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Roadmap for Trump: Trump dive into cryptocurrency raises ethics alarm

Donald Trump’s push to sharply ease oversight of the cryptocurrency industry, while he and his sons have fast expanded crypto ventures that have reaped billions of dollars from investors including foreign ones, is raising alarm about ethical and legal issues.

Watchdog groups, congressional Democrats and some Republicans have levelled a firestorm of criticism at Trump for hawking his own meme coin, $Trump, a novelty crypto token with no inherent value, by personally hosting a 22 May dinner at his Virginia golf club for the 220 largest buyers of $Trump and a private “reception” for the 25 biggest buyers.

The new WLF deal was announced at an Abu Dhabi crypto conference that drew Eric Trump two weeks before Trump’s mid-May visit to the United Arab Emirates capital, sparking other concerns of improper foreign influence and ethics issues.

Trump’s ardent pursuit of crypto fortunes was highlighted in a report last month from the watchdog group State Democracy Defenders Fund that estimated his crypto ventures as of mid-March to be worth about $2.9bn. That is a striking sum since Trump’s crypto ventures are less than a year old.

Senate Democrats led by Jeff Merkley of Oregon and the minority leader, Chuck Schumer of New York, introduced a bill this month that has garnered sizable Democratic backing to block Trump from using his office to benefit his crypto businesses.

Watchdogs say Trump is exploiting his office for personal gain in unprecedented and dangerous ways.