Eric Trump, serving as the executive vice president of the Trump Organization, vehemently criticized the current global financial system during a panel discussion at the Token2049 conference in Dubai. He described the system as “broken,” outdated, and inherently unfair to the average individual.
Participating alongside Zach Witkoff from World Liberty Financial and Justin Sun of Tron, Eric shared how his family’s political experiences led him to embrace cryptocurrency.
“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 stated.
Upon entering the political arena, Eric observed the vulnerabilities and power dynamics within the system.
“The moment you start criticizing the system, they will cancel you, ostracize you, and come after you,” he added.
Crypto as an Optimal Hedge: Eric Trump
In his role as a real estate developer, Eric articulated his perception of cryptocurrency as an ideal hedge against traditional hard assets.
“Real estate is illiquid. It’s hard to move and largely accessible only to a select few. It’s very static in terms of location,” he explained.
He contrasted this with the qualities of cryptocurrency—its liquidity, borderlessness, and accessibility. “You come to realize that cryptocurrencies become the best hedge in the world against hard assets,” he added.
Eric’s sharpest critiques were aimed at the legacy banking system, particularly 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?” he questioned. “The SWIFT system is broken—and crypto is going to replace it.”
He asserted that large banks are lagging, trapped in antiquated procedures, while blockchain technology is rapidly advancing.
Eric also acknowledged the U.S. dollar’s prominence, calling it the most trusted and stable currency globally, while presenting World Liberty Financial’s WLFI initiative as a digital counterpart to that trust.
Eric Trump Commends UAE’s Support for Crypto
Trump expressed admiration for the UAE’s forward-thinking policies regarding innovation. “I’ve worked in the UAE since 2006, and they always arrive at ‘yes’—quickly,” he remarked.
He contrasted this with Europe, mentioning a lengthy and costly attempt to move a golf green due to bureaucratic hurdles. “Bureaucracy is killing countries,” he said.
Labeling Europe as “a lost cause” in terms of innovation, Trump emphasized that the future is bright for countries like the U.S. and the UAE.
According to reports, experts suggest that the UAE is set to become a significant hub for crypto and stablecoin initiatives looking for alternatives to the European Union’s newly introduced Markets in Crypto-Assets (MiCA) regulations.
The regulatory framework, which fully came into effect on December 30, presents considerable obstacles for crypto firms within the 27-member EU bloc, leading many to eye relocation, as noted by industry specialists.
Among its stringent stipulations, smaller stablecoin issuers are required to maintain 30% of their reserves in low-risk EU-based commercial banks, while larger entities like Tether must ensure 60% or more in similar institutions.
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