On May 1, 2025, Eric Trump, executive vice president of the Trump Organization and son of U.S. President Donald Trump, took the stage at the TOKEN2049 conference in Dubai, delivering a bold critique of the global financial system while championing cryptocurrency as the future.
Speaking to a packed audience of 15,000 attendees at the Madinat Jumeirah resort, Trump highlighted the inefficiencies of traditional banking, the obsolescence of systems like SWIFT, and the UAE’s progressive approach to digital finance, contrasting it with Europe’s regulatory challenges.
SWIFT: Slow, Expensive, and Obsolete
Trump didn’t hold back in his criticism of the SWIFT network, the backbone of international money transfers for decades. “Sending money through the international SWIFT network is slow, expensive, and inconvenient,” he stated during a fireside chat on the OKX Main Stage alongside TRON founder Justin Sun and Zach Witkoff of World Liberty Financial.
He argued that cryptocurrency eliminates these pain points by enabling near-instantaneous, low-cost, peer-to-peer transactions without intermediaries. “Cryptocurrency simplifies everything and makes banks unnecessary,” Trump asserted, echoing a growing sentiment among blockchain advocates that decentralized finance (DeFi) can outperform legacy systems.
His comments align with the frustrations many face with SWIFT, where cross-border transfers can take days and incur high fees, often leaving small businesses and individuals at a disadvantage.
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The Broken Financial System: Banks Stuck in the Past
Trump painted a vivid picture of a financial system that’s failing to keep up with modern needs. “It’s just ridiculous that banks operate from 9 to 5 on weekdays with a one-and-a-half-hour lunch break,” he remarked, drawing murmurs of agreement from the crowd.
He called the traditional financial system “broken,” pointing to its reliance on outdated practices like paper forms and slow loan approvals. “Why does it take 90 days to issue a loan when you’ve been with a bank for 25 years?” he asked, a question that resonated with many in the audience who have experienced similar delays.
Trump’s critique reflects a broader truth: while technology has accelerated most industries, banking remains mired in inefficiencies, often prioritizing profit over accessibility for the average person.
He also framed cryptocurrency as a solution to systemic inequities, arguing that the current system is “rigged against the average person” and favors the ultra-wealthy. By contrast, blockchain technology offers transparency, speed, and financial inclusion, empowering individuals to control their assets without relying on centralized institutions.
Trump’s vision aligns with the ethos of DeFi, which has already disrupted traditional finance by enabling lending, borrowing, and trading without intermediaries.
UAE Says “Yes” to Crypto, While Europe Falls Behind
A significant portion of Trump’s speech focused on the contrasting approaches to cryptocurrency regulation between the UAE and Europe. “In the UAE, they say ‘yes’ to everything,” he said, praising the emirate’s pro-innovation policies that have made it a global hub for digital finance.
The UAE’s supportive environment, driven by regulators like the Virtual Assets Regulatory Authority (VARA) and free zones such as the Dubai International Financial Centre, has attracted major players like Binance, which recently received a $2 billion investment from Abu Dhabi’s MGX.
Trump also highlighted practical integrations of crypto in the UAE, such as the Trump Organization’s decision to accept Bitcoin payments for its new luxury tower in Dubai, a move that underscores the emirate’s forward-thinking approach.
In stark contrast, Trump dismissed Europe as “a lost cause” for crypto innovation. “It’s impossible to work with them,” he said, referring to the European Union’s stringent Markets in Crypto-Assets (MiCA) regulation, which took effect in December 2024. MiCA imposes heavy requirements on crypto firms, such as mandating that stablecoin issuers hold significant reserves in EU-based banks—30% for smaller issuers and 60% for major players like Tether.
These rules have driven many crypto ventures to seek refuge in more welcoming jurisdictions like the UAE, where regulatory clarity and financial incentives foster growth. Trump’s comments reflect a broader industry sentiment: while the UAE is building a crypto oasis, Europe’s overregulation risks stifling innovation and pushing talent elsewhere.
A Vision for the Future
Eric Trump’s appearance at TOKEN2049 Dubai wasn’t just a critique of the old system — it was a rallying cry for the new. He predicted that cryptocurrency will “take over those big banks” and “leave them in the dust,” fundamentally transforming the financial landscape.
His remarks come at a time when the UAE is rolling out its own dirham-denominated stablecoin, a project led by ADQ, First Abu Dhabi Bank, and International Holding Co., and regulated by the UAE Central Bank to boost investor confidence.
This initiative, combined with Dubai’s plans for a “crypto tower” by 2027 and Emirates NBD’s crypto trading services, signals a long-term commitment to blockchain technology.
Trump’s vision resonates with the thousands of innovators, investors, and enthusiasts at TOKEN2049, who see cryptocurrency as more than a speculative asset—it’s a tool to democratize finance and challenge entrenched power structures.
As the sun set over Dubai’s skyline, his words lingered in the air: the future of finance is decentralized, and the UAE is leading the charge while others struggle to keep up. Whether banks will heed his warning and adapt remains to be seen, but one thing is clear—the crypto revolution is gaining momentum, and it’s happening in places like Dubai, where the answer to innovation is always “yes.”
