President’s Son Touts Global Bitcoin Accumulation, Mining Ambitions Amid Growing Political Scrutiny
Eric Trump, son of U.S. President Donald Trump and co-founder of the Bitcoin mining firm American Bitcoin, declared on May 15 that the world is engaged in an aggressive push to accumulate Bitcoin, as interest in the digital asset skyrockets across institutions and sovereign entities.
“Everybody in the world is trying to hoard Bitcoin right now,” said Trump during a panel at Consensus 2025 in Toronto, Canada.
Trump shared the stage with Hut 8 CEO Asher Genoot, discussing the explosive growth in Bitcoin adoption, particularly among sovereign wealth funds, family offices, and large corporations.
“I hear it from the wealthiest families. I hear it from sovereign wealth funds. I hear it from the biggest companies,” Trump said. “There are two races in Bitcoin right now: the accumulation race — which Michael Saylor is leading — and the mining race, which is what we’re focused on.”
Trump-Backed Mining Venture Prepares for Public Listing
Eric Trump is a co-founder of American Bitcoin, a Hut 8 subsidiary that recently announced a stock-for-stock merger with Gryphon Digital Mining. The resulting company is set to list on Nasdaq, positioning itself as a major player in the Bitcoin mining space.
The merger, valued at $2.9 billion, will make American Bitcoin one of the largest corporate Bitcoin holders, rivaling firms like Strategy (formerly MicroStrategy) and MARA Holdings.
Trump Family Crypto Ventures Draw Political Fire
The Trump family’s increasing presence in the crypto space — including mining, memecoins, stablecoins, and NFTs — has drawn sharp criticism from Democratic lawmakers, who argue these ventures present serious conflicts of interest.
Key concerns include:
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Lack of transparency about token holders in Trump-linked crypto projects like the TRUMP and MELANIA tokens
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Reports that foreign investors have participated in token sales
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Allegations of political favoritism toward certain crypto firms and individuals
In recent months:
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Senate Democrats walked out of a digital asset policy hearing, citing the administration’s growing crypto entanglements
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Proposed stablecoin legislation lost bipartisan support due to concerns about President Trump’s financial ties to the industry
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Democrats demanded suspicious activity reports (SARs) related to Trump-affiliated crypto ventures from the Treasury Department
A Second Stablecoin Vote Looms as Tensions Rise
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which stalled in the Senate earlier this month, could return for a second vote as early as May 26.
But unless clearer boundaries are drawn between White House crypto affiliations and federal regulatory oversight, Democrats are likely to continue pushing back against industry-led legislation they view as compromised.
Final Thoughts: Bitcoin Accumulation Becomes Political Battleground
Eric Trump’s remarks at Consensus 2025 highlight the growing institutional hunger for Bitcoin, even as the Trump family’s expanding crypto empire becomes increasingly politicized.
With American Bitcoin’s public debut approaching, the intersection of Bitcoin, power, and policy is shaping up to be one of the defining narratives of the 2025 crypto cycle — and a flashpoint in the upcoming political debates on digital asset regulation.
