Eric Trump Warns Banks of Extinction Without Crypto Adoption
Eric Trump, American businessman and son of former President Donald Trump, stated that banks may face extinction within a decade if they do not adapt to the cryptocurrency industry. He criticized the current financial system as “broken, slow, expensive, and favoring the ultra-wealthy,” citing these issues as reasons for his interest in cryptocurrencies.
Key points from his remarks include:
- SWIFT is inefficient and costly, described as “an absolute disaster.”
- Blockchain-based alternatives enable wallet-to-wallet transfers without fees or intermediaries.
- Decentralized finance (DeFi) platforms outperform traditional banking infrastructure.
Trump Media’s Crypto Integration
Trump Media and Technology Group (TMTG) plans to integrate a crypto wallet and token into its upcoming streaming service, Truth+. TMTG has partnered with Crypto.com and Yorkville America Digital to create ETFs combining cryptocurrencies and U.S.-focused stocks, which will launch on Truth.Fi. Additionally, the company aims to invest up to $250 million in digital assets.
Challenges Facing Traditional Banks
Many global banks remain reluctant to engage with crypto assets, leading to accusations of discriminatory debanking practices. Coinbase reported over 20 instances where the FDIC advised banks to halt or refrain from providing crypto-banking services.
During Donald Trump’s presidency, efforts were made to reduce regulatory barriers for crypto firms. Earlier this year, the Senate Banking Committee promised to address and eliminate unfair debanking practices.