Former U.S. President Donald Trump has recently reported earning $57.4 million from his cryptocurrency venture, World Liberty Financial. This crypto venture is backed by his sons, Donald Jr. and Eric Trump. According to the Financial Times, the income disclosure, found in a 200-page filing with the U.S. Office of Government Ethics, reveals that one of Trump’s largest sources of revenue among many financial interests is his crypto business.
The filing shows that Trump holds 15.75 billion governance tokens in World Liberty Financial. These tokens weren’t purchased directly; instead, they were obtained through his promotional activities for the platform. This means Trump received these tokens as part of his role in advertising and promoting the network.
The filing also includes information about Trump’s involvement in companies related to digital ventures, like CIC Digital LLC and CIC Ventures LLC. However, these companies did not report much income. In the document, Trump has certified that the information provided is “true, complete, and correct to the best of [his] knowledge,” and it will be reviewed by the Office of Government Ethics.
Trump’s Crypto Fortune Raises Ethical Concerns
Trump’s large stake in World Liberty Financial has raised many concerns about potential conflicts of interest. This is especially true since Trump was in office when he received significant income from his cryptocurrency venture. According to 2024 filings with the U.S. Securities and Exchange Commission (SEC), Steve Witkoff, Trump’s special envoy, was a “promoter” of World Liberty Financial. This company operates as a decentralized finance (DeFi) platform that offers crypto lending and trading services.
Since its launch last year, World Liberty Financial has sold 21 billion tokens in a public offering. This offering generated a massive $1 billion in funding. While Trump’s involvement in this venture appears legal, many political leaders, including Democrats and some Republicans, have raised concerns. They argue that it could be a conflict of interest for a sitting president to profit from such a venture while holding significant influence over financial policies, especially related to digital currencies.
SEC and Regulatory Changes Favoring Crypto
The SEC’s actions also play a role in the controversy. Under the leadership of SEC Chair Paul Atkins, several high-profile enforcement cases against cryptocurrency companies were dropped. These dropped cases have helped create a more favorable regulatory environment for the crypto industry, which Trump and his investors seem to benefit from. Critics argue that this shift in the regulatory environment could have been influenced by Trump’s involvement with the industry and his access to the executive branch while in office.
Recently, Rep. Jamie Raskin, the top House Democrat, opened an investigation into a private dinner Trump hosted for top investors in his meme coin. This dinner raised additional concerns about the potential for conflicts of interest and the blending of politics with private business dealings.
Trump Media and Bitcoin Plans
In addition to his World Liberty Financial venture, Trump Media & Technology Group has declared plans to raise $2.5 billion for a “bitcoin treasury” strategy. The company intends to introduce a Bitcoin exchange-traded fund (ETF), which could further expand Trump’s involvement in the cryptocurrency space.
The company’s Bitcoin treasury strategy has attracted major investors, including DRW Investments, a Chicago-based trading firm controlled by Don Wilson. DRW invested $100 million in Trump Media just nine weeks after Cumberland, Wilson’s crypto liquidity provider, received enforcement relief from the SEC. In March, the SEC dropped a civil complaint that accused Cumberland of violating securities dealer regulations. This relief, which came under new SEC leadership, has made it easier for crypto businesses to thrive in the U.S.
Trump’s Crypto Expansion Plans and Investments
The investment from DRW makes it one of the largest financial backers of Trump Media’s cryptocurrency plans. This funding supports the company’s goals to acquire over $2 billion in cryptocurrency holdings and establish a significant Bitcoin treasury operation. With growing institutional interest in cryptocurrencies, these moves show how Trump’s ventures are gaining momentum and could have a lasting impact on the crypto market.
The increasing involvement of large investors in Trump’s crypto businesses, coupled with his unique position in the U.S. government, raises many questions. As the cryptocurrency market continues to grow, it will be interesting to see how Trump’s influence and his ventures shape the future of digital assets.
