Eric Trump Says 'Big Banks' Doing Everything They Can To Stop Crypto Legislation For 'Obvious' Reasons: 'The Entire Financial System Is Changing'

Core Viewpoint - Major U.S. banks are resisting cryptocurrency legislation to maintain their monopoly over the financial system, as argued by Eric Trump, co-founder of American Bitcoin Corp. and World Liberty Financial [2][5]. Group 1: Resistance from Traditional Banks - Legacy banks benefit from inefficiencies in traditional finance and lack incentive to support faster, technology-driven alternatives [2][4]. - The current financial system is characterized by intentional delays, such as the inability to send wire transfers after 5 PM on Fridays, which banks exploit to earn interest on idle funds [3][4]. - The opposition to cryptocurrency legislation is driven by the desire of big banks to protect their existing financial practices and revenue streams [5]. Group 2: Impact of Cryptocurrency Legislation - The Senate Banking Committee has delayed the crypto market structure bill to late February or March, following Coinbase's withdrawal of support due to disagreements with the banking industry [5]. - The anticipated market structure bill is viewed as a potential catalyst for the cryptocurrency market, which has seen a decline in Bitcoin prices by 19.8% since a previous bullish prediction by Trump [6].