Trump family went pro-crypto after Biden ‘weaponized banks’ — WSJ
Eric Trump, the son of US President Donald Trump, said the Trump family became pro-crypto after they were “debanked” in the aftermath of the Capitol attack incident in early 2021.
Several banks shut down hundreds of bank accounts related to The Trump Organization without providing a reason, Trump told The Wall Street Journal, which led to the group having to rely on regional banks before finding a new, unnamed bank, which they migrated to.
“At that time, I realized how fragile the financial system was and how easily it could be weaponized against you,” said Trump.

The American businessman stated that the reason was purely political in nature, which led him to become pro-crypto, as industry insiders told him that the Biden administration was restricting crypto companies from accessing banking services by applying regulatory pressure.
“This whole system was weaponized against them, no different than it had been weaponized against us for different reasons.”
Notably, The Trump Organization sued Capital One in March this year, claiming the bank had closed their accounts due to political reasons, which caused considerable financial harm to the organization.
A month later, Trump said banks must adopt crypto or face extinction in ten years.
However, some claim that banks are still continuing to stick to operation chokepoint policies , with banks closing accounts owned by crypto firms.
Eric Trump also took the chance to support the tokenization of real-world assets.
“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?” said Trump.
Trump family’s growing ties to crypto
The Trump family has several ties to the industry, which have become the subject of critics who allege that they have used it to enrich themselves.
This includes Trump’s official memecoin, TRUMP, days before getting inaugurated as the 47th US President.
World Liberty Financial was launched on Sept. 16, 2024, and currently offers the USD1 stablecoin. The website lists Donald Trump as Co-Founder Emeritus, while his three sons are listed as co-founders.
Meanwhile, Trump’s sons Donald Trump Jr. and Eric Trump are the founders of American Bitcoin, a subsidiary of Hut 8, that raised $220 million to purchase Bitcoin and Bitcoin mining equipment.
According to an Aug. 11 report, Donald Trump has amassed a fortune of $2.4 billion from his crypto endeavors.
Eric Trump denied allegations that the Trump family profited from his father being elected as the 47th President. He also floated the idea of him or one of his family members potentially running for the presidency in the 2028 election.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
MANTRA Bets Big on Buybacks to Fuel RWA Revolution
- MANTRA announced a $25M OM token buyback, part of a $45M strategy to boost token value and investor confidence. - The RWA market hit $26.5B, with Ethereum leading at 51.79% of tokenized assets. - Buybacks aim to counter dilution and align with growing institutional interest in tokenized gold and Treasuries. - Hong Kong's regulatory advancements and platforms like Fopay highlight stablecoin-RWA convergence, strengthening MANTRA's market position.

Bitcoin News Today: Bitcoin's Bullish Reversal Hinges on Liquidation's Hidden Catalyst
- Bitcoin confirms inverse head and shoulders pattern near $112,511, signaling potential bullish reversal with neckline breakout at $113,000. - 18.1% liquidation dominance highlights forced selling pressure and leveraged long closures, mirroring past market corrections. - Analysts validate pattern confirmation through volume spikes and retests, but warn of double-top risks if $117,570 resistance fails. - Price consolidation between $112,000-$124,000 reflects volatile consolidation phase, requiring sustaine

Nvidia's China Chip Gambit Could Shape AI's Future
- Nvidia’s Q2 earnings could sway global markets, with $46.45B revenue and $1.02 EPS expected. - China business challenges persist: B30A chip rollout and revenue-sharing deal face regulatory hurdles. - AI market sustainability concerns grow as 40x valuation relies on cloud/AI demand continuity. - Supply chain execution critical: Blackwell GPU scaling and NVL72 delivery delays risk growth credibility. - Guidance clarity on China, margins, and diversification will determine valuation resilience post-earnings.

North Korea's Cyber Job Scam Funds Nuclear Ambitions
- U.S. Treasury sanctions North Korea's fraud network using fake job scams to steal data and ransom U.S. firms, involving Russian, Lao, and Chinese entities. - Designated individuals include Russian facilitator Vitaliy Andreyev and North Korean official Kim Ung Sun, who laundered funds via cryptocurrency and front companies. - The scheme generated over $1 million for North Korea's nuclear program, prompting international condemnation and collaboration with South Korea/Japan to combat cyber-financial crimes

Trending news
MoreCrypto prices
More








