President Donald Trump said there is "nothing wrong" with the money his family earned from cryptocurrencies, in response to financial disclosures showing that he profited at least US$1.4 billion from the sector last year.
Questioned about
an interview with CNBC on Thursday at the White House, whether he was aware of the business ventures; Trump said: "I could have known. I didn’t know." He stated that there was nothing illegal in his involvement and that his goal was for the U.S. to lead the cryptocurrency market.
Before taking office, Trump handed day-to-day control of his businesses to his two oldest children and did not get rid of his assets.
A disclosure made this week by the Office of Government Ethics made Trump the American politician who profited the most from cryptocurrencies.
The report showed about $636 million tied to its namesake cryptocurrency, launched the day before his return to office, approximately $594 million from World Liberty Financial, the crypto company he co-founded with his children, and nearly $197 million from a stablecoin venture.
Unexpected profits rose even with the market turnaround. Bitcoin fell by about 50% from the all-time high above $126,000 reached in October, and the sector spent the first half of the year in the red.