Fact Check: Did trump’s son say they got him into crypto because banks and insurance companies would not do busi...

Did Trump’s Son Say They Got Him Into Crypto Because Banks and Insurance Companies Would Not Do Business with Trump?

Introduction

The claim in question suggests that Eric Trump, one of Donald Trump's sons, stated that the family entered the cryptocurrency business due to banks and insurance companies refusing to do business with them. This assertion raises questions about the motivations behind the Trump family's foray into the crypto sector and the broader implications for their business practices.

What We Know

1. Trump Family's Involvement in Crypto: The Trump family has recently taken control of a cryptocurrency venture named World Liberty Financial, which has reportedly raised substantial funds—over half a billion dollars—during its operations 1.

2. Launch of Crypto Business: Donald Trump is set to deliver remarks about the launch of World Liberty Financial, which is controlled by his sons, Donald Jr. and Eric Trump. This event is strategically timed just before the upcoming election 2.

3. Statements by Eric Trump: In a recent interview, Eric Trump remarked on the state of the banking system, suggesting that it is "broken" and that banks could become "extinct" if they do not adapt to changes brought about by cryptocurrencies 10. However, there is no direct quote or evidence indicating that he specifically mentioned banks or insurance companies refusing to do business with the Trump family.

4. Criticism and Controversy: The Trump family's involvement in cryptocurrency has drawn criticism, with some sources suggesting that their business ventures may create conflicts of interest, particularly in relation to Donald Trump's political position 67.

Analysis

The claim that Eric Trump stated the family entered the cryptocurrency space due to banks and insurance companies refusing to work with them lacks direct evidence from credible sources.

• Source Reliability: The sources available provide a mix of factual reporting and opinion. For instance, Reuters and the Associated Press are generally regarded as reliable news organizations, but they do not provide direct quotes from Eric Trump regarding the specific claim. Instead, they focus on the family's business activities and the implications of their ventures 12.

• Potential Bias: Coverage from NPR and The New York Times includes critical perspectives on the Trump family's business dealings, particularly in relation to potential conflicts of interest and the intertwining of private enterprise with government policy 567. This could indicate a bias in how the information is presented, as these outlets may focus more on the ethical implications rather than the specifics of Eric Trump's statements.

• Methodological Concerns: The lack of direct quotes or specific statements from Eric Trump regarding the claim raises questions about the methodology used to verify such assertions. Without a primary source or a direct interview, the claim remains unverified.

• Missing Context: Additional context regarding the financial relationships between the Trump family and financial institutions would be beneficial. Understanding the historical context of these relationships could shed light on whether such a claim holds any merit.

Conclusion

Verdict: False

The assertion that Eric Trump claimed the family entered the cryptocurrency business due to banks and insurance companies refusing to do business with them is unsupported by direct evidence. While Eric Trump did express concerns about the banking system, there is no credible source that confirms he specifically stated that financial institutions were unwilling to work with the Trump family. The available evidence primarily consists of general statements about the banking industry and the family's business activities, rather than direct quotes addressing the claim in question.

It is important to note that the lack of direct evidence does not necessarily imply that the claim is entirely baseless; rather, it highlights the need for caution when interpreting statements attributed to public figures. Additionally, the context surrounding the Trump family's business ventures and their potential conflicts of interest adds complexity to the narrative, but does not substantiate the specific claim made.

Readers should remain critical of information and verify claims through reliable sources, especially when they pertain to high-profile individuals and their business dealings.

Sources

1. Insight: How the Trump family took over a crypto firm as it raised ... - Reuters
2. Trump plans to launch his sons' crypto business on Monday, 50 days ... - AP News
3. How Trump’s crypto business partners left their old clients in the lurch - Reuters
4. Trump Family Bitcoin Company Announces Plan to Go Public - The New York Times
5. Secret Deals, Foreign Investments, Presidential Policy Changes: The Rise of Trump’s Crypto Firm - The New York Times
6. Trump's entry into crypto opens new doors for those seeking political influence - NPR
7. How Trump family business ventures stand to directly benefit the President - NPR
8. Fintechs and crypto companies seek bank charters for growth - Reuters
9. Donald Trump promotes sons' crypto company World Liberty Financial - Financial Times
10. Eric Trump: 'If banks don’t watch what’s coming, they’ll be extinct in 10 years' - CNBC