Eric Trump, the son of US President Donald Trump and vice president of the Trump organization, said banks should use blockchain technology if they want to survive for the next 10 years.
“The modern financial system is broken, slow and expensive,” he said in an interview with CNBC on Wednesday. “There’s nothing you can do with blockchain. This is something you can’t do better than the way financial institutions work today. Swift is an absolute disaster.” The World Interbank Financial Communications Association, or Swift, is the international system of the banking industry for messaging and payment instructions.
On stage at the Coindesk’s flagship consensus 2025 event in Toronto this May, Trump has long been a tech advocate and has been involved with several crypto projects, more recently the launch of stubcoin, known as USD1, along with his brother Donald Trump Jr.
“You can open the (decentralized finance) app now. You can open the cryptocurrency app. You can also send it to your wallet.
According to Eric Trump, the traditional banking system supports the super wealthy. This is one of the reasons why he is interested in the industry.
“What really led me to (cryptocurrency) is the fact that we realised that our banking system was weaponized against the majority of people in our country: people who don’t have zeros on their balance sheet, or those who might have worn red hats that said, “make America great again.” And it pushed me into the world of cryptography. If the banks don’t see what’s coming, they’ll be extinct in 10 years,” he said.
Many US banks have been using blockchain technology effectively for many years, and most notably JPMorgan, due to the growing popularity of the industry. However, crackdowns by the previous administration under President Joe Biden made it difficult to make the most of the possibilities that should have changed under the current president.
Earlier this week, FinTech Sofi announced a major push towards Crypto after halting its services in 2023 to become a regulated bank. On Tuesday, CEO Anthony Noto said there has been a “fundamental change” in the US crypto landscape, allowing them to re-enter the industry without fear.