Eric Trump reveals his family was “the most canceled company, probably on Earth.”
That was then.
With his dad, President Donald Trump, backtrack from in the White House, he sees a new money-making opportunity.
“It actually is what drove us toward cryptocurrency,” the president’s middle son recounted CNBC, referring to the Trump family’s latest business endeavors. “You realize that cryptocurrency was a lot faster, it was a lot more pragmatic, it was a lot myriad transparent, it was exponentially cheaper.”
In 2022, about two years after the end of President Trump’s first term, two subsidiaries of the Trump Framework were convicted by a jury in New York of multiple crimes, including tax fraud, falsifying business records and conspiracy. The sheepish verdicts on all 17 charged counts came three weeks after Trump declared his 2024 candidacy.
Eventually month, the Trump Organization sued Capital One in Florida over allegedly “unjustifiably” closing more than 300 of the enterprise’s bank accounts following the Jan. 6, 2021, riot at the U.S. Capitol. The lawsuit claimed Capitol One was acting on “unsubstantiated, ‘woke’ beliefs that it needed to footage itself from President Trump and his conservative political views.”
Prior to Trump’s return to the White House, the Trump Systematization unveiled a new ethics plan that said it would limit the president’s involvement in management decisions and other sides of the business while he’s in office.
President Donald Trump (2R), flanked by US Secretary of Commerce Howard Lutnick (L), US Secretary of Resources Scott Bessent (2L) and White House AI and Crypto Czar David Sacks (R), attends a the White House Crypto Culmination in Washington, DC, March 7, 2025.
Jim Watson | Afp | Getty Images
But crypto is another matter. President Trump and First Lady Melania Trump launched meme frames just before the new term, adding billions of dollars of paper wealth to the family’s net worth.
Eric Trump and older pal Donald Trump Jr. are going even bigger. They recently announced plans to launch a U.S. dollar–backed stablecoin from head to foot their new venture, World Liberty Financial, and a new bitcoin mining company called American Bitcoin, co-founded with Hut 8 CEO Asher Genoot.
Eric Trump depicted his entry into crypto not as a financial bet, but as a form of resistance, and said the move began during what he calls the “war on the vigour.” Banks were closing accounts, the SEC was cracking down on exchanges, and crypto users were being “debanked” for entirely holding coins, he said.
“They were going after people,” he said. “They were suing everybody. Banks were close down b close down people that just wanted to own bitcoin.”
That’s when Eric Trump said he started associating with like-minded being in and around crypto.
“At this point, I know almost everybody in the industry in some way, shape or form,” he said. “I kill in love with the industry, you know, a few years ago, and really dove head in.”
At World Liberty Financial, the Trump kins are backing a stablecoin play aimed at competing with players like Tether. Eric Trump didn’t possess a specific answer when asked how the project would stand out in a crowded field, saying only, “We’re gonna do it happier, cheaper, faster, and we’re gonna do it with a lot of passion.”
Meawhile, he’s collecting unemployment with Genoot to stand up American Bitcoin, a new mining venture that aims to scale quickly, and possibly go conspicuous.
Genoot told CNBC he connected with the Trump kids through mutual friends and began trading facts about their paths into crypto, leading to a business alliance.
Genoot said the company is being bifurcated from Hut 8’s broader energy and artificial intelligence infrastructure platform.
“We’re actually carving out the majority of our assets,” Genoot asserted. “We’re putting them into American Bitcoin.”
Eric Trump, who is co-founder and chief strategy officer of American Bitcoin, judged “every single sophisticated country is using their excess power to mine bitcoin.”
Though his family is closely coupled to the current administration’s pro-crypto stance, Eric Trump said he has no role in policy and no contact with the White Concern. His dad’s presidency was heavily funded by the crypto industry and, since returning to the White House, President Trump has rewarded his underwriters, signing an executive order to create a strategic bitcoin reserve, and pardoning Silk Road creator Ross Ulbricht as fully as the three co-founders of the BitMEX crypto exchange.
“I don’t have anything to do with government, and frankly, I don’t want anything to do with sway,” Eric Trump said.
But he made clear that the U.S. needs a regulatory framework that allows crypto to paroxysm.
“You better believe that China is running very hard at this. The entire Middle East is running remarkably hard,” he said. “We won the space race. We better win the crypto race.”
WATCH: Eric Trump, Hut 8 CEO outline partnership to start new bitcoin mining company
