Eric Trump, son of President Donald Trump, has categorically declared that there are not “virtually none” when it comes to communicating about cryptography between him and the president, despite the growing approach of administration in digital assets. His comments came as a result of an announcement that he and his brother, Donald Trump Jr., are launching a company focused on Bitcoin mining with Hut 8 Corp. The new company, called American Bitcoin Corp., aims to focus on Bitcoin mining and the development of a strategic Bitcoin reserve.
Eric Trump will serve as American Bitcoin strategy director, working closely with the Hut 8 CEO, Asher Genoot. Together, they plan to merge the existing Hut 8 mining operations with the newly formed entity. According to Genoot, HUT 8 “will contribute our platforms to the entity in exchange for an 80%participation”, giving next to the 20%Trump side, although exact details have not yet been revealed about how much of that 20%is owned by the Trump family.
Address the conflict of cryptographic interest concerns
During a interview With Bloomberg Crypto, Eric Trump was pressed on how closely the White House could be involved, or potentially benefiting from the growing cryptocurrencies of the family. He insisted that there is no conflict of interest, saying: “Yes, practically none. I can say that my father has always been a large part of the cryptocurrency. […] He fell in love with an industry because the regulators went after that industry […] in the same way they went after our family. “
He also referred to criticism that administration’s actions could be seen as enriching Trump family instead of benefiting the cryptographic industry widely. Eric Trump dismissed these criticisms as out of place, commenting: “By that same standard, you know, the lowest energy prices enrich us because we use gasoline in our lawn cuts in our golf courses.
American Bitcoin Corp. is launched as a significant mining operation in the “first day.” According to Genoot, the objective is to build one of the largest mining and maintenance companies. He explains that a motivation to create an independent public entity is to give investors “a pure game mining company that has the ability to produce cheaper bitcoin than just buy it.”
Eric Trump underlines his enthusiasm for Bitcoin’s potential to serve as “digital gold” and highlights what he sees how Crypto’s global adoption. He says that the American Bitcoin approach will combine the experience in the Hut 8 data center and the mining experience with the overview of the Trump: “You take a company that literally is to extract Bitcoin for almost 50% of what you are trading … and can mention the scale. It is a combination of dynamite. And I think we are going to take the industry to the industry.”
Beyond the American Bitcoin, the Trump family has been related to several cryptographic efforts. Eric Trump talked about World Liberty Financial, an initiative that raised significant funds through governance tokens and invests even more in cryptocurrencies. President Trump himself has actively promoted the legislation of Stablecoin and has appeared in the meetings of the cryptographic industry during his campaign and presidency, movements that critics say that the risk of entangling personal or family companies with national policy.
Even so, Eric Trump disputes any notion of blurred lines: “There are no conflicts because I work with the White House. I have been in the private industry all my life, and we start world freedom long before my father was chosen.”
Despite these generalized family initiatives, Eric Trump repeated that there is a minimum dialogue, if any, about cryptography between him and President Trump. When asked if the White House impulse to make cryptocurrencies more accessible to a Firewall, he replied: “Virtually none … My father was a massive believer in cryptocurrencies, like me. And really, our political experience is what brought us to the table in this incredible new type of financial border.”
At the time of publication, Bitcoin quoted at $ 84,097.
Outstanding image created with Dall.E, Record of TrainingView.com
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