The new report estimates Trump’s crypto assets, including the meme coin official TRUMP and the newly launched USD1 stablecoin, now account for nearly 40% of his $7.7 billion net worth. His family-linked entity holds a 60% stake in World Liberty Financial, Inc. (WLFI), which debuted the USD1 stablecoin in March. The asset is backed by U.S. Treasuries and cash equivalents.

The report argues that Trump’s January executive order encouraged private-sector stablecoins while halting plans for a federal digital currency, aligning with WLFI’s USD1 launch. The report also alleges that the Justice Department (DOJ) relaxed enforcement, announcing it would no longer prosecute most digital asset cases unless tied to terrorism or cartels.

State Democracy Defenders Fund authors insist that ethics experts argue Trump’s ongoing promotion of his crypto ventures, including social media endorsements of TRUMP, creates “conflicts of interest.” The authors claim his assets remain in a trust managed by his sons, bypassing traditional blind trusts used by past presidents.

The analysis also contends that there are concerns under the Foreign Emoluments Clause, as WLFI markets USD1 to foreign governments and sovereign wealth funds. The authors note Congress is considering the GENIUS Act to regulate stablecoins, but has not included provisions barring elected officials from holding such assets.

The report urges lawmakers to close loopholes that allow Trump to shape policies benefiting his holdings. The authors disclose, however, that U.S. President Trump is expected to disclose additional details about his crypto income in a May 15 financial filing.

While the group describes itself as nonpartisan on its website, its activities, funding sources, and public positions are consistently characterized as left-leaning or liberal by independent observers and watchdog organizations. The organization is funded by major liberal donors like billionaire George Soros’s Open Society Policy Center and the Sixteen Thirty Fund.

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