Eric Trump Discusses Family's Shift to Cryptocurrency After Banking Challenges

According to Cointelegraph, Eric Trump, son of U.S. President Donald Trump, revealed that the Trump family became advocates for cryptocurrency following a series of banking challenges they faced after the Capitol attack incident in early 2021. Several banks reportedly closed hundreds of accounts associated with the Trump Organization without explanation, prompting the family to rely on regional banks before eventually transitioning to a new, undisclosed banking institution. Eric Trump expressed his realization of the financial system's fragility and its potential for misuse during this period.Eric Trump, speaking at Consensus 2025, attributed the account closures to political motivations, which influenced his pro-crypto stance. He noted that industry insiders informed him of the Biden administration's alleged efforts to restrict crypto companies' access to banking services through regulatory pressure. This perceived weaponization of the financial system against them mirrored their own experiences, according to Trump. In March 2025, the Trump Organization filed a lawsuit against Capital One, alleging that the bank's closure of their accounts was politically motivated, resulting in significant financial harm. Subsequently, Eric Trump warned that banks must embrace cryptocurrency or risk obsolescence within a decade.The Trump family's involvement in the crypto industry has drawn criticism, with some alleging that they have leveraged it for personal gain. This includes the launch of Donald Trump's official memecoin, TRUMP, shortly before his inauguration as the 47th U.S. president. Additionally, World Liberty Financial, co-founded by Donald Trump and his sons, offers the USD1 stablecoin. Eric Trump and Donald Trump Jr. are also founders of American Bitcoin, a subsidiary of Hut 8, which raised $220 million for Bitcoin acquisition and mining equipment. An August 2025 report estimated Donald Trump's crypto-related wealth at $2.4 billion.Eric Trump has denied accusations that the family profited from Donald Trump's presidency and has suggested the possibility of a family member running for the presidency in the 2028 election. The Trump family's growing ties to the crypto industry continue to be a topic of discussion and scrutiny.