trump’s Crypto Fortune Grows, Sparking Conflict Concerns
According to a new report by State Democracy Defenders Action, President Donald Trump and his family are amassing significant wealth from cryptocurrency.The report suggests that nearly 40% of Trump’s net worth,approximately $2.9 billion, is tied to digital assets.
Trump’s crypto wealth comes from two personal memecoins, Official Trump (TRUMP) and Melania (MELANIA), and a stake in world Liberty Financial (WLFI), a crypto exchange he’s linked to. The nonprofit, which fights autocracy, claims the Trumps own 60% of WLFI, holding 22.5 billion $WLF tokens.
World Liberty Financial recently announced a $2 billion investment from MGX, an Abu Dhabi-backed firm.This investment will purchase the exchange’s new stablecoin, USD1. At Token2049, WLFI co-founder Zach witkoff confirmed USD1 as the official stablecoin for MGX’s investment into Binance.
Trump’s crypto ties extend beyond family. His White House Crypto Czar, David Sacks, profits from the USD1 custodial deal with BitGo. Sacks retains a stake in BitGo due to a conflict-of-interest waiver. Steven Witkoff, Trump’s Middle East Envoy, is also a WLFI co-founder.
Justin Sun, a crypto entrepreneur, invested $30 million in $WLFI, benefiting a Trump-affiliated company.
As Trump’s crypto empire grows, so do concerns about conflicts of interest.His administration has relaxed oversight of the digital asset industry, dropping lawsuits against crypto firms. This raises questions about crypto cronyism and the consolidation of wealth and influence.
