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cryptonews 2025-05-01 09:57:42

Eric Trump Slams Modern Financial System, Calls SWIFT “Broken” at Token2049 Dubai

Eric Trump Slams Modern Financial System, Calls SWIFT “Broken” at Token2049 Dubai

Eric Trump, the executive vice president of the Trump Organization, delivered a fiery indictment of the global financial system during a panel at the Token2049 conference in Dubai, calling it “broken,” outdated, and rigged against the average person. Speaking alongside World Liberty Financial’s Zach Witkoff and Tron’s Justin Sun, Eric shared how personal experiences with political backlash pushed him toward crypto. “It works really well for, you know, maybe the top 1% or the top 0.1% but it doesn’t work for the rest of the world,” he said. Eric said that once his family entered politics, he saw how fragile and weaponized the system is. “And the second you start saying something that goes against the system, they’ll cancel you, they’ll ostracize you, they’ll come after you,” he added. Crypto is Perfect Hedge: Eric Trump A real estate developer by trade, Eric explained how he came to view cryptocurrency as the perfect hedge to hard assets. “Real estate’s illiquid. It’s hard to move. It’s really only accessible, you know, at least on large scale, to kind of very few. It’s very static in terms of location.” However, Eric said crypto is liquid, borderless, and accessible. “You actually realize that cryptocurrencies become the greatest hedge in the world to kind of hard assets.” But his strongest criticism was reserved for the legacy banking system, especially the SWIFT network. “Every Friday, I’m chasing wire transfers that should be instant. Why does it take 90 days to issue a loan when you’ve been with a bank for 25 years?” Trump asked. “The SWIFT system is broken—and crypto is going to replace it.” Trump argued that big banks are stuck in the past, relying on paper forms and slow systems, while blockchain technology evolves at lightning speed. “ He also praised the U.S. dollar’s global dominance, calling it the world’s most trusted and stable currency, and positioned World Liberty Financial’s WLFI initiative as a digital extension of that trust. Eric Trump Praises UAE’s Pro-Crypto Stance Trump also had strong praise for the UAE’s pro-innovation policies. “I’ve worked in the UAE since 2006, and they always arrive at ‘yes’—quickly,” he said. “In Europe, it took seven years and millions of dollars to move one golf green because of a microscopic snail. Bureaucracy is killing countries.” Calling Europe “a lost cause” in innovation, Trump said the future belongs to countries like the U.S. and the UAE. As reported, experts claim the UAE is poised to become a key destination for crypto and stablecoin ventures seeking refuge from the European Union’s (EU) newly implemented Markets in Crypto-Assets (MiCA) regulation. The regulatory framework, which took full effect on December 30, is creating significant challenges for crypto firms within the 27-member bloc, prompting many to consider relocating, according to industry experts. Among its stringent requirements, small stablecoin issuers must hold 30% of their reserves in low-risk EU-based commercial banks, while major players like Tether face a mandate to maintain 60% or more in similar institutions. The post Eric Trump Slams Modern Financial System, Calls SWIFT “Broken” at Token2049 Dubai appeared first on Cryptonews .

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https://www.digistore24.com/redir/325658/ceobig/
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