Donald Trump Jr. and Eric Trump, the eldest sons of President Donald Trump, are holding an event at Mar-a-Lago on Wednesday for their crypto company, World Liberty Financial. CNBC host Sara Eisen sat down with the Trump sons to ask them about the goal of their conference. “We were the most canceled people in the world in 2020, 2021,” said Eric Trump.
The president has since sued JPMorgan Chase and CEO Jamie Dimon over the moves. The Trump sons bragged to CNBC about how opening their own crypto company has given them “credibility” to operate outside the traditional banking system, but Eisen pointed out that critics will say “the credibility factor is the Trump name and the Trump White House.” “The great irony is they didn’t give us much of a choice.”
World Liberty Financial’s stablecoin, USD1, is a fiat-backed cryptocurrency that the Trumps have touted as a brilliant hedge against the traditional financial system, an argument that doesn’t make much sense given how dependent it is on that same system for stability. Donald Trump Jr. said that before they were briefly debanked, they didn’t appreciate the ways in which banks could just drop you at their own discretion. “If you didn’t have those connections, if you didn’t have these things, you didn’t get that benefit. Crypto totally democratizes the ability for people to transact, to do finance, to get the loans that they need for businesses that make sense.”
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