Eric Trump Says Banks Block Crypto Bills Amid US Debate
- Eric Trump claims major banks are actively working to stall or block pro-crypto legislation.
- He argues financial institutions fear losing control as digital assets gain support.
- Regulatory delays leave crypto firms uncertain as lawmakers debate market structure bills.
Eric Trump has accused major banks of working aggressively to block cryptocurrency legislation in the United States. He made the claims during a Fox Business interview this week. The remarks have reignited debate over digital asset regulation. They come as Congress reviews several competing crypto bills.
Eric said banks are “doing everything they can” to stop crypto laws. He linked their actions to fear of competition from digital assets. The comments quickly spread across financial media. They also drew attention from lawmakers and industry analysts.
The interview aired during ongoing congressional discussions about crypto regulation. Lawmakers are weighing how to balance innovation and financial stability. Several proposals remain under committee review, but none have reached a final vote.
Banks and the Crypto Policy Debate
Eric Trump pointed to lobbying pressure from traditional financial institutions. He suggested banks want to preserve control over financial systems.
Financial analysts note that bank lobbying spending hit record levels in 2024. Lobbyists engaged lawmakers across both major parties. Their focus remained on oversight standards and compliance rules. These efforts coincided with intense debate around crypto legislation.
Banks have voiced concerns about regulatory gaps in digital assets. Industry groups often cite consumer protection and anti-money laundering risks. They argue crypto firms should follow rules similar to banks. Those positions appear in formal regulatory submissions.
The American Bankers Association released a policy paper in 2024. It called for clear and consistent digital asset regulation. The group warned against uneven oversight across financial sectors. It also supported innovation under defined safeguards.
Despite caution, banks have increased blockchain investments. Several institutions now offer digital asset custody services. Others test blockchain for payments and settlement systems. This trend shows a more complex industry stance.
Legislative Timeline and Political Context
Crypto regulation has moved slowly through Congress since 2017. Earlier bills focused on defining digital commodities. Later proposals addressed stablecoins and market oversight. Each version faced revisions and delays.
The current Congress is reviewing multiple draft bills. Committees continue to hear testimony from industry groups.
Eric Trump’s comments appear amid shifting political dynamics. Donald Trump has recently taken a softer stance on cryptocurrency. He acknowledged its growing role during the 2024 campaign. His campaign also began accepting crypto donations.
Related: U.S. Crypto Rules Face Years of Delay as Politics Take Control
Republicans generally promote lighter regulatory frameworks for crypto. Democrats often emphasize stronger consumer protections. Both parties receive banking sector campaign contributions. Records show slightly higher support for stricter regulation among Democrats.
Experts urge caution when assessing Eric Trump’s claims. Georgetown professor Sarah Chen noted banks fear regulatory arbitrage. She said crypto firms sometimes face different rules for similar services. She also highlighted growing bank involvement in blockchain projects.
Former FDIC chair Jelena McWilliams offered another perspective. She said banks seek certainty rather than obstruction. She described lobbying as negotiation, not resistance. Her comments reflect broader regulatory discussions.
Unclear regulation continues to affect crypto startups. Many struggle to secure stable banking relationships. Investors closely track legislative developments. Other regions with clear frameworks may gain an advantage.
