Cryptocurrency boosts Trump's family assets by $2.9 billion in six months.
A new report from the nonpartisan organization "National Democratic Defenders Action" (SDDA) shows that based on digital currency business, the Trump family's total assets soared by about $2.9 billion in six months. According to "Seeing is Believing News", the family's wealth growth is mainly due to the issuance of two digital currencies, $TRUMP and $MELANIA, by Trump. A previous Reuters investigation indicated that $TRUMP's back-end transactions made a profit of $1 billion in just 14 days. As the Republican presidential candidate, Trump launched the digital currency exchange "Free Wealth World" last October, with his family holding 60% of the shares.
This exchange recently received a $2 billion injection of the Abu Dhabi sovereign fund MGX's stablecoin "USD1", which will be used to expand the scale of Binance, the world's largest exchange. World Free Finance calls it "the largest investment in digital currency history", but the U.S. Securities and Exchange Commission (SEC) has suspended investigations into dozens of digital currency companies since Trump took office, causing some controversy.
SDDA Chief Legal Advisor Virginia Cantor pointed out: "Trump is clearly using public office for personal gain. Today's presidents typically transfer their assets into 'full trusts', but Trump did not follow this practice during his first term and instead focused on the digital currency sector."
As digital currency companies do not need to disclose the identities of investors, the identities of investors related to Trump family's products remain a mystery. Congressional Republicans oppose Trump's policy to make the U.S. the 'world capital of digital currency'. Not long ago, five Democratic senators, including Elizabeth Warren, jointly wrote to the Federal Reserve and regulatory agencies, warning that Trump's involvement in this plan "would undermine the independence of financial regulation and bring unprecedented conflict of interest risks".
According to the (Government Ethics Law), Trump will have to disclose all his assets, including digital currencies, by May 15. It should be noted that the presidential position exempts him from criminal conflict of interest regulations.#BTC $BTC