Eric Trump Says Debanking Made Family Pro-Crypto

Eric Trump, son of U.S. President Donald Trump, revealed that the Trump family became pro-crypto after being “debanked” in the aftermath of the Capitol attack in early 2021. Speaking to The Wall Street Journal, Trump said that several major banks abruptly shut down hundreds of accounts tied to the Trump Organization without explanation.

The move forced the group to rely temporarily on smaller regional banks before securing a new, unnamed banking partner. 

“At that time, I realized how fragile the financial system was and how easily it could be weaponized against you,” Eric Trump said. He added that the closures were politically motivated, reinforcing his belief in cryptocurrency as a safeguard against financial censorship.

Trump drew parallels to crypto firms struggling with banking access under the Biden administration, claiming regulatory pressure has been used to choke off services. “This whole system was weaponized against them, no different than it had been weaponized against us for different reasons,” he remarked.

Push for Tokenization and Crypto Integration

Eric Trump has also voiced support for tokenization of real-world assets, questioning why landmark properties could not be fractionalized through blockchain. “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?” he asked.

The family’s legal disputes with banks have intensified their stance. Earlier this year, the Trump Organization sued Capital One, alleging its decision to close accounts was politically motivated and caused significant financial damage. In April, Eric Trump warned that banks must adopt crypto technology or risk becoming obsolete within a decade.

Critics argue that traditional banking remains wary of cryptocurrencies because of ongoing “operation chokepoint” practices, where financial institutions avoid servicing crypto firms over regulatory uncertainty.

Eric Trump Expanding Crypto Footprint

The Trumps have become increasingly entwined with the digital asset sector. Donald Trump’s official memecoin, TRUMP, was launched days before his inauguration as the 47th U.S. president. 

In September 2024, the family-backed project World Liberty Financial introduced the USD1 stablecoin, with Donald Trump listed as co-founder emeritus and his sons named as co-founders.

Additionally, Eric and Donald Trump Jr. co-founded American Bitcoin, a Hut 8 subsidiary that raised $220 million for Bitcoin purchases and mining operations. Reports suggest Donald Trump has accumulated a crypto fortune of $2.4 billion, though Eric Trump has denied allegations that the family leveraged political power for personal gain.