Eric Trump, son of U.S. President Donald Trump, said in a recent Fox Business interview that major U.S. banks are actively working to block cryptocurrency legislation moving through Congress. He argued this opposition is driven by banks protecting outdated financial advantages, not by consumer-protection concerns.
Trump specifically criticized traditional banks for clinging to slow methods like wire transfers that keep funds tied up — a system he claims benefits banks financially but holds back digital innovation. He said blockchain and crypto systems threaten this status quo.
He framed bank resistance as protecting legacy profit models, particularly around payments and capital settlement, which would be disrupted by faster blockchain-based systems.
Eric Trump, son of U.S. President Donald Trump, said in a recent Fox Business interview that major U.S. banks are actively working to block cryptocurrency legislation moving through Congress. He argued this opposition is driven by banks protecting outdated financial advantages, not by consumer-protection concerns.
Trump specifically criticized traditional banks for clinging to slow methods like wire transfers that keep funds tied up — a system he claims benefits banks financially but holds back digital innovation. He said blockchain and crypto systems threaten this status quo.
He framed bank resistance as protecting legacy profit models, particularly around payments and capital settlement, which would be disrupted by faster blockchain-based systems.
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