Eric Trump Says Crypto Was A Way Out For Trump Organisation: ‘Earth’s ‘Most Cancelled Company’
The comments from Eric Trump come amid Trump family’s bid to acquire financial stake in the US arm of cryptocurrency exchange Binance.
US President Donald Trump’s son Eric Trump said the Trump Organisation and its businesses moved towards cryptocurrency because they were “the most canceled company, probably on Earth".
Speaking to CNBC in an interview, Eric said: “You realize that cryptocurrency was a lot faster, it was a lot more pragmatic, it was a lot more transparent, it was exponentially cheaper".
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Eric Trump and his brother Donald Trump Jr. have announced a new bitcoin mining venture, American Bitcoin, co-founded alongside Hut 8 CEO Asher Genoot. The duo also plans to launch a US dollar-backed stablecoin under their latest firm, World Liberty Financial.
Eric Trump insists his entry into crypto wasn’t a gamble to get rich but a deliberate act of defiance. He told the outlet that his move was a reaction to what he sees as a coordinated regulatory siege — a “war on the industry" involving SEC crackdowns, frozen accounts and a growing culture of ‘debanking’.
The American Bitcoin’s co-founder claimed that powerful nations are already channelling their surplus energy into mining.
And while the Trump family remains closely aligned with Washington’s pro-crypto tilt, Eric was quick to disown any key role in policymaking and distanced himself from the White House even as the crypto world bet big on his father’s return and send millions of dollars in donations.
“I don’t have anything to do with the government, and frankly, I don’t want anything to do with the government," Eric was quoted as saying.
However, his comments come after it was reported in March that Donald Trump’s family have held discussions to acquire a financial stake in the US arm of cryptocurrency exchange Binance, while the company’s founder seeks a presidential pardon, according to a Wall Street Journal report.
According to the Journal, the talks reportedly began when Binance approached Trump allies last year, offering a business deal with the family as part of a strategy to re-enter the US market.
The potential investment could be made directly by the Trump family or through World Liberty Financial, a cryptocurrency venture backed by the Trumps that launched in September.
Steve Witkoff, a longtime Trump friend who serves as his top negotiator in the Middle East and Ukraine, has reportedly been involved in the negotiations, though an administration official denied the development while speaking to the newspaper.
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