President Trump’s Latest Crypto Launch Sparks Ethics Debate Over Personal Profit
President Trump’s Latest Crypto Launch Sparks Ethics Debate Over Personal Profit
President Donald Trump’s family has reportedly seen a significant on-paper windfall, estimated at $5 billion, following the public launch of their latest cryptocurrency venture this week. The ‘token’ from World Liberty Financial, a crypto business co-founded last year by Trump and his sons, is now trading publicly, immediately drawing scrutiny over potential conflicts of interest.
Critics argue that the launch provides yet another pathway for the Trump family to personally profit from the presidency, especially given President Trump’s deepening ties to the cryptocurrency industry. Ross Delston, a lawyer and former banking regulator, highlighted concerns that the token could be used by individuals or even foreign state actors to curry favor with the President. Senator Elizabeth Warren was more direct, labeling the situation as “corruption, plain and simple” on social media.
The White House has, however, dismissed these criticisms, with press secretary Karoline Leavitt stating that neither the President nor his family have ever engaged, or will ever engage, in conflicts of interest. While the $WLFI token saw a dip to 22 cents by Wednesday afternoon from an initial high of 32 cents, and the Trumps are currently restricted from selling their own holdings, the venture underscores the administration’s evolving stance on cryptocurrency.
Once a skeptic, President Trump has embraced the crypto sector, vowing to make the U.S. a crypto capital and appointing crypto-friendly officials to regulatory agencies like the SEC since his re-election. This shift, coupled with the family’s new crypto venture, raises questions about the minimal guardrails in place to separate personal financial interests from presidential duties within the burgeoning crypto landscape.
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