Eric Trump: 'Sensible Plan' for Crypto Long Overdue

President-elect Donald Trump has long been an avowed deregulator, but when it comes to the novel industry of cryptocurrency, there is an overdue need for "sensible" regulatory action amid his campaign vow to make America the "crypto superpower of the world," according to Eric Trump.

"The people in the crypto industry are frustrated that no one's ever put together a sensible plan as to how to regulate an industry," the middle son of the incoming president told CNBC on the sidelines of a bitcoin conference Monday in Abu Dhabi, United Arab Emirates. "They're fine with regulation, but they just want guidelines, and they've said that.

"We will have a clear road map, and hopefully, the rest of the world follows that. Hopefully, we can lead by example, because that's what we should do as Americans.

"And hopefully, we truly are the crypto superpower of the world."

The president-elect made the vow on the campaign trail.

"If bitcoin is going to the moon — as we say, 'It's going to the moon' — I want America to be the nation that leads the way, and that's what's going to happen," Trump told a Nashville, Tennessee, bitcoin conference in late July.

The price of one bitcoin recently surged past the $100,000 plateau that was once billed by investment analysts as a historical benchmark. It has since dipped back below, but the surge since Trump's initial announcement cannot be decoupled.

Trump's bitcoin superpower plan is fueling a bullish era on speculative digital currencies and assets.

"I think America will be the crypto capital of the world. I fully support it; my father fully supports it; our family, you know, is fully embracing it," Eric Trump told CNBC.

"We believe in DeFi," he continued, referring to decentralized finance, a set of applications designed to bring digital currency to mainstream use.

"We believe that's the way of the future. And again, America, you know, better lead the way, otherwise we're going to leave a lot behind."

"The modern banking system is antiquated. It's just a matter of time before crypto not only catches up, but just really leaps ahead. And so, we're incredibly excited on a lot of fronts."

Key players in Trump's new cryptocurrency venture were among high-profile industry figures gathering at a bitcoin conference in Abu Dhabi on Monday, as the digital currency sets record highs.

Speakers at the two-day event include Trump's son Eric as well as billionaire Steve Witkoff, the new White House envoy for the Middle East and co-founder of World Liberty Financial, a crypto platform launched in September that Donald Trump and his family helped set up.

Attendees arriving for the Bitcoin MENA conference were greeted by displays welcoming them to the "golden age of bitcoin," alongside the live price of bitcoin, which last week smashed records when it hit $100,000, buoyed by promises from Trump that he would be the "crypto president."

Nick Damico, cofounder of crypto exchange Roxom, was there, sporting one of the "Make Bitcoin Great Again" caps on sale at the conference, which is projected to draw more than 6,000 people.

Nehayyan Aldhuhoori, another attendee, said he had "especially come" to hear from Eric Trump.

Eric Trump will deliver the keynote address of the conference Tuesday and then hold a "whale-only" chat in the VIP lounge, according to the event's agenda.

Witkoff spoke Monday to that more exclusive crowd, which was closed to the press and required a $9,999 "whale" pass, a nickname for players who have potential to move a market.

The Gulf gathering comes at an inflection point for the industry. Trump, once a skeptic, has vowed to make America the new "crypto capital of the planet."

The president-elect is World Liberty Financial's "chief crypto advocate," and sons Eric, Don Jr., and Barron are ambassadors, according to the WLF website. Company filings show Donald Trump is entitled to 22.5 billion WLF tokens and a share of its revenue.

"The bitcoin conference carries a lot of significance for crypto, as it's one of the longest-running conferences focused on bringing our industry together," said Marshall Beard of Gemini, the crypto exchange founded by Trump backers Cameron and Tyler Winklevoss.

White House Crypto Czar

Last week, Trump named a White House czar for artificial intelligence and cryptocurrencies, former PayPal executive David Sacks, a close friend of Trump adviser and megadonor Elon Musk.

Technology and digital asset veterans gave millions to U.S. election candidates friendly to the crypto industry, according to analytics firm Breadcrumbs.

Trump's 2016 campaign manager, Paul Manafort, will also address the conference.

Binance founder Changpeng Zhao, who served a four-month U.S. prison sentence this year for crypto-tied money laundering law violations, is holding a whale session.

Information from Reuters was used to compile this report.