The latest report from the nonpartisan organization "State Democratic Defenders Action" (SDDA) indicates that, thanks to cryptocurrency operations, the Trump family's assets surged by approximately $2.9 billion within six months.
According to CBS News, the asset growth primarily stems from the two cryptocurrencies issued by Trump, $TRUMP and $MELANIA. A previous Reuters investigation discovered that behind-the-scenes trading of $TRUMP had yielded a profit of $100 million within two weeks. As the Republican presidential candidate, Trump pushed for the establishment of the cryptocurrency exchange "World Freedom Finance" last October, in which his family holds a 60% stake.
The exchange recently received a $2 billion stablecoin investment, "USD1," from the Abu Dhabi sovereign wealth fund MGX, which will be used to inject capital into the world's largest exchange, Binance. World Liberty referred to this as "the largest single investment in cryptocurrency history," but the U.S. Securities and Exchange Commission (SEC) has suspended investigations into more than a dozen cryptocurrency companies since Trump took office, leading to controversy.
SDDA's chief legal counsel, Virginia Cantor, pointed out: "Trump is clearly using his public office for private gain. Modern presidents usually transfer assets into a 'full trust,' but Trump did not adhere to this practice during his first term and is now fully engaged in the cryptocurrency industry."
Because cryptocurrency companies are not required to disclose investor information, the identities of investors in products related to the Trump family remain a mystery. Congressional Republicans oppose Trump's policy of promoting the U.S. as the "world's cryptocurrency capital." Last month, five Democratic senators, including Elizabeth Warren, jointly wrote to the Federal Reserve and the Office of the Comptroller of the Currency, warning that the president's involvement in this plan "would undermine the independence of financial regulation, creating unprecedented conflicts of interest risks."
