Donald Trump promised to make the US the world’s crypto capital. His businesses are seizing on it.
#DonaldTrump $BTC Donald Trump, the real estate mogul, reality television star and president, has a new title: cryptocurrency tycoon. A growing share of his net worth is now linked to a corner of the financial markets over which his administration holds considerable sway.
Presidents have historically distanced themselves from their businesses while in office. But over the last year, Trump, his family and business partners have challenged that convention, backing a series of crypto startups and deals. Those crypto ventures have boosted Trump’s assets by roughly $1 billion, according to media reports.
The trading of $TRUMP- and $MELANIA-branded cryptocurrency tokens, or “memecoins,” has generated hundreds of millions of dollars in fees for the president’s family and its partners. Truth Social-parent company Trump Media & Technology Group, which counts Trump as its largest shareholder, said last year it would begin stockpiling crypto tokens. And a Trump-backed crypto venture called World Liberty Financial has been striking deals around the world, while also expanding its footprint in the U.S.
Now, World Liberty could further blur the line between Trump’s businesses and his role as president. The company applied this month to launch a federally regulated bank in the U.S., which would give it more oversight of customers’ assets. It would also put a Trump-linked business under the direct oversight of one of Trump’s regulators.