Modern banking systems worldwide are antiquated, and it’s only a matter of time before crypto and blockchain tech surpass them, says Eric Trump, an American businessman and the second son of Donald Trump.
In a Dec. 9 interview with CNBC’s Dan Murphy in Abu Dhabi, ahead of his keynote speech at the Bitcoin Conference, the third oldest child of US President-elect Donald Trump said blockchain tech can perform all of the functions of modern banking systems but better.
“If you live in America you want to go out and get a home loan takes you 90 days, how the hell does it take you 90 days to get a home loan, by then by the way the house is already sold you know your dream is gone,” he said.
“There is nothing on blockchain that can’t be done better, faster, substantially cheaper and by not pushing paper.”
According to Eric, his father “realizes that every country in the world” is embracing crypto in one form or another, and if America doesn’t start leading the way in areas such as regulation, there is a danger of being “left behind.”
Hundreds of pro-crypto candidates won seats in Congress, and some industry leaders have suggested Congress is at its most pro-crypto in history, which should result in a more favorable regulatory environment.
Eric says that going forward, he expects there will soon be “transparent” and “sensible regulation” for the industry, which will, in turn, benefit the US:
“We will have a clear road map, and hopefully the rest of the world follows that.”
“Hopefully, we can lead by example because that’s what we should do as Americans. And hopefully we truly are the crypto superpower of the world,” Trump added.
Eric, along with his older brother Donald Jr. are key players in the decentralized finance (DeFi) platform World Liberty Financial but according to the website, are not directly involved as employees.
Related: Trump follows through on crypto promise, SEC pushes back against Binance: Law Decoded
Meanwhile, Trump also said that X CEO Elon Musk is set to play a “big” role in the new White House beyond being a co-leader with Vivek Ramaswamy for the Department of Government Efficiency (DOGE).
“I think we want to see real innovation again. I think we want to see government get the hell out of the way of great business,” he said.
“Unfortunately, America hasn’t been that way in the last four years, and it’s going to return to that. But I think Elon is going to take a major role in making sure all of that happens,” Trump added.
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