Eric Trump, son of the former U.S. President and executive vice president of the Trump Organization, has issued a stark warning to traditional banks: adapt to blockchain technology or risk obsolescence within the next decade. During a candid interview with CNBC on Wednesday, Trump described the current financial system as “broken,” citing its sluggishness and high costs. He emphasized blockchain’s potential to overhaul financial transactions, surpassing the capabilities of existing systems like SWIFT—an international messaging service crucial to the banking industry, which he labeled as “an absolute disaster.”
Blockchain: The Future of Finance?
Trump’s advocacy for blockchain isn’t new. He and his brother, Donald Trump Jr., have been involved in several cryptocurrency ventures, including the recent launch of a stablecoin, USD1. This enthusiasm for digital currencies is set to be a focal point at CoinDesk’s Consensus 2025 event in Toronto, where Eric Trump will be a featured speaker. “You can open up a decentralized finance app right now,” Trump noted, “and send money, wallet to wallet, instantaneously, without the expense, without the variability” associated with traditional banking.
The urgency in Trump’s message is underpinned by his belief that the current banking system disproportionately favors the wealthy—a realization that initially piqued his interest in cryptocurrencies. “What actually got me into [cryptocurrency] is the fact I realized our banking system was weaponized against the vast majority of people in our country,” Trump remarked, arguing that those without substantial financial resources are often marginalized.
Industry Response and Regulatory Change
While Trump’s predictions might seem dramatic, they arrive amid a backdrop of evolving industry trends and regulatory changes. Major financial institutions, such as JPMorgan, have been gradually integrating blockchain technology into their operations, recognizing its potential to revolutionize transactions. However, regulatory hurdles have stymied broader adoption. Under the previous administration, crackdowns hindered the sector’s full potential—a situation proponents hope will change with the current administration’s more favorable stance.
Adding to this momentum, fintech company SoFi recently announced a strategic reentry into the cryptocurrency market after halting services in 2023. CEO Anthony Noto highlighted a “fundamental shift” in the U.S. crypto landscape, suggesting a more accommodating regulatory environment that could facilitate innovation and growth.
A Decade of Uncertainty?
Despite these developments, the road ahead for blockchain and cryptocurrencies is far from certain. While some analysts herald blockchain as the inevitable future of finance, others caution against overestimating its immediate impact. They point to the volatility of digital currencies and the complex regulatory frameworks that continue to evolve around the world.
Industry experts echo this sentiment, acknowledging the transformative potential of blockchain while emphasizing the need for careful navigation through uncharted waters. “Blockchain’s promise is immense, but it’s essential to temper expectations with a dose of realism,” said a senior analyst at a leading financial consultancy. “Growth won’t be uniform, and there will be hurdles to overcome.”
As the debate continues, one thing remains clear: the next decade promises to be a pivotal period for both the banking industry and the burgeoning cryptocurrency sector. Will traditional banks heed Eric Trump’s warning and embrace blockchain, or will they resist change at their peril? The answer to this question may well define the future landscape of global finance, raising questions about whether this trend can continue.
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This article is based on: Banks Must Adopt Crypto or ‘Be Extinct in 10 Years,’ Eric Trump Says
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
