On his second day in office, U.S. President Donald Trump was asked whether he would continue to profit from his personal business activities, following the launch of the "Trump Meme Coin" ($TRUMP), which saw its market value soar to $20 billion at one point.
"I don't know much about it, just that I launched it. I heard it's very successful," Trump responded, "I haven't checked. How much is it worth now?"
"You've made a lot of money, sir," a reporter pressed, "It seems like there have been tens of billions in the past few days."
"Tens of billions? That's just pocket change for these guys," Trump said, pointing to a group of tech billionaires at the White House event.
Trump has never clearly stated whether he would stop profiting from his presidential position—historians note that almost all former U.S. presidents have promised to avoid such behavior.
Huge Profits Raise Questions
According to U.S. ethics watchdogs, Democratic lawmakers, and cryptocurrency analysts, two cryptocurrency investments held by Trump-related entities have generated at least $300 million in transaction fees since January through meme coins and other digital tokens. Analysts point out that larger potential profits come from the meme coin shares and other Trump-themed cryptocurrency investments held by Trump entities.
Last week, another cryptocurrency project associated with the Trump family, "World Liberty Financial," announced that its issued digital tokens were used by an Abu Dhabi investment company to inject $2 billion into Binance. Democratic lawmakers and analysts claim this transaction presents a conflict of interest, potentially bringing in at least $27 million annually for "World Liberty Financial."
Meanwhile, the Trump administration has relaxed regulations on the cryptocurrency industry and disbanded a Justice Department unit aimed at combating cryptocurrency fraud.
Cryptocurrency is not the only source of funding for Trump since his return to the White House. Experts say the president also profits from real estate, his Truth Social platform, and a range of branded merchandise.
Fred Wertheimer of the nonprofit accountability organization Democracy 21 said, "Finding an exact number now is extremely difficult, if not impossible. I don't think this is coincidental."
Wertheimer added, "The president has boasted for years about how many billions he has, but as president, it's different. He hasn't hidden all business activities, but he certainly hasn't reported what's happening."
Senate Launches Investigation
Senator Richard Blumenthal, the Democratic chief member of the Senate Permanent Subcommittee on Investigations, told USA Today that he is investigating Trump's profits during his presidency.
The cryptocurrency business—including a digital meme coin celebrating Trump's escape from a dark SHA attempt in July 2024—will be a key focus of Blumenthal's investigation. He stated that Trump "makes money through transactions because they generate fees, and also by promoting or enticing sales that drive up token prices."
Blumenthal, a former Attorney General of Connecticut, said, "Whether it's tens of millions or hundreds of millions, it needs to be investigated, but the shamelessness of this behavior is shocking, ridiculous, and could threaten national security."
He expressed particular concern that the opacity of cryptocurrency transactions makes it nearly impossible to determine how much Trump profits—and who might seek influence by purchasing Trump tokens.
He said this could pose a national security threat, allowing foreign governments to enrich Trump without the public's knowledge—and gain his favor.
A White House spokesperson denied this, stating that the president has no conflict of interest because his assets are controlled by his children. A spokesperson for the Trump family-controlled cryptocurrency company World Liberty Financial told USA Today that the company "is not involved in politics."
Sneakers, Bibles—and Digital Currency
Compared to his first term, Trump has further disrupted the norms that limit the Commander-in-Chief from profiting from his position.
In addition to meme coins and other cryptocurrencies, Trump and his business partners have promoted dozens of branded products, including Trump sneakers and Bibles signed by Trump himself.
According to Cryptopolitan and other cryptocurrency industry trackers, Trump has also fully engaged in digital art, specifically non-fungible tokens (NFTs), selling "Trump Bitcoin digital trading cards," including over 100 new collectibles released in January 2025.
"Private Private Dinner" for $TRUMP Investors
On April 23, one of the many private companies associated with Trump and his family raised the stakes by offering "the world's most exclusive invitation" to existing and new buyers of the $TRUMP meme coin.
According to the U.S. Securities and Exchange Commission (SEC), meme coins are a type of cryptocurrency inspired by internet memes, characters, or trends, "where the promoters attempt to attract enthusiastic online communities to buy and trade the meme coins."
