Eric Trump, son of former U.S. President Donald Trump and executive vice president of the Trump Organization, has emphasized the necessity for banks to embrace blockchain technology to avoid extinction within the next ten years.

“The current financial system is broken, it’s slow, it’s expensive,” he expressed during a CNBC interview on Wednesday. “There’s nothing that can be done on blockchain that can’t be done better than the way that the current financial institutions are working. SWIFT is an absolute disaster.”

Trump articulated that many major banks like JPMorgan have been utilizing blockchain technology to some extent. However, obstacles imposed by the previous administration under President Joe Biden hindered the industry’s full potential, a situation expected to improve under the current president.

He remarked, “You can open up a [decentralized finance] app right now… and you can send money, wallet to wallet, instantaneously, without the expense, without the variability” associated with traditional banks.

Trump will be featured at CoinDesk’s Consensus 2025 event in Toronto this May, where he will further advocate for blockchain and cryptocurrency initiatives.