Donald Trump has made billions by listing crypto startup World Liberty Financial on the Nasdaq stock exchange, after he secured a favorable political framework.
US President Donald Trump and his family have been making billions in crypto ventures since returning to the White House, taking advantage of Trump’s influence in a market with fewer regulations. With Trump’s sons running the venture, critics see a disturbing mix of presidential power and personal pursuits for profit. From meme coins to stablecoins – digital currencies that are pegged to a fixed value – the financial gain is estimated to be over five billion dollars (4,25 billion euros). Critics point to the president’s unprecedented greed for profit while in office.
Two companies are driving the Trump family’s crypto profits: World Liberty Financial (WLF), a decentralized financial platform whose lending rules can be co-branded by users with the $WLFI token, and American Bitcoin Corp. (ABTC), a Nasdaq-listed Bitcoin exploration company. WLF is making millions by selling $WLFI tokens, which are tied to Trump’s name, while ABTC, which is backed by his sons, owns significant amounts of Bitcoin. The price of the coin temporarily rose by about 110 percent after the IPO, settling at 16,5 percent above its $6,90 initial price. According to a Reuters report, Trump’s company owns 60 percent of WLF and claims 75 percent of the proceeds from the sale of the coins.
DISTURBING INFLUENCE EXERCISE
Critics say the Republican president, with his dual role as a crypto-beneficiary and political decision-maker, is undermining public trust by blurring the lines between running the government and personal enrichment. US lawyer and financial expert Ross Delston warns that crypto firms could offer a way for shady investors to leverage digital coins to influence Trump politically. “This is a new avenue that allows the president to take money from anyone, including people and countries that would be prohibited under US election campaign law, or from people who have been convicted of a crime or are under investigation,” Delston told DW.
TRUMP RELEASES RULES ON CRYPTOCURRENCY
During his first term, Trump called the digital currency Bitcoin a “hoax” and a threat to the dollar. Now he will turn the US into the crypto capital of the world. Under Trump, longtime crypto promoter Paul Atkins became the head of the US Securities and Exchange Commission (SEC). One of the first executive orders signed by Trump in January was to prohibit all US authorities from creating or promoting a central bank digital currency (CBDC) – a government-issued crypto version of the dollar. In March, he began creating a strategic crypto reserve by confiscating crypto assets. In the summer, Trump signed the Genius Act, the first federal legal framework for Stablecoins.
MAGNIFICENT BANQUETS AND POLITICAL FAVOR
The enthusiasm for cryptocurrencies has spread beyond politics to high-profile social events, particularly dinners and banquets for major digital depositors hosted by the White House. The exclusive gatherings, with lavish menus and exclusive access to the president, have been criticized for mixing political power with private financial interests. One prominent event was the Crypto Kings Dinner in May 2025 at Trump National Golf Club in Virginia, where Trump’s $TRUMP Meme-Coin investors were invited, who collectively had invested $148 million.
At the event, 25 of Trump’s top investors in the $TRUMP meme coin were given private access to the president, while the four largest co-shareholders were given luxury watches from Trump’s collection. Justin Sun, a Chinese-born crypto billionaire and advisor to World Liberty Financial, was the most important guest, spending $18,5 million. “This is probably another attempt by the government to link public office with private interests,” Richard Briffault, a professor at Columbia Law School, told DW.
REGULATORS RESERVED, WHILE CRITICS CALL FOR ACTION
US regulators have been reluctant to regulate cryptocurrencies. Washington has recently lifted some rules, such as the requirement to disclose the value of crypto assets on companies’ balance sheets. This gives companies more room to grow their businesses. While the SEC under former director Gary Gensler faced tough scrutiny and accusations against the sector, the measures under Trump’s second administration have been largely ignored. One of Trump’s inner circle describes this development as “crypto capitalism with incentives.” The sector is booming, but observers have raised many questions about ethics, transparency and long-term stability.
ALARMING SIZE OF DISCHARGE IN FEDERAL AUTHORITIES
More and more headlines are being devoted to the firings of federal employees that the Trump administration has eyed, such as Reserve Bank Governor Lisa Cook, the director of the US Health Authority, CDC, Susan Monarez, or the head of the Labor Market Statistics Authority, Erika McEntire.
“The government has no qualms about firing people, including low-level employees, if they are not politically aligned with the government,” says Columbia lawyer Richard Briffault. “There is no clearer signal than the firing of the director of the Bureau of Labor Statistics (Erika McEntarfer, d. Ed.). If they are willing, they are willing to fire anyone.”
The climate of fear and retaliation has meant that regulators are not scrutinizing Trump’s crypto projects – even when ethical issues are evident. Calls for tighter oversight are growing in Congress. Lawmakers are demanding clearer rules for digital currencies, more transparency for ventures like WLF, and conditions for employees with their own crypto holdings. (DW)
