Eric Trump: Crypto Assets will break the traditional banking pattern, and banks will face elimination if they do not innovate.

On May 1, according to The Block, Eric Trump, the son of Trump, stated during a fireside chat with World Liberty Financial co-founder Zach Witkoff and Tron founder Justin Sun at the Token2049 event in Dubai: "Our system has collapsed. Modern finance has completely collapsed." He pointed out the pressure that large banks have placed on the Trump family in recent years and stated that Crypto Assets will make these banks regret their actions. He said: "I believe the world of Crypto Assets will replace large banks. I think it will leave these banks far behind." Eric Trump expressed that banks find it difficult to innovate because their business models rely on charging fees, and in the Crypto Assets environment, they may find it hard to continue to collect these fees. He reiterated his point of view, believing that if banks do not innovate, they will become obsolete. "They will eventually become extinct because you are eliminating their functions. It's like the old film and cameras. I think this is the fate of Financial Institutions in the future," he said, adding that the pace of innovation in Crypto Assets is 100 times that of large banks. "Nothing makes me happier than seeing them defeated by the very people they once oppressed."