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Eric Trump: Banking System Weaponized, Family Embraces Bitcoin and Crypto
Eric Trump, the son of U.S. President Donald Trump, says the Trump family turned pro-crypto after being “debanked” following the Capitol attack incident in early 2021.
According to Trump’s remarks to The Wall Street Journal, several banks abruptly shut down hundreds of accounts linked to the Trump Organization without providing any explanation. The family was forced to rely on regional banks before migrating to a new, undisclosed institution.
“At that time, I realized how fragile the financial system was and how easily it could be weaponized against you,” Eric Trump said, noting that the ordeal pushed him and his family toward crypto.
Banks, Politics, and the Crypto Pivot
Trump argued that the debanking was politically motivated, pointing to what industry insiders described as the Biden administration’s pressure on crypto companies through regulatory crackdowns.
“This whole system was weaponized against them, no different than it had been weaponized against us for different reasons,” Trump explained.
In March 2025, the Trump Organization sued Capital One, accusing the bank of closing accounts for political reasons and causing significant financial harm. Just a month later, Trump publicly warned that banks must adopt crypto or risk extinction within a decade.
Tokenization and the Future of Assets
Beyond banking, Eric Trump also spoke about the tokenization of real-world assets, questioning why iconic properties like Trump Tower couldn’t be tokenized and offered to global investors.
The Trump Family’s Expanding Crypto Ties
The Trump family has deepened its links with the crypto industry. Donald Trump launched an official memecoin (TRUMP) just before his presidential inauguration. In September 2024, World Liberty Financial debuted the USD1 stablecoin, with Donald Trump listed as co-founder emeritus and his sons, including Eric, as co-founders.
Eric Trump and Donald Trump Jr. also founded American Bitcoin, a subsidiary of Hut 8, which raised $220 million to acquire Bitcoin and mining equipment. According to an August 2024 report, Donald Trump has accumulated a $2.4 billion fortune from crypto ventures.
Eric Trump dismissed accusations that the family’s crypto wealth was tied to his father’s presidency and even suggested that he or another Trump family member could run in the 2028 U.S. election.
