New Yorker estimates that US President Donald Trump has won around $2.4 billion from crypto ventures since entering the space in 2022. The benefits demonstrate the diversification of the Trump family’s crypto income streams, raising new concerns for commanders who oversee the regulations of the US industry.
According to the report, Trump has earned an estimated $14.44 million from his impossible token (NFT) collection, $412.5 million from token sales via global Liberty Financial, $243 million from encryption with the United Arab Emirates, $1.3 million from $130 million from $130 million from the mining company of Bitcoin (BTC) mining company, and $13 million from Bitcoin (BTC) mining company. (Trump) Memo coin.
Overall, Trump’s Crypto Ventures accounts for 43.5% of the known personal wealth he has accumulated over his political career, according to the report. It is important to note, however, that these ventures are linked to Trump, but may not reflect his direct involvement.
Estimates of President Trump’s personal enrichment during his political career. sauce: New Yorker
This change is noteworthy given Trump’s previous skepticism about the crypto industry. In 2019, he publicly criticized cryptocurrency for price volatility and raised concerns about its potential use in illegal activities.
Related: Side step through questions about encryption that Trump sells to pass major bills
Potential conflicts of profits and political responses
Trump’s Crypto Ventures raises concerns of a new conflict of interest. Democrats have previously pushed the issue, protesting over the president’s memo coin and the udder of USD1. Moreover, they seem unlikely to consider a Republican-controlled Congress, but they are looking for the possibility of investigation and ammo each.
After Trump announced dinner in Washington, D.C. for the biggest holder of his memocoin, two Democrat senators responded, warning that such offers of access could violate several federal ethics and constitutional provisions, including the federal bribery laws and emauses clause of the US Constitution.
“It also raises the troubling prospect that foreign actors are using Memocoin as a vector to buy influences without publicly revealing the influence of President Trump and his peers,” the senator said.
Under the Trump administration, various government agencies have changed instances to the crypto industry. The Securities and Exchange Commission (SEC) has withdrawn investigations or pending enforcement actions against many crypto companies, such as Coinbase and Uniswap.
magazine: Trump’s crypto ventures cause conflicts of interest, insider trading questions
