Eric Trump said major U.S. banks are actively resisting cryptocurrency legislation because it threatens what he described as a long-standing monopoly over the financial system.
‘Big Banks’ Trying Everything To Stop Crypto Legislation
The son of President Donald Trump and the co-founder of American Bitcoin Corp. (NASDAQ:ABTC) and World Liberty Financial (CRYPTO: WLFI) argued that legacy banks benefit from inefficiencies built into traditional finance and have little incentive to support faster, technology-driven alternatives, while speaking to Fox Business from Davos on Thursday.
“The big banks have been an absolute monopoly of our financial system for years,” he said, while pointing to inefficiencies in the current system. “Why can’t you send a wire transfer past 5 o’clock on a Friday afternoon?” he asked.
According to Trump, these delays and inefficiencies are intentional, “because the big banks would love to take hundreds …