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In a recent interview with CNBC in Abu Dhabi, Eric Trump, businessman and son of President-elect Donald Trump, expressed strong support for the advancement of crypto and blockchain technology.

He argued that these innovations have the potential to surpass traditional banking systems, which he described as outdated.

During the discussion, Trump highlighted the inefficiencies of current banking practices, citing the lengthy process of securing a home loan in the U.S. “If you live in America, you want to go out and get a home loan, it takes you 90 days. By then, the house is already sold,” he remarked, emphasizing the need for a faster, more efficient system.

Trump suggested that blockchain technology could fulfill all the functions of modern banking but with greater speed and lower costs.

He noted that his father’s administration is poised to implement transparent and sensible regulations for the crypto industry, which he believes will position the U.S. as a leader in this evolving market.

He also pointed out that other countries are increasingly embracing cryptocurrency, warning that the U.S. risks being left behind if it doesn’t take proactive steps in regulation. The recent victories of pro-crypto candidates in Congress, he says, could lead to a more favorable regulatory environment.

Additionally, Eric Trump mentioned Elon Musk’s anticipated role in the new administration, particularly in promoting innovation and business efficiency.

He expressed hope that the government would adopt a more hands-off approach to encourage growth in the business sector.