Eric Trump says his family was “probably the most cancelled company on the planet.”
That was the case.
Back in the White House, he sees the opportunity to make new money along with his father, President Donald Trump.
“It really drives us towards cryptocurrency,” the president’s middle son told CNBC, referring to the Trump family’s latest business efforts. “Cryptocurrencies are much faster, much more practical, much more transparent and exponentially cheaper.”
In 2022, about two years after President Trump’s first term ended, two subsidiaries of the Trump organization were convicted by a New York ju-gle of multiple crimes, including tax fraud, forgery of business records and conspiracy. Three weeks after Trump declared his candidacy for 2024, the convictions on all 17 billed counts came.
Last month, the Trump organization sued. Capital 1 Florida allegedly “unfairly” closed more than 300 of its bank accounts following the riot at the U.S. Capitol on January 6, 2021. The lawsuit alleges that Capitol is acting on an unproven belief that he has ‘wakes’.
Before Trump returned to the White House, the Trump organization announced a new ethical plan that said he would limit the president’s management decisions and involvement in other aspects of the business while he was in office.
President Donald Trump (2R) will be attending the White House Crypto Summit in Washington, DC, Washington, DC on March 7, 2025 by US Secretary of Commerce Howard Lutnick (L), US Secretary of Treasury Scott Bescent (2L), White House AI and Crypto Emperor David Sachs (R) on March 7, 2025.
Jim Watson | AFP | Getty Images
But ciphers are another issue. President Trump and first lady Melania Trump launched Memecoin just before his new term, adding billions of dollars of paper wealth to his family’s net worth.
Eric Trump and his older brother Donald Trump Jr. are even bigger. They recently announced plans to launch their new venture, World Liberty Financial, and Stablecoin, which supports the US dollar through a new venture Bitcoin A mining company called Bitcoin in the US Hut 8 CEO Asher Genoot.
Eric Trump described his entry into the crypto as a form of resistance rather than a financial bet, saying that the move began while he called it a “war with the industry.” The banks closed their accounts, the SEC cracked down on the exchange, and crypto users were “evacuated” simply because they held the coin, he said.
“They were chasing people,” he said. “They were suing everyone. Banks was shutting down people who just wanted to own Bitcoin.”
That’s when Eric Trump said he began a relationship with like-minded people around the code and its surroundings.
“At this point, I know almost everyone in the industry in some way, in shape and form,” he said. “I fell in love with the industry a few years ago.
At World Liberty Financial, the Trump brothers support Stablecoin Play, which aims to compete with players like Tether. Eric Trump had no specific answers when asked how the project stood out in a crowded field.
Meawhile, he is working with Genoot to launch American Bitcoin, a new mining venture aimed at quickly expanding and perhaps making it public.
Genoot told CNBC that he began connecting with Trump’s children through mutual friends, exchanging crypto stories about their paths, and connecting with business alliances.
Genoot said the company is separated from Hut 8’s wider energy and artificial intelligence infrastructure platform.
“We’re actually carving out the majority of our assets,” Genoot said. “We put them in American Bitcoin.”
“All sophisticated countries use excessive force to mine Bitcoin,” said Eric Trump, co-founder and chief strategy officer of American Bitcoin.
His family is closely linked to the current administration’s pro-position, but Eric Trump said he has no role in policy or contact with the White House. His father’s presidency has been heavily funded by the crypto industry, and since returning to the White House, President Trump has rewarded his supporters, signed an executive order to create a strategic Bitcoin Reserve, and forgives three co-founders of Silk Road creators Ross Ulbricht and Bitmex Crypto Exchange.
“I have nothing to do with the government, and frankly, I don’t want anything to do with the government,” Eric Trump said.
However, he made it clear that the US needs a regulatory framework to allow codes to flourish.
“You better believe that China is running very hard on this. The whole Middle East is running very hard,” he said. “We won the space race. We’d better win the code race.”
Watch: Eric Trump launches new Bitcoin mining company to Hat8 CEO Outline Partnership
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