Eric Trump Says His Family Turned Pro-Crypto After Banks Turned Against Them Under The Biden Admin: WSJ

Eric Trump, son of US President Donald Trump, says his family turned to crypto after several banks closed accounts linked to the Trump Organization after the Capitol attack in 2021.

Speaking to the Wall Street Journal, he said that their bank accounts were shut down without warning, leaving them to depend on smaller banks until they found a new partner.

“That’s when I realized how weak the financial system is and how easily it can be turned against you,” he said.

Trump believes the closures were politically-motivated. He also compared the situation to how crypto companies have struggled to access banking under the former Joe Biden administration.

“This system was weaponized against them, just like it was against us,” he added.

The Trump Organization went on to sue Capital One, claiming that its accounts were closed for political reasons. This, they said, resulted in serious financial harm. Soon after, Trump warned that banks must adopt crypto or risk vanishing within 10 years.

Banks deny closing accounts for political reasons, but “debanking” has become a major talking point, especially in the crypto space.

Senator Elizabeth Warren has also called on banks to stop discriminatory practices, while the Trump administration has now made debanking a policy priority. Recently, the President issued an executive order to probe banks accused of political or religious bias.

The Trump family has built several connections to the crypto industry, drawing criticism from lawmakers who claim they have used it for personal gain.

One example of their crypto ventures is Donald Trump’s official meme coin, TRUMP, which was launched just days before his inauguration as the 47th US President. At one point, it hit nearly $15 billion in value, but has since dropped to about $1.7 billion.

World Liberty Financial, co-founded by Trump and his sons, has reportedly made $390 million for him as well, while his TRUMP meme coin brought in about $315 million through licensing deals and price movements.

Donald Trump Jr. and Eric Trump also founded American Bitcoin, a Hut 8 subsidiary that raised $220 million to acquire Bitcoin and mining equipment.

Eric Trump, however, has rejected claims that the family’s crypto wealth came as a result of his father’s Presidency.

Just last week, the US Securities and Exchange Commission (SEC) once again postponed its decision on the Truth Social Bitcoin and Ethereum ETF (exchange-traded fund), a Trump Media & Technology Group proposal that has raised conflict of interest concerns due to President Trump’s involvement.

The new deadline is now Oct. 8, marking the third delay since the ETF was filed in June. Analysts note that such delays are common, as the SEC has up to 240 days to make a final decision, and the process allows time for public comments and risk assessments on issues like liquidity, custody, and potential market manipulation.

The regulator is also reviewing several other crypto ETF applications, including funds tied to Litecoin, XRP, and Ethereum staking.

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