The Trump family has leaned into crypto after being “debanked” in 2021, according to Eric Trump. He revealed that the family shifted their stance following banks abruptly closing Trump Organization accounts in the aftermath of the Capitol riots. The move highlighted for them the vulnerability of traditional finance, pushing them closer to digital assets.
Banking Shutdown Sparked Pro-Crypto Shift
Eric Trump told The Wall Street Journal that several major banks closed hundreds of Trump Organization accounts without explanation. The sudden closures forced the group to rely on smaller regional banks before migrating to a new, unnamed institution. Eric described the experience as a political attack that exposed the fragility of the financial system.
“At that time, I realized how fragile the financial system was and how easily it could be weaponized against you,” Eric said. He added that industry insiders warned him that the Biden administration was pressuring banks to limit crypto exposure.
The Trump Organization later sued Capital One in March, alleging political bias in its decision to close their accounts. The lawsuit claimed the closures caused significant financial damage. A month after filing the case, Eric Trump said banks must adopt crypto or risk extinction within the next decade.
The remarks mirror broader complaints in the crypto industry about “operation chokepoint”-style policies. Numerous banks have closed accounts and restricted platforms associated with crypto businesses at the behest of regulators, leading to demands for alternative financial mechanisms.
Trump Family Expands Crypto Footprint
In addition to posturing, the Trump family has gone even further and cemented its relationships with crypto. Just before his inauguration as president in January of 2025, Donald Trump issued an official memecoin named TRUMP. In September 2024, the family co-founded World Liberty Financial, which issues the USD1 stablecoin. The project lists Donald Trump as co-founder emeritus and his sons as co-founders.
Donald Trump Jr. and Eric Trump also lead American Bitcoin, a Hut 8 subsidiary that raised $220 million to buy Bitcoin and mining equipment. According to an Aug. 11 report, Donald Trump has earned $2.4 billion from his crypto ventures.
Eric has also promoted tokenization of real-world assets. He wondered why, like Trump Tower, other properties could not be tokenized and sold worldwide as an investment. His remarks come as a result of increased fascination with the blockchain-based financial markets.
Critics say that the ventures of the family are a mix of politics and profit. Some claim they adopt a position to seize the opportunity of Donald Trump as president to enhance their businesses. Eric dismissed those claims, while also hinting that a Trump family member could enter the 2028 presidential race.
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