Eric Trump to Banks: Embrace Crypto or Get Left Behind
Banks clinging to legacy systems got a brutal wake-up call this week—adapt or become irrelevant.
Eric Trump’s latest comments cut straight to the chase: financial institutions ignoring blockchain tech risk obsolescence as crypto reshapes global finance. No more ’wait-and-see.’
Meanwhile, Wall Street still charges $25 for wire transfers like it’s 1995.
Trump Media’s Crypto Adoption
Meanwhile, the Trump family’s ventures are already moving to integrate crypto more deeply into their platforms. Trump Media and Technology Group (TMTG) is reportedly planning to embed a crypto wallet and token into its upcoming video streaming service, Truth+.
TMTG recently partnered with Crypto.com and Yorkville America Digital to develop ETFs that blend cryptocurrencies and American-focused stocks. These ETFs are set to debut on the financial services platform, Truth.Fi.
Back in January, the company decided to allocate up to $250 million of its reserves into digital assets like Bitcoin and other crypto-related securities.
Crypto Debanking
Eric Trump’s statement comes as many global banking institutions remain hesitant to engage with crypto assets. Several crypto industry experts accuse traditional banks of discriminatory debanking, shutting down crypto-related accounts without justification.
Last year, popular crypto exchange Coinbase revealed that it had found over “20 examples of the FDIC telling banks to ‘pause’ or ‘refrain from providing’ or ‘not proceed’ with offering crypto-banking services.”
So far we’ve uncovered more than 20 examples of the FDIC telling banks to “pause” or “refrain from providing” or “not proceed” with offering crypto-banking services. The public deserves transparency, not an agency that’s working behind a bureaucratic curtain. 2/3
— paulgrewal.eth (@iampaulgrewal) November 1, 2024
Under Donald Trump’s presidency, there has been a push to soften regulatory hostility toward crypto firms. Earlier this year, the Senate Banking Committee, led by Senator Tim Scott, pledged to eliminate unfair debanking policies, calling them “un-American.”
nextAdopt Crypto or Die: Eric Trump’s Hot Take for Banks
