US President Donald Trump has gained roughly $2.4 billion from his crypto-related ventures since entering the space in 2022, according to estimates from The New Yorker. The gains show a diversification of the Trump family’s crypto income streams and raise new concerns for a Commander-in-Chief overseeing the industry’s regulation in the United States.
According to the report, Trump has gained an estimated $14.4 million from his non-fungible tokens (NFT) collections, $412.5 million from token sales via World Liberty Financial, $243 million from crypto deals with the United Arab Emirates, $13 million from Bitcoin (BTC) mining company American Bitcoin, $1.3 billion from BTC treasury company Trump Media and Technology Group, and $385 million from the Official Trump (TRUMP) memecoin.
Overall, Trump’s crypto ventures account for 43.5% of the known personal wealth he has accumulated during his political career, according to the report. However, it’s important to note that while these ventures are linked to Trump, they may not reflect his direct involvement, as operations are often managed by advisers or family members.
The shift is noteworthy given Trump’s earlier skepticism toward the crypto industry. Back in 2019, he publicly criticized cryptocurrencies for their price volatility and raised concerns about their potential use in illegal activities.
Related: Trump sidesteps question on crypto divesting to pass key bills
Potential conflicts of interest and political responses
Trump’s crypto ventures raise new conflict-of-interest concerns. Democratic lawmakers have pushed the issue before, holding protests about the president’s memecoin and USD1 stablecoin. In addition, they have called for investigations and possible impeachment, even though that seems unlikely given the Republican-controlled legislature.
After Trump announced a dinner in Washington, D.C. for the largest holders of his memecoin in May, two Democratic senators responded, warning that the offer of such access could potentially violate several federal ethics laws and constitutional provisions, including the federal bribery statute and the emoluments clauses of the US Constitution.
“It also raises the troubling prospect that foreign actors are using the memecoin as a vector to buy influence with President Trump and his associates without needing to disclose their identities publicly,” the senators said.
Under the Trump administration, various government agencies have changed their instances toward the crypto industry. The Securities and Exchange Commission (SEC) has dropped investigations or pending enforcement actions against many crypto companies, such as Coinbase and Uniswap, and there has been a push to end the debanking of crypto firms across the country.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions