According to Eric Trump, his family faced “the most canceled company, probably on Earth.”
That was in the past.
With his father, President Donald Trump, back in the White House, he perceives a fresh business opportunity.
“It actually influenced our move toward cryptocurrency,” the president’s middle son shared with CNBC, discussing the Trump family’s new business ventures. “Cryptocurrency proved to be quicker, more pragmatic, more transparent, and significantly cheaper.”
In 2022, following the end of President Trump’s first term, two subsidiaries of the Trump Organization were found guilty by a New York jury of various crimes, including tax fraud and conspiracy. The verdicts on all 17 counts were announced just three weeks after Trump declared his candidacy for 2024.
Last month, the Trump Organization filed a lawsuit against Capital One in Florida, alleging that the bank “unjustifiably” closed over 300 accounts following the January 6, 2021, riot at the U.S. Capitol. The lawsuit contended that Capital One was driven by “unsubstantiated, ‘woke’ beliefs” to distance itself from President Trump and his conservative ideologies.
Before Trump’s return to the White House, the Trump Organization presented a new ethics plan aimed at reducing the president’s involvement in business operations and management decisions while he is in office.
President Donald Trump (2R), flanked by US Secretary of Commerce Howard Lutnick (L), US Secretary of Treasury Scott Bessent (2L) and White House AI and Crypto Czar David Sacks (R), participates in the White House Crypto Summit in Washington, DC, March 7, 2025.
Jim Watson | Afp | Getty Images
However, the cryptocurrency sector poses different challenges. President Trump and First Lady Melania Trump introduced meme coins just before the new term, significantly increasing the family’s wealth.
Eric Trump and his older brother Donald Trump Jr. are aiming for even greater success. They recently announced their intention to launch a U.S. dollar–backed stablecoin under their new venture, World Liberty Financial, as well as a newbitcoin mining operation named American Bitcoin, co-founded with Hut 8 CEO Asher Genoot.
Eric Trump characterized his move into the crypto realm not simply as a financial gamble but as a form of resistance, initiated amid what he refers to as the industry’s “war.” He noted that banks were shutting down accounts, the SEC was intensifying scrutiny on exchanges, and crypto users faced “debanking” simply for holding coins.
“They were targeting individuals,” he remarked. “They were initiating lawsuits against everyone. Banks were terminating customers who merely wished to own bitcoin.”
It was during this turbulent period that Eric Trump began networking with individuals who shared his passion for cryptocurrency.
“At this point, I’m familiar with nearly everyone in the crypto sector in some capacity,” he shared. “I developed a fondness for the industry a few years back and fully immersed myself in it.”
Through World Liberty Financial, the Trump brothers are supporting a stablecoin initiative aimed at rivaling competitors like Tether. When asked how their project would differentiate itself in a saturated market, Eric Trump replied, “We’ll execute it better, cheaper, and faster, and we’ll approach it with a lot of passion.”
Simultaneously, he is collaborating with Genoot to establish American Bitcoin, a new mining initiative that aims to grow rapidly and potentially go public.
Genoot revealed to CNBC that he met the Trump brothers through mutual acquaintances and exchanged stories about their journeys into the crypto world, paving the way for a business partnership.
The venture is being strategically separated from Hut 8’s broader energy and AI infrastructure platform.
“We’re actively reallocating the majority of our assets into American Bitcoin,” stated Genoot.
As co-founder and chief strategy officer of American Bitcoin, Eric Trump noted that “every single developed nation is utilizing their surplus energy to mine bitcoin.”
Despite his family’s strong links to the current administration’s pro-crypto stance, Eric Trump emphasized that he plays no role in policy and does not engage with the White House. His father’s presidency had significant backing from the crypto industry, and since returning to office, President Trump has acknowledged his supporters, signing an executive order to establish a strategic bitcoin reserve and granting pardons to Silk Road founder Ross Ulbricht and the three co-founders of the BitMEX exchange.
“I don’t want any involvement with the government,” Eric Trump made clear.
Nonetheless, he underscored the necessity for the U.S. to cultivate a regulatory landscape conducive to the growth of cryptocurrency.
“You can be sure that China is advancing rapidly in this area. The entire Middle East is also progressing aggressively,” he stated. “We successfully navigated the space race. We must prevail in the crypto race.”
WATCH: Eric Trump, Hut 8 CEO outline partnership to launch new bitcoin mining company
