Eric Trump Criticizes SWIFT, Advocates for Blockchain Adoption by Banks

# Eric Trump Warns Global Banks About Digital Asset Adoption Eric Trump, Executive Vice President of the Trump Organization and second son of former U.S. President Donald Trump, issued a stark warning to global banks concerning their reluctance to adopt digital assets. In a CNBC interview on October 30, Trump cautioned that banks that fail to adapt to the evolving digital asset landscape could face extinction within the next decade. Eric Trump criticized the current financial system as “slow, expensive, and skewed to benefit the wealthy,” highlighting that such inefficiencies drew him to the world of digital assets. # Harsh Criticism of the SWIFT System During his interview, Trump harshly criticized the Society for Worldwide Interbank Financial Telecommunication (SWIFT), an international payments network frequently rebuked for its slow transaction speeds. He labeled the SWIFT system an “absolute catastrophe,” asserting, “Blockchain does everything better than current financial institutions.” He emphasized the advantages of blockchain-powered decentralized finance (DeFi) and digital asset platforms, noting how they enable instant fund transfers without significant costs. According to Trump, these innovations pose a direct threat to traditional payment systems like SWIFT by challenging their market dominance. # Bank Resistance to Digital Assets Eric Trump’s pointed remarks come as global banks display hesitance, or outright resistance, towards adopting digital assets. Despite growing interest in cryptocurrencies and decentralized financial solutions, many financial institutions remain cautious or opposed to the change. The Bank of Italy recently released a report expressing concerns over the rapid growth of Bitcoin (BTC) and stablecoins, warning that digital assets pose potential risks to investors and the broader financial system. While corporate Bitcoin investments are being met with optimism, the report highlighted the high volatility of cryptocurrencies as a major risk factor. Additionally, the Bank of Italy cautioned that the increasing prominence of dollar-based stablecoins could introduce vulnerabilities to the global financial system. Trump’s remarks underscore the growing divide between proponents of digital assets and traditional financial institutions that remain skeptical of their long-term viability.