Eric Trump Claims His Family Faces Unprecedented Cancellations
Eric Trump asserts that his family has endured significant cancellations, claiming they are “probably the most canceled company on Earth.” With his father, Donald Trump, reinstated in the White House, Eric views this as an opportunity to explore new revenue streams. “It actually is what drove us toward cryptocurrency,” he stated to CNBC, referencing the Trump family’s latest business ventures. He emphasized that cryptocurrency offers advantages in speed, practicality, transparency, and cost-effectiveness compared to traditional financial systems.
Legal Troubles for Trump Organization Preceding New Ventures
In 2022, following the conclusion of Donald Trump’s initial presidential term, two subsidiaries of the Trump Organization were found guilty in a New York court on various charges, including tax fraud and conspiracy. This verdict, which encompassed all 17 counts, arrived shortly after Trump announced his candidacy for the 2024 presidential election. Recently, the Trump Organization initiated a lawsuit against Capital One in Florida, accusing the bank of “unjustifiably” shutting down over 300 accounts in the aftermath of the January 6, 2021, Capitol riot. The lawsuit contends that Capital One acted on “unsubstantiated, ‘woke’ beliefs” to distance itself from President Trump’s conservative views.
New Ethics Plan Amid Trump’s Return to Office
Ahead of Donald Trump’s return to the presidency, the Trump Organization introduced a new ethics framework aimed at reducing the president’s involvement in operational decisions and business management during his time in office.
Trump Family’s New Cryptocurrency Ventures
In the realm of cryptocurrency, the Trump family has made significant strides. Just before the commencement of the new administration, President Trump and First Lady Melania Trump launched meme coins, adding considerable paper wealth to their financial portfolio. Eric Trump, along with his brother Donald Trump Jr., is now planning to introduce a U.S. dollar-backed stablecoin through their new enterprise, World Liberty Financial, alongside establishing a bitcoin mining operation named American Bitcoin, which they co-founded with Hut 8 CEO Asher Genoot. Eric characterized their foray into the crypto sector not merely as a financial endeavor but as a response to what he perceives as an ongoing “war on the industry.” He noted the challenges faced by crypto users, including account closures and regulatory pressures from the SEC.
Building Connections in the Crypto Industry
Eric Trump explained that during this tumultuous period, he began forming connections with others in the crypto space. “At this point, I know almost everybody in the industry in some way, shape or form,” he remarked, expressing his deep interest in the sector that he embraced several years ago. At World Liberty Financial, the Trump brothers aim to launch a competitive stablecoin to rival existing players like Tether. When questioned about how their project would differentiate itself in a saturated market, Eric stated, “We’re gonna do it better, cheaper, faster, and we’re gonna do it with a lot of passion.”
American Bitcoin: A New Mining Venture
Simultaneously, he is collaborating with Genoot to quickly establish American Bitcoin, which may potentially pursue public listing. Genoot shared that he met the Trump brothers through mutual acquaintances, leading to discussions about their respective journeys into cryptocurrency and the formation of a business partnership. He clarified that American Bitcoin will operate independently from Hut 8’s broader energy and AI initiatives, stating, “We’re actually carving out the majority of our assets. We’re putting them into American Bitcoin.”
Regulatory Needs and Global Competition
As co-founder and chief strategy officer of American Bitcoin, Eric Trump noted that “every single sophisticated country is using their excess power to mine bitcoin.” While his family is closely associated with the current administration’s favorable stance on cryptocurrency, Eric emphasized that he has no involvement in governmental policy or contact with the White House. He pointed out that his father’s presidency had significant financial backing from the crypto sector, and since returning to office, Donald Trump has taken steps to support this community, including signing an executive order to establish a strategic bitcoin reserve. Eric stated, “I don’t have anything to do with government, and frankly, I don’t want anything to do with government,” but underscored the necessity for a regulatory framework that fosters the growth of crypto. He warned, “You better believe that China is running very hard at this. The entire Middle East is running very hard,” urging that the U.S. must not only have triumphed in the space race but also needs to succeed in the cryptocurrency arena.
