Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Trump family went pro-crypto after Biden ‘weaponized banks’ — WSJ

Trump family went pro-crypto after Biden ‘weaponized banks’ — WSJ

CointimeCointime2025/08/25 13:05
By:Cointime

Eric Trump, the son of US President Donald Trump, said the Trump family became pro-crypto after they were “debanked” in the aftermath of the Capitol attack incident in early 2021.

Several banks shut down hundreds of bank accounts related to The Trump Organization without providing a reason, Trump  told  The Wall Street Journal, which led to the group having to rely on regional banks before finding a new, unnamed bank, which they migrated to. 

“At that time, I realized how fragile the financial system was and how easily it could be weaponized against you,” said Trump.

Trump family went pro-crypto after Biden ‘weaponized banks’ — WSJ image 0   Eric Trump at Consensus 2025. Source: Wikimedia Commons


The American businessman stated that the reason was purely political in nature, which led him to become pro-crypto, as industry insiders told him that the Biden administration was restricting crypto companies from accessing banking services by applying regulatory pressure.

“This whole system was weaponized against them, no different than it had been weaponized against us for different reasons.”

Notably, The Trump Organization  sued  Capital One in March this year, claiming the bank had closed their accounts due to political reasons, which caused considerable financial harm to the organization.

A month later, Trump said  banks must adopt crypto or face extinction  in ten years.

However, some claim that banks are still continuing to  stick to operation chokepoint policies , with banks closing accounts owned by crypto firms.

Eric Trump also took the chance to support the tokenization of real-world assets.

“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?” said Trump.

Trump family’s growing ties to crypto

The Trump family has several ties to the industry, which have become the subject of critics who allege that they have used it to enrich themselves. 

This includes Trump’s official memecoin, TRUMP,  days before getting inaugurated as the 47th US President.

World Liberty Financial was launched on Sept. 16, 2024, and currently offers the USD1 stablecoin. The  website  lists Donald Trump as Co-Founder Emeritus, while his three sons are listed as co-founders.

Meanwhile, Trump’s sons Donald Trump Jr. and Eric Trump are the founders of American Bitcoin, a subsidiary of Hut 8, that  raised $220 million to purchase Bitcoin  and Bitcoin mining equipment.

According to an Aug. 11 report, Donald Trump has  amassed a fortune of $2.4 billion  from his crypto endeavors. 

Eric Trump  denied allegations that the Trump family profited  from his father being elected as the 47th President. He also floated the idea of him or one of his family members potentially running for the presidency in the 2028 election.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Solana News Today: Institutions Build $1.72 Billion Solana Treasury as Price Climbs Past $207

- Solana (SOL-USD) trades at $188.40 with $102B market cap, showing whale accumulation and bullish technical indicators. - Institutional demand drives $1B+ treasury funds from Galaxy Digital, Pantera, and others, holding 1.72B in SOL (1.44% supply). - Technical analysis highlights $207 breakout potential with $250-$295 targets, supported by 6.86% staking yields and 3M active wallets. - Regulatory progress includes Visa's USDC pilot and VanEck's JitoSOL ETF filing, signaling institutional legitimacy for Sol

ainvest2025/08/27 23:54
Solana News Today: Institutions Build $1.72 Billion Solana Treasury as Price Climbs Past $207

MELANIA Meme Coin: A High-Risk, High-Reward Play in the Meme Coin Space

- Melania Meme Coin (MELANIA) trades at $0.21, down 97.34% from its January 2025 peak but up 5.16% from its June low. - Technical indicators suggest a fragile rebound, with $5.04M 24-hour volume and a market cap of $173.66M hinting at potential short-term demand-driven price spikes. - Fundamentally, MELANIA lacks intrinsic value, relying on social media sentiment and faces regulatory risks from the SEC's aggressive stance on unregistered tokens. - AI forecasts predict $1.06 by 2026 but ignore structural we

ainvest2025/08/27 23:51
MELANIA Meme Coin: A High-Risk, High-Reward Play in the Meme Coin Space

Is XRP Approaching a Critical Support Breakdown or a Bullish Reversal?

- XRP's 2025 trajectory hinges on whale activity, technical indicators, and institutional adoption amid regulatory clarity post-SEC ruling. - Large whale outflows ($1.5B in August) contrast with mid-sized whale accumulation during dips, signaling potential support at $3.00. - Institutional momentum (ODL's $1.3T Q2 volume, 11 ETF applications) and RLUSD growth reinforce XRP's structural bull case. - Derivatives volatility (OI at $8.11B) and SMA battlegrounds ($2.78-3.20) highlight risks, with ETF approvals

ainvest2025/08/27 23:51
Is XRP Approaching a Critical Support Breakdown or a Bullish Reversal?

Asia’s Natural Gas Renaissance: Cross-Border Collaborations Power a New Energy Era

- Asia’s natural gas market is reshaping through cross-border infrastructure, decarbonization, and geopolitical alliances, driven by rising demand and energy security needs. - China expands pipelines and LNG imports, while Japan and South Korea deepen regional partnerships, using gas as a strategic tool to diversify energy sources and reduce coal reliance. - U.S. LNG dominance (95% of new export projects) fuels Asia’s 70% global LNG demand by 2030, but infrastructure bottlenecks and geopolitical tensions p

ainvest2025/08/27 23:48
Asia’s Natural Gas Renaissance: Cross-Border Collaborations Power a New Energy Era