Global banking systems are antiquated and it’s only a matter of time before crypto and blockchain tech surpass them, said 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.”
Crypto lending has far fewer stipulations than traditional lending. Source: Cointelegraph
According to Trump, 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 the new Congress will be the most pro-crypto in history, which should result in a more favorable regulatory environment.
Eric Trump said he expects there will soon be transparent and sensible regulation for the industry, which will 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,” he added.
Trump and his elder 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, he 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 of 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,” Trump 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.
Magazine: BTC hits $100K, Trump taps Paul Atkins for SEC chair, and more: Hodler’s Digest, Dec. 1 – 7