To make America the “crypto capital of the planet,” former US President Donald Trump has promised crypto-friendly policies, Politico writes, that “might have a new beneficiary: Trump’s own family.” In recent months, Trump has vowed to implement a series of crypto-friendly policies to win votes and campaign funds from digital asset enthusiasts. Now, he’s weaving that promise into the pitch for his sons’ upcoming startup… It’s unclear what Trump’s sons’ crypto venture will be. They’ve been hinting at their plans for weeks, positioning it as an alternative to using big banks… (“Get rebellious,” reads the tagline on World Liberty Financial’s homepage, which just has its name and the words “coming soon.”)
Trump’s sons took over control of their father’s company, the Trump Organization, after Trump became president in 2017, but Trump retained ownership of the company… It’s unclear whether the crypto startup will launch as part of the Trump Organization or as a separate entity. Either way, ethics experts and watchdog groups say the crypto business could create the appearance of a conflict of interest if Trump returns to the White House this fall… “It’s egregious on the surface,” said Richard Painter, who served as the White House’s chief ethics counsel under former President George W. Bush and later ran for Congress as a Democrat. But he said it would not violate ethics laws.
The family business is the latest way Trump has become actively involved in the digital asset industry, which has pumped more than $160 million into the 2024 election, seeking to help elect allies with every vote. Trump is also selling his own line of non-fungible tokens (NFTs), digital images of the former president that fans can purchase for $99…Jordan Libowitz, vice president of communications for Citizens for Responsibility and Ethics in Washington, said Trump’s NFT sales could also raise ethical concerns…
“The previous disputes and misconduct exploited existing loopholes,” said Norman Eisen, an ethics lawyer who worked in the Obama administration and later helped build the first impeachment case against Trump. “In this case, it appears that Trump is promising to create a loophole while at the same time his family is planning an enterprise that exploits the loophole.”
According to the article, President Trump this week promoted his son’s crypto venture on X, using audio of a speech from a crypto conference in July. “At a Mar-a-Lago event in May, President Trump spoke out in support of crypto for the first time, after previously deriding digital currencies, in front of supporters who bought crypto-related digital trading cards…”
“Trump also faces new questions about what to do with his stake in the parent company of social media service Truth Social,” the article adds. (Although the company’s shares hit new lows this week, falling 50% in six weeks to below $20 a share for the first time since it went public…)