Eric Trump has launched a scathing attack on traditional finance—and is warning banks that if they fail to embrace crypto, they’ll “be extinct in 10 years.” Speaking to CNBC, the Trump Organization’s executive vice president said modern systems used to move wealth worldwide are “broken, slow and expensive.” He described SWIFT, the global network used to facilitate international payments, as an “absolute disaster.”
The president’s son said his business regularly ends up racing to send or receive funds before 4 p.m. on a Friday afternoon—and missing this cut-off time can mean transactions won’t be settled for 72 hours. By contrast, he says crypto exchanges and DeFi apps enable money to be sent from wallet to wallet instantaneously without punishing fees.Trump believes the current banking system is “broken, antiquated and favors the ultra-wealthy,” and the current way of doing things is “insane.”
“Why do banks work 9 a.m. to 5 p.m., with a long lunch break Monday through Friday,” he asked. “It doesn’t make a whole lot of sense.” During the interview, filmed in the United Arab Emirates, he warned such inefficiencies have real-world impacts on everyday consumers. He claimed hard-working Americans trying to get a mortgage in the U.S. often have to wait up to 120 days to complete Know Your Customer checks—even if they’re applying through the bank they’ve used for 25 years.
“By the time you get the mortgage, the house you’ve wanted to buy is already gone and your dream’s already imploded,” Trump said. “This isn’t modern finance, this is incompetence.” He went on to claim that the banking system is weaponized against “the vast majority” of Americans, either because they aren’t rich or supported his father in last year’s election.
The entrepreneur argues that blockchain technology can handle everything existing financial infrastructure does, with better results. President Trump has unveiled a raft of pro-crypto policies since entering office in January, making it easier for banks to embrace digital assets. His family business is also expanding aggressively into the space. Earlier this month, Eric Trump announced a new mining venture called American Bitcoin Corp in conjunction with Hut 8. He also launched the DeFi project World Liberty Financial last year, and the USD1 stablecoin in March.
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