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Eric Trump, son of US President Donald Trump, says his household turned to crypto after a number of banks closed accounts linked to the Trump Group after the Capitol assault in 2021.
Talking to the Wall Road Journal, he mentioned that their financial institution accounts have been shut down with out warning, leaving them to rely upon smaller banks till they discovered a brand new associate.
“That’s once I realized how weak the monetary system is and the way simply it may be turned in opposition to you,” he mentioned.
Trump believes the closures have been politically-motivated. He additionally in contrast the state of affairs to how crypto firms have struggled to entry banking underneath the previous Joe Biden administration.
“This technique was weaponized in opposition to them, similar to it was in opposition to us,” he added.
Eric Trump on the President’s flip in direction of crypto…
Says got here all the way down to Biden admin chopping off crypto business entry to banking.
“This complete system was weaponized in opposition to them, no completely different than it had been weaponized in opposition to us for various causes.”
by way of @Vlajournaliste pic.twitter.com/5HZu4U4B1E
— Nate Geraci (@NateGeraci) August 25, 2025
The Trump Group went on to sue Capital One, claiming that its accounts have been closed for political causes. This, they mentioned, resulted in critical monetary hurt. Quickly after, Trump warned that banks should undertake crypto or danger vanishing inside 10 years.
Banks deny closing accounts for political causes, however “debanking” has develop into a significant speaking level, particularly within the crypto house.
Senator Elizabeth Warren has additionally referred to as on banks to cease discriminatory practices, whereas the Trump administration has now made debanking a coverage precedence. Lately, the President issued an govt order to probe banks accused of political or spiritual bias.
The Trump household has constructed a number of connections to the crypto business, drawing criticism from lawmakers who declare they’ve used it for private acquire.
One instance of their crypto ventures is Donald Trump’s official meme coin, TRUMP, which was launched simply days earlier than his inauguration because the forty seventh US President. At one level, it hit practically $15 billion in worth, however has since dropped to about $1.7 billion.
World Liberty Monetary, co-founded by Trump and his sons, has reportedly made $390 million for him as properly, whereas his TRUMP meme coin introduced in about $315 million via licensing offers and value actions.
Trump’s Crypto Revolution: Innovation or Political Gamble?
The Trump administration has moved quicker on crypto than any U.S. authorities earlier than – rolling out insurance policies that have been unthinkable only a yr in the past.
In months, we’ve seen:
✅The GENIUS Act – regulating stablecoins -… pic.twitter.com/GUDfU4462S
— Tzahi Kanza (@tzahi_kanza) August 15, 2025
Donald Trump Jr. and Eric Trump additionally based American Bitcoin, a Hut 8 subsidiary that raised $220 million to amass Bitcoin and mining tools.
Eric Trump, nonetheless, has rejected claims that the household’s crypto wealth got here on account of his father’s Presidency.
Simply final week, the US Securities and Change Fee (SEC) as soon as once more postponed its choice on the Reality Social Bitcoin and Ethereum ETF (exchange-traded fund), a Trump Media & Know-how Group proposal that has raised battle of curiosity considerations because of President Trump’s involvement.
The brand new deadline is now Oct. 8, marking the third delay because the ETF was filed in June. Analysts observe that such delays are frequent, because the SEC has as much as 240 days to make a remaining choice, and the method permits time for public feedback and danger assessments on points like liquidity, custody, and potential market manipulation.
The regulator can be reviewing a number of different crypto ETF purposes, together with funds tied to Litecoin, XRP, and Ethereum staking.
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