Eric Trump: Crypto and Blockchain Will Surpass Outdated Banking Systems

Eric Trump, businessman and son of U.S. President-elect Donald Trump, believes that blockchain technology and cryptocurrency will eventually outpace traditional banking systems. In a Dec. 9 interview with CNBC’s Dan Murphy in Abu Dhabi, ahead of his keynote at the Bitcoin Conference, Trump argued that blockchain could revolutionize the financial sector by offering faster, cheaper, and more efficient services than current banking infrastructures.
Trump pointed out the inefficiencies of modern banking, using the example of the U.S. home loan process, which can take up to 90 days. "If you live in America, you want to go out and get a home loan, it takes you 90 days—how the hell does it take you 90 days to get a home loan? By then, the house is already sold, your dream is gone," Trump said. He emphasized that blockchain technology can handle such processes more effectively, cutting out the need for excessive paperwork and bureaucracy.
Blockchain: A Better Way Forward
According to Trump, blockchain technology has the potential to perform all the functions of traditional banking but more efficiently. He believes that as the world embraces digital currencies and decentralized finance (DeFi), countries like the U.S. must lead the charge in creating sensible regulations for the crypto space to avoid falling behind. "There is nothing on blockchain that can't be done better, faster, substantially cheaper, and by not pushing paper," he stated.
Eric Trump also acknowledged that many countries around the world are adopting crypto technologies in various forms. "If America doesn’t start leading the way in regulation, there is a danger of being left behind," he said, highlighting the importance of developing clear and transparent crypto regulations to benefit both the U.S. and the global economy.
Pro-Crypto Regulation Under the New Administration
As pro-crypto candidates have gained ground in U.S. politics, with many winning seats in Congress, Eric Trump is optimistic about the future of cryptocurrency regulation. He believes the upcoming administration will foster a more favorable regulatory environment for the industry. "We will have a clear road map, and hopefully the rest of the world follows that," Trump said, adding, "Hopefully, we can lead by example because that’s what we should do as Americans."
Trump also emphasized his father's vision for the U.S. to become the "crypto superpower of the world." He expressed confidence that the Trump administration would work to support innovation in the crypto space and create an environment where businesses can thrive without excessive government interference.
Elon Musk’s Role in the New Administration
In the interview, Eric Trump also mentioned that Elon Musk, CEO of X (formerly Twitter), would play a significant role in the new administration. Beyond his leadership in the Department of Government Efficiency (DOGE), which Musk co-leads with Vivek Ramaswamy, Trump sees Musk as a key player in driving innovation. "I think we want to see real innovation again. I think we want to see government get the hell out of the way of great business," Trump said, adding that Musk's influence would help ensure that the government supports the growth of businesses, particularly in the tech and crypto sectors.
The Trump Family’s Connection to Crypto
Eric Trump and his brother Donald Jr. are involved with the decentralized finance (DeFi) platform World Liberty Financial, though they are not directly employed by the company, according to its website. This involvement further illustrates the Trump family's interest in the growing crypto and blockchain industries.
In conclusion, Eric Trump’s comments reflect a strong belief in the transformative potential of blockchain technology and cryptocurrency. With an eye on future regulations, the Trump family envisions the U.S. as a global leader in the crypto space, fostering innovation and creating a clear path for the industry’s growth.
Disclaimer: The content on this website is for informational purposes only and does not constitute financial or investment advice. We do not endorse any project or product. Readers should conduct their own research and assume full responsibility for their decisions. We are not liable for any loss or damage arising from reliance on the information provided. Crypto investments carry risks.