Explains why Trump has been pushing crypto so hard
Jake
Johnson for Common Dreams
Annual financial disclosures released Tuesday reveal that Donald
Trump pocketed at least $2.2 billion—more than half of it from his family’s crypto grift—during his first year back in
the White House,
a windfall that experts say is without precedent in American history.
The disclosure report shows that Trump pulled in $635
million in royalties from Celebration Coins, an entity linked to the
president’s meme coin. The president also disclosed around $527 million in
proceeds from token sales by World Liberty Financial, the Trump family crypto
venture spearheaded by Eric Trump and Donald Trump Jr.
“It is completely unprecedented,” Megan Gorman, a tax
attorney who has studied the history of presidential wealth, told The New York Times of
the president’s windfall.
Robert Weissman, co-president of the consumer advocacy
group Public
Citizen, said in a statement that “Trump’s obscene income is driven by
various cryptocurrency schemes, leveraging his political position to exploit a
scam-driven industry that he once said was nothing more than a racket.”
“In doing so, he’s ripping off investors—to the tune of
billions—who want to get in on the game with him, or think that buying his
crypto products is an innocent means to show their support,” said Weissman.
“Most troubling, Trump’s personal profit interest has now aligned him with the
crypto industry, paving the way for dangerous legislation that will facilitate
mass rip-offs and even threaten financial system stability.”
Trump’s massive profits from an industry he’s tasked with
regulating represent what the watchdog group Campaign Legal Center (CLC)
described as an “unprecedented” conflict of interest, notwithstanding the White
House’s laughable claim that “neither the president nor his
family has ever engaged—or will ever engage—in conflicts of interest.”
“We have never seen a president have direct conflicts of
interest with his financial holdings and the policies he supports, and it’s
another example why we need widespread ethics reform now,” Kedric Payne, CLC’s
senior director of ethics, told The Wall Street Journal.
The Journal noted that, in addition to crypto profits,
“Trump reported $4.7 million in income last year from Trump-branded watches, as
well as $1.9 million in royalties from his ‘Save America’ book.”