A set of “common sense” regulatory guidelines can help make the United States a cryptocurrency superpower, according to Eric Trump, executive vice president of the Trump Organization and son of President-elect Donald Trump.
Speaking to CNBC’s Dan Murphy in Abu Dhabi, United Arab Emirates, Eric Trump said Monday that he has been “a big fan of crypto for a long time” and that his father intends to “make America the crypto capital of the world. return to the White House.
His comments come shortly after the price of Bitcoin, the world’s largest cryptocurrency, surpassed $100,000 for the first time.
The highly anticipated step has been hailed as a historic moment for digital assets, with investors increasingly convinced that the new US administration will seek to solidify the crypto industry’s place in financial markets.
Bitcoin, which is up 137% since the start of the year, has since fallen back below six figures. The flagship digital currency was last seen at around $99,808.62, according to Coin Metrics.
“Modern banking is obsolete. It’s only a matter of time before crypto not only catches up, but really takes a leap forward. So we’re incredibly excited on many fronts,” said Eric Trump.
“I think America will be the crypto capital of the world. I fully support it. My dad fully supports it. Our family, you know, fully accepts it. We believe in DeFi… We think it’s “And again, America, you know, better lead the way or we’re going to leave a lot of things behind,” he added.
DeFi refers to decentralized finance, a system of applications that aim to recreate traditional financial instruments with cryptocurrencies.
Former President Donald Trump arrives at his caucus party, with his sons Donald Trump Jr. and Eric Trump, at the Iowa Events Center January 15, 2024 in Des Moines, Iowa.
Somodevilla chip | Getty Images News | Getty Images
President-elect Donald Trump recently announced his intention to nominate Paul Atkins to chair the Securities and Exchange Commission. This appointment could fulfill one of his main campaign promises to the crypto industry: replacing Gary Gensler, who has become something of a villain in the crypto space for the regulatory-by-enforcement approach. agency towards the industry under his leadership.
When asked if his father was considering regulatory or deregulatory measures in the crypto space – and what those policies might look like in practice, Eric Trump replied: “It seems like it’s transparent. That’s what what it is.”
“People in the crypto industry are frustrated that no one has ever come up with a sensible plan for how to regulate an industry. They’re OK with regulation, but they just want guidelines, and they ‘they said,’ Eric Trump said.
“We will have a clear road map, and I hope the rest of the world follows it. I hope we can lead by example, because that’s what we should do as Americans. And I hope that we truly are the crypto superpower of the world,” he added. .
A “modern-day Albert Einstein”
Eric Trump said Elon Musk would play a “big” role when it comes to setting the White House’s policy agenda, describing the billionaire tech leader as “the modern-day Albert Einstein.”
Alongside Vivek Ramaswamy, founder of pharmaceutical company Roivant Sciences, Musk was named by Donald Trump as co-leader of an efficiency drive that aims to slash government spending, reduce regulation and restructure agencies .
“I think we want to see efficiency. I think we want to see a productive society. I think we want to see real innovation again. I think we want to see government get off the big business route “Business is thriving, let’s let capitalism work, let’s let the greatest democracy in the world do what it does,” Eric Trump said.
“Unfortunately, America hasn’t been like this for the last four years, and it’s going to get back to that. But I think Elon is going to play a major role in making sure that all of this happens,” he said. added.
— CNBC’s Tanaya Macheel contributed to this report.
