Trump family turns to crypto after banking boycott sparks financial shift

Eric Trump, son of former U.S. President Donald Trump, has stated that the Trump family became pro-crypto following a period of financial exclusion known as “debanking” in the aftermath of the Capitol attack in early 2021. Several banks shut down hundreds of accounts linked to The Trump Organization without explanation, forcing the family to rely on regional banks before eventually finding a new institution. Eric Trump described this as a political act, noting how the financial system could be “weaponized” against individuals and organizations [1].

This experience led to a shift in the Trump family’s financial strategy, with Eric Trump and his siblings increasingly advocating for the adoption of cryptocurrencies. He emphasized that the Biden administration’s regulatory pressure on crypto firms had also contributed to the family’s pro-crypto stance. “This whole system was weaponized against them, no different than it had been weaponized against us for different reasons,” Eric Trump stated [1].

The Trump Organization filed a lawsuit against Capital One in March 2025, alleging that the bank had closed its accounts for political reasons, causing significant financial harm. In response to the growing distrust in traditional banking, Eric Trump has also voiced support for tokenizing real-world assets, suggesting that properties like Trump Tower could be tokenized to enable global investment [1].

The Trump family’s engagement with crypto has expanded beyond advocacy. World Liberty Financial, a crypto-related entity launched in September 2024, lists Donald Trump as co-founder emeritus and his three sons as co-founders. The company currently issues the USD1 stablecoin. Additionally, Donald Trump Jr. and Eric Trump co-founded American Bitcoin, a subsidiary of Hut 8, which raised $220 million for Bitcoin-related investments. According to an August 2025 report, Donald Trump has accumulated $2.4 billion from his crypto activities [1].

Eric Trump has dismissed claims that the family’s crypto pursuits were politically motivated for profit and suggested that one of his siblings could run for president in the 2028 election. Meanwhile, the is reportedly working on an executive order targeting what he describes as a biased financial system, a move that could further bolster the family’s reliance on digital assets [2].

The Trumps’ pivot to crypto reflects a broader skepticism toward traditional banking institutions and a desire for financial independence. With a history of legal and regulatory battles, the family has increasingly turned to decentralized finance tools to mitigate perceived institutional bias. As the crypto market continues to evolve, the Trump family’s involvement highlights the growing political and economic significance of digital assets, though its long-term success remains subject to regulatory and market developments [1].

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[1] How Eric Trump Became One of Crypto's Greatest — https://www.wsj.com/finance/currencies/eric-trump-crypto-business-c92767bb?gaa_at=eafs&gaa_n=ASWzDAigveOSJUkQLwjuR2LHhROeI0IHsXGY4FSXcAdpjPSTdDv_c0zRy-L2&gaa_sig=mIBlHEUFQ1nYBdSV9Ohc8O2CrDk3KT2CnnmkDRxbsf2RyUBN4UkkEKQAypYBAOOoN5EBSnBAK7QzUs_-lAPwPA%3D%3D&gaa_ts=68ac08c9

[2] Trump says major US banks 'discriminated against me' as — https://www.aol.com/finance/debanking-issue-back-trump-slams-150942843.html

[3] Trump ran on a promise of revenge. He's making good on it — https://www.yahoo.com/news/articles/trump-ran-promise-revenge-hes-162304191.html