According to online reports, Eric Trump, vice president of the Trump Organization and Trump's second son, publicly criticized the traditional financial system at the cryptocurrency event in Dubai, saying that the SWIFT system is inefficient and that the banking industry will be eliminated within ten years if it is not reformed. "The modern financial system has collapsed, is slow and costly," he said. Everything blockchain technology can do will be better than the way financial institutions operate today. SWIFT was a disaster. Our banking system favors the super-rich. What really got me involved in [cryptocurrency] was the realization that our banking system was being used against the vast majority of people in our country. This forced me into the world of cryptocurrencies. I'm telling you, if banks don't pay attention to the upcoming changes, they will go extinct within ten years." It also praised decentralized finance as a way to circumvent traditional banking costs and lack of privacy. Eric Trump has frequently visited the desert emirate in recent years as it has quickly become a global center for cryptocurrencies.