According to The New Yorker, U.S. President Donald Trump has profited approximately $2.4 billion from related investments since entering the cryptocurrency space in 2022. These earnings showcase the diversification of the Trump family's income sources in cryptocurrency while also raising concerns about the industry under U.S. regulation.
According to the report, Trump earned $14.4 million through a non-fungible token (NFT) series, $412.5 million through token sales from World Free Finance, $243 million through crypto trading with the UAE, $13 million through Bitcoin (BTC) mining company US Bitcoin, $1.3 billion through Bitcoin financial reserve company Trump Media & Technology Group, and $385 million through 'Official Trump' (TRUMP) cat coins.
The report shows that, overall, Trump's cryptocurrency investments contributed 43.5% of the personal wealth accumulation known during his political career. However, these investments, while related to Trump, may not reflect his direct involvement, as operations are typically managed by advisors or family members.
This change is noteworthy because Trump had been skeptical of the cryptocurrency industry in earlier years. In 2019, he publicly criticized the price volatility of cryptocurrencies and expressed concerns about their potential illegal use.
Potential conflicts of interest and political responses
Trump's cryptocurrency investments have raised new concerns about conflicts of interest. Democratic lawmakers have expressed worries about the president's cat coins and USD1 stablecoin and initiated protests. Furthermore, they have called for investigations and possible impeachment, but the latter seems unlikely in a Republican-controlled Congress.
After Trump announced a dinner for the largest cat coin holders in Washington, D.C. in May, two Democratic senators responded that this contact might violate multiple federal ethics laws and constitutional provisions, including federal bribery regulations and the constitutional compensation clause.
"This is also concerning, as foreign powers might use cat coins as a means to purchase influence over President Trump and his colleagues without disclosing their identities," the senator stated.
During the Trump administration, various government agencies changed their stance on the cryptocurrency industry. The Securities and Exchange Commission (SEC) halted investigations or pending enforcement actions against many crypto companies, such as Coinbase and Uniswap, and pushed to end the de-banking of crypto companies nationwide.
