Donald Trump Jr. calls crypto 'future of finance' and 'American hegemony'

Donald Trump Jr., son of President Donald Trump, has highlighted crypto's potential in securing America's position in the future of the global financial system.

"I think it's perhaps the future of American hegemony, in terms of our economic status, our economic might," Trump Jr. said at New York City's Ondo Summit on Thursday.

Trump Jr. called crypto "the future of finance" and stressed the need to prevent government overreach, saying it would be prudent to ensure the crypto industry is "not so over-regulated by people who don't know what they're talking about that you lose everything that it stands for."

In 2021, then former President Donald Trump labeled Bitcoin "a scam" in direct competition with the U.S. dollar. However, Trump shifted his tune earlier last year, as millions of dollars of money from the crypto industry bolstered his campaign.

Meanwhile, the Trump Media & Technology Group unveiled plans to launch a Bitcoin Plus exchange-traded fund (ETF) on Thursday. “We aim to give investors a means to invest in American energy, manufacturing, and other firms that provide a competitive alternative to the woke funds and debanking problems that you find throughout the market,” said the company's CEO Devin Nunes.

Debanking has emerged as a significant talking point for Trump's base of crypto executives and political conservatives, who argue that American banks have been denying or suspending their access to banking services. This week, Massachusetts Senator Elizabeth Warren urged Trump to pursue action against U.S. banks freezing or blocking legitimate American bank accounts, and criticized Trump's Treasury Secretary Scott Bessent for his role in stopping the Consumer Financial Protection Bureau from creating and enforcing rules against banks engaging in the practice.