, the decentralized finance project backed by the Trump family, minted over $200 million worth of its stablecoin just hours after U.S. Federal Reserve Governor Christopher Waller made favorable comments about stablecoins.