The SEC stated, "In this regard, meme coins are similar to collectibles. Meme coins typically have limited or no functionality."
The $TRUMP meme coin is marketed as "the only official Trump meme, produced by President Donald J. Trump."
However, the "terms" in its disclaimer remind that the coin "is intended as an expression of support and participation in the ideals and beliefs embodied by the $TRUMP symbol" and "is not intended to be, nor become, any type of investment opportunity, investment contract, or security."
The disclaimer states that Trump Group's affiliated company CIC Digital LLC and a company named Fight Fight Fight LLC jointly own 80% of the $TRUMP meme coin.
The official announcement on the $TRUMP meme coin website states that the first 220 investors will win a "private private dinner" with the president at Trump’s Northern Virginia golf club on May 22.
The first 25 Trump meme coin investors are promised "super VIP experiences, including a private reception with the president and a tour of the White House."
According to Finance Magnates and other crypto trackers, the $TRUMP meme coin surged by as much as 80%, increasing its value by over $100 million.
According to Chainalysis spokesperson Jorah Huntington, data shows that just days after the dinner announcement, Trump and related entities profited $1.3 million from transaction fees, bringing total earnings to over $320 million.
Donald Sherman, executive director and chief legal counsel of the Washington-based accountability and ethics organization CREW, said, "This is one of the most blatant and shocking cases of selling access to presidential power that I've ever seen."
White House Declines to Comment: "No Conflict of Interest"
The White House and Trump Group did not respond to a series of questions seeking comments on the Trump meme coin and other investments.
Attorney William Burke also did not respond. He was hired in January to strengthen the ethical standards of the Trump Group but was recently fired, following reports that he also represented Harvard University in its legal conflicts with the Trump administration.
White House spokesperson Anna Kelly told USA Today, "The president's assets are held in a trust managed by his children. There is no conflict of interest."
Kelly referred to a statement from the Trump Group in January, which said that after Trump entered the White House, he would transfer the day-to-day management of his billions of dollars in real estate, hotels, golf, media, and licensing businesses to his children.
However, interviews by USA Today and reports from congressional Democrats and oversight organizations indicate that Trump's current arrangements are more prone to abuse compared to his first term, during which countries like Saudi Arabia paid millions to his companies.
Historically, presidents have promised not to profit personally while in office to ensure that policy decisions are made in the national interest—rather than for personal gain, thereby earning trust.
Danielle Brian, chair of the Washington Government Accountability Project, said, "That is no longer the case. President Trump has made it clear that he intends to make as much money as possible while serving as president—because he is president—he makes no secret of it."
California Democratic Senator and former federal prosecutor Adam Schiff is among several Democratic senators calling for the government ethics office to investigate Trump's cryptocurrency business, including whether his strategic Bitcoin reserve established in March improperly benefited his own investments.
In a video posted on X, Schiff said, "Donald Trump is making a lot of money, and the only losers are the American people."
For Trump, who claims to be the first "crypto president," $TRUMP is just part of his broader empire, which also includes a meme coin launched for First Lady Melania Trump, whose initial value once reached billions of dollars.
In another venture, the Trump family quietly took control of World Liberty Financial in January, a cryptocurrency company that raised $550 million by selling its digital currency $WLFI. Reuters reported in March that industry experts believed terms favorable to company insiders helped the Trump family secure the vast majority of this funding.
According to the company's website and Reuters reports, the Trump family is now entitled to 75% of the net revenue from World Liberty Financial token sales, 60% of operating income—and about $400 million in transaction fees.
WLF Responds: "Completely Unrelated to Politics"
David Walksman, a spokesperson for World Liberty Financial, told USA Today that he could not comment on how much Trump and his family earned from this business.
He said that the allegations of conflict of interest or corruption are "the ultimate, top-level exaggeration, completely wrong and false." Walksman described World Liberty as a "non-political organization. We are completely unrelated to politics."
Trump's personal stake in the company (whose motto is "Inspired by Donald J. Trump") remains unclear.
In calling for an investigation, Schiff mentioned the $75 million investment in World Liberty Financial by cryptocurrency entrepreneur Justin Sun.
Justin Sun has faced a civil fraud case brought by U.S. securities regulators involving celebrities such as Lindsay Lohan, Jake Paul, and rapper Soulja Boy.
In his video, Schiff said, "You wouldn't be surprised to learn that the fraud case against Justin Sun has now been shelved by the Trump administration. The American people can no longer know whether this administration is acting on behalf of the American people or on behalf of Donald Trump's economic interests."
Sun's lawyer, William Shalon, did not respond to phone calls and emails seeking comment.
As of May 1, Sun—who is estimated to have invested $14 million—ranked high on the investor leaderboard on the $TRUMP meme coin website, qualifying for a private dinner with Trump.
In recent months, World Liberty has also ventured into other businesses.
On May 1, one of the co-founders of World Liberty, Zach Witkoff, announced that its "USD1 stablecoin" is being used as the "official stablecoin" by a company in Abu Dhabi for a $2 billion investment in the world's largest cryptocurrency exchange, Binance. (A stablecoin is a type of cryptocurrency that is pegged to another asset—such as the U.S. dollar.)
Witkoff stated that they are "excited" about this new deal. Witkoff is the son of Steve Witkoff, Trump's chief diplomatic envoy, close friend, and billionaire developer.
According to CoinMarketCap data, as of April 30, the total value of the USD1 token reached approximately $2.1 billion, making it one of the fastest-growing stablecoins in the world, Reuters reported, adding that "however, the identity of its main holders remains unclear."
Witkoff said that World Liberty is now also doing business with Justin Sun. Sun attended a cryptocurrency conference in Dubai on May 1 alongside Witkoff and Eric Trump.
Golf Properties and Saudi Arabia
Brian, Wertheimer, and others stated that due to Trump's White House financial disclosure forms not being submitted to the government ethics office until mid-May, it is currently impossible to know how much Trump has earned from various sources.
According to a CREW report, during his first term, foreign governments spent millions at Trump's hotels and golf courses, with Trump's businesses earning up to $160 million from foreign sources.
Rick Claypool of Public Citizen asked, "But in that case, at least you stayed in a hotel room. What is the value when you put $5 million into these Trump meme coins, other than putting money into the president's pocket?"
Trump sold his hotel in Washington. However, he still profits from foreign spending at his golf properties. The LIV Golf Tour from Saudi Arabia has held seven events at Trump courses, despite Trump pressuring the more established PGA Tour to merge with LIV—a move beneficial to Saudi Arabia.
The PGA Tour rejected LIV's latest multi-billion dollar offer in early April.
"But hopefully, we will facilitate the merger of these two tours," Trump told reporters on Air Force One. "You have the PGA Tour and the LIV Tour. I think merging them would be a good thing."
Despite Truth Social reporting losses, the value of Trump's stake in the platform has surged during his presidency. On April 2, the company filed documents with securities regulators allowing Trump's trust to sell approximately $2.3 billion in stock.
"Pay-to-Play Presidency" Controversy
Last month, during the White House Correspondents' Association dinner, Donald Trump Jr. co-hosted the launch party for his "Executive Branch" private club, which has a membership fee of over $500,000.
Politico cited sources familiar with the project saying its goal is to "cater to business and tech giants looking to cultivate relationships with the Trump administration."
On April 30, Senator Chris Murphy displayed a large chart in the Senate condemning Trump's "corrupt behavior in his first 100 days," calling the "TRUMP coin the biggest scandal in U.S. presidential history."
As the mid-May financial disclosure deadline approaches, the controversy surrounding the president's business interests will continue to simmer. The White House insists that all actions are legal, but oversight organizations emphasize that Trump has broken the historical tradition of "presidents not making policy for personal gain."
"Trump has made it clear that he intends to maximize profits using the presidency," summarized Danielle Brian, chair of the government accountability project, "and he makes no secret of it."
This article is translated from USA Today, original author: Josh Meyer.
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