Spokespeople for the White House, Trump Organization and World Liberty Financial did not immediately respond to requests for comment.
Trump can earn income from his businesses while in office through the Donald J. Trump Revocable Trust, the same structure he used during his first term. He is the trust’s sole donor and beneficiary. Donald Trump Jr. serves as the trustee, according to filings with the Securities and Exchange Commission. As president, Trump has vowed to make the U.S. the “crypto capital of the world” — a stance that aligns with his growing personal investments in digital assets.
Decentralized finance, or DeFi, refers to blockchain-based platforms like World Liberty Financial that let users lend, borrow and trade assets without relying on traditional banks. These platforms often attract users who lack access to banking, want faster transaction speeds or seek to avoid regulation by financial institutions. A stablecoin — such as World Liberty Financial’s USD1 — is a cryptocurrency whose value is pegged to a traditional asset, like the U.S. dollar. Stablecoin issuers typically profit by investing users’ deposits and keeping any earnings. Like DeFi platforms, they appeal to users looking for alternatives to conventional finance.
$2 billion: The amount World Liberty Financial co-founder Zach Witkoff said that MGX, a UAE-backed fund, would invest in the crypto exchange Binance using the USD1 stablecoin (Binance is not affiliated with Trump).
Sens. Elizabeth Warren, D-Mass., and Jeff Merkley, D-Ore., accused World Liberty Financial of serving as “a staggering vehicle for corruption” regarding the MGX deal. “By using USD1 to finance the MGX-Binance deal, a foreign government backed entity and a foreign corporation that pleaded guilty to criminal violations of U.S. anti-money laundering and sanctions laws are effectively cutting the Trump and Witkoff families into the deal to the tune of hundreds of millions of dollars.”
An ethics white paper the Trump Organization released in January noted the Constitution does not bar a president from owning, operating or managing a private business. But to “avoid even the appearance of any conflict,” the company said it hired an outside ethics adviser and Trump pledged to continue to keep his assets in a trust and not manage the company directly. (The Trump Organization, however, has since fired that adviser at Trump’s instruction.)
Trump’s support for World Liberty Financial is already being used to bolster the company’s global credibility — and possibly help attract business from foreign governments. When Pakistan’s government announced a partnership between the firm and its national crypto council, it said in a press release, “World Liberty Financial is backed by the Trump family, including President Donald Trump and his sons — Eric Trump, Donald Trump Jr., and Barron Trump. President Trump has personally endorsed WLF.”
A group of nine Senate Democrats pulled their support for a crypto-friendly bill in early May, citing conflict-of-interest concerns over World Liberty Financial’s business ties with the Emirati-backed firm, according to The New York Times. They later introduced the End Crypto Corruption Act, which would ban presidents and other officials from “issuing, endorsing or sponsoring crypto assets.”
The courts never ruled during Trump’s first term whether a foreign government paying the president through one of his businesses violated the Constitution’s emoluments clause, which prohibits government officials from accepting “any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince, or foreign State” without the consent of Congress. In fact, the courts never even settled who had legal standing to bring such a case — leaving one of the most consequential constitutional questions of Trump’s presidency unresolved.
Trump’s embrace of crypto is a 180 from his position in 2021, when he told Fox Business, “I don’t think we should have all of the bitcoins of the world out there. I think they should regulate them very very high.”
Chinese blockchain entrepreneur Justin Sun invested $30 million in World Liberty Financial tokens just weeks after Trump’s election. Soon after Trump’s inauguration, the SEC asked a judge to pause its fraud case against Sun to “explore a potential resolution.”
Forbes estimates Donald Trump is worth about $TKTKTK billion, with much of his wealth coming from his shares in Trump Media.
Trump Businesses Hauled In $317,000 From RNC In March — Even As Crypto Ventures Soar (Forbes)
Trump Organization Admits President Still Controls His Business In New Filing (Forbes)
How Truth Social And Crypto Helped Trump Double His Fortune In Just One Year (Forbes)
Trump’s Golf Courses Keep Pushing Legal Boundaries With Presidential Seal Markers (Forbes)
Trump Store Debuts Merchandise Collection Pegged To Election Victory (Forbes)
