Press Release
April 23, 2025
New Report Shows Potential Conflicts of Interest in Trump’s Involvement in Crypto Industry
WASHINGTON – A new report released today by the State Democracy Defenders Fund illustrates how Donald Trump’s entanglements with the cryptocurrency industry could pose serious risks to democratic institutions and public trust. Trump’s Crypto Conflicts of Interest details how Trump and his allies are embracing crypto as both a fundraising tool and policy agenda.
“Rather than divest his crypto assets to avoid any possible conflict of interest, President Trump seems to have positioned himself to maximize profiting from them by adopting a less aggressive regulatory and enforcement program than his predecessor,” said Virginia Canter, Chief Anti-Corruption Counsel for State Democracy Defenders Fund. Reduced oversight could undermine U.S. national security interests by emboldening terrorists and extremists, who have increasingly used crypto for anonymous financing, while foreign governments may view his crypto businesses as an open invitation for corruption.
In just a few months, President Donald Trump has significantly increased his wealth, due to his business’s involvement in the cryptocurrency market. With his personal stake in several crypto ventures, including his affiliation with the recently announced USD1 stablecoin, he has deeply intertwined his wealth with the growing digital asset space, raising serious questions about potential conflicts of interest.
Key findings of the report include:
- Trump’s Crypto Asset Value: As of mid-March 2025, President Trump’s crypto assets were valued at $2.9 billion, representing approximately 37% of his total wealth. This includes assets from the $TRUMP meme and the $WLFI governance token. With the recent announcement that World Liberty Finance Inc. will soon be issuing the USD1 stablecoin, Trump’s crypto assets are likely to further increase in value.
- Executive Branch Ethics: Despite being subject to the Ethics in Government Act, President Trump is not bound by criminal conflict of interest laws and can profit from offering assets like the $TRUMP meme and $WLFI tokens. The GENIUS Act, which is pending, could give him significant influence over stablecoin regulation.
- Foreign Emoluments Clause: WLFI targets foreign governments and sovereign wealth funds as potential investors in USD1, reminiscent of previous concerns about conflicts of interest during Trump’s first term with his business dealings.
- Weak Enforcement Program: The Trump Administration has taken a more lenient approach towards crypto enforcement, with a change in DOJ criminal policy and recent cases being dropped or stayed by the SEC, signaling a favorable regulatory and enforcement stance toward digital assets.
This report, which was co-authored by Virginia Canter, former Amb. Norm Eisen (ret.), the executive chair of State Democracy Defenders Fund, Richard Painter, former Associate Counsel to the President and chief White House ethics lawyer for President George W. Bush, and Tom Joscelyn, senior fellow at Just Security, is the first in a series examining the overlapping business and political interests of Trump and Elon Musk, and the implications for corruption, democracy, and accountability.
The report can be found HERE.
State Democracy Defenders Fund brings together a nonpartisan team to work with national, state, and local allies across the country to defend in real-time the foundations of our democracy.