Eric Trump, executive vice president of the Trump Organization and son of President-elect Donald Trump, said a “reasonable” set of regulatory guidelines could help the United States become a cryptocurrency superpower.
Eric Trump told CNBC’s Dan Murphy in an interview on Monday in Abu Dhabi, United Arab Emirates, that he “has been a big fan of cryptocurrencies for a long time” and that his father plans to “Make the United States the Cryptocurrency Capital of the World.”
His comments came shortly after the price of Bitcoin, the world’s largest cryptocurrency, climbed above $100,000 for the first time.
The highly anticipated milestone has been hailed as a landmark moment for digital assets, with investors increasingly convinced that the new U.S. administration will seek to solidify the crypto industry’s position in financial markets.
Bitcoin has surged 137% so far this year, but has since fallen back below the six-digit mark. The flagship digital currency last traded at around $99,808.62, according to Coin Metrics.
“The modern banking system is obsolete. It’s only a matter of time before crypto not only catches up, but it really takes a leap forward. So we’re very excited on a lot of fronts,” Eric Trump said.
“I think America is going to be the crypto capital of the world. I’m all for it. My dad is all for it. Our family, you know, is all for it. We believe in DeFi… We believe this is the way of the future. Again, America, you know, better lead the way or we’re going to leave a lot behind,” he added.
DeFi refers to decentralized finance, an application system designed to recreate traditional financial instruments with cryptocurrencies.
Former President Donald Trump attends caucus night with sons Donald Trump Jr. and Eric Trump at the Iowa Events Center in Des Moines, Iowa, January 15, 2024 Activity.
Chip Somodevilla | Getty Images News | Getty Images
President-elect Donald Trump recently announced plans to nominate Paul Atkins to serve as chairman of the Securities and Exchange Commission. The appointment could fulfill one of his core campaign promises to the cryptocurrency industry: to replace Gary Gensler, who has been criticized for his regulatory approach to the industry due to the agency’s regulatory approach under his leadership. Gary Gensler has become a villain in the cryptocurrency space.
When asked whether his father was considering regulatory or deregulatory measures in the cryptocurrency space and what those policies would look like in practice, Eric Trump responded: “It looks transparent. That’s it.
“People in the cryptocurrency industry are frustrated that no one has a smart plan to regulate an industry. They’re happy with regulation, but they just want guidelines, and they say so,” Eric Te Eric Trump said.
“We’re going to have a clear road map and hopefully the rest of the world will follow that road map. Hopefully we can lead by example because that’s what we as Americans are supposed to do. Hopefully we truly become the crypto superpower of the world, ” he added.
“Modern Albert Einstein”
Musk was tapped by Donald Trump to co-lead an efficiency plan with Roivant Sciences founder Vivek Ramaswamy that aims to slash government spending, cut regulations and restructure agencies.
“I think we want to see efficiency. I think we want to see a productive society. I think we want to see real innovation again. I think we want to see government move away from the path of great business. Let business thrive, Let capitalism work and let the greatest democracy in the world do its thing,” Eric Trump said.
“Unfortunately, the United States has not done that over the past four years and it will go back to where it was. But I think Elon will play a big role in making sure that happens,” he added.
—CNBC’s Tanaya Macheel contributed to this report.
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