One of the most authoritative national news channels in the USA, ABC News, presented a lengthy story called Crypto President in its final weekly program. The subject of discussion among journalists, analysts and experts was the policy of D. Trump, his business interests and possible corruption.
One of the central episodes of the discussion was the activities of World Liberty Financial (WLF), a company associated with Trump’s sons and allies. ABC journalist Aaron Katersky noted that WLF is actively promoting itself as the flagship of the US crypto market. It has already attracted more than $2 billion in investments, including funds from the UAE. Now WLF is preparing to issue its own stablecoin pegged to the dollar. It is reported that WLF has already sold cryptocurrencies worth about $2 billion. At the same time, the structure associated with the Trump family receives 75% of the income from each sale. It is also known that WLF has entered into an agreement with the government of Pakistan. This raises questions about the possible use of US political influence to promote the Trump family’s own business interests abroad. In addition, the WLF website calls Donald Trump “the chief crypto advocate,” and his image is used in advertising. Senator Elizabeth Warren commented on the situation as follows: “Looks like corruption, smells like corruption…”
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According to The New York Times journalist Eric Lipton, the president is blurring the line between public administration and personal gain: “The president, through his family structures, is effectively making money from the decisions he makes. This is a precedent that has no analogues in modern U.S. history.”
Former SEC lawyer John Reed Stark said the country has entered a “post-apocalyptic anarchy” in the crypto regulation sphere: “There are no audits, no transparency. It’s a Wild West where the one with the most connections wins, not the one with the cleanest balance sheet.” He noted that the SEC’s efforts to protect investors have been curtailed, investigations have been dropped, lawsuits have been dismissed, and regulations have been withdrawn.
Katersky also added that under the Trump administration, the US Department of Justice (DOJ) has stopped regulating the cryptocurrency market. The group that investigated the area has been disbanded. A memo seen by ABC News says the department no longer considers itself a regulator of digital assets. Trump has also pardoned several investors with ties to crypto projects close to him.
The incentive program for TRUMP memcoin buyers is also alarming. Some of them are invited to dinner with the president. Senator Chris Murphy commented: “This is an open sewer where money can be passed in exchange for access to the White House.”
Danielle Brian, a representative of the non-profit organization Project on Government Oversight (POGO), noted that Trump uses loopholes in the law to continue managing his assets and making a profit. According to The New York Times, companies from offshore zones – the Cayman Islands, Gibraltar and the UAE – are investing heavily in projects related to him. At the same time, it is impossible to establish who owns the crypto wallets.
Another move that could potentially benefit Trump is the creation of a government digital reserve for storing cryptocurrencies, which experts say could boost demand for cryptocurrencies and increase the value of assets that the Trump family is tied to.
Taken together, Trump is accused of using his presidential power to enrich himself, taking a cut of international deals, and creating conditions that benefit his family in defiance of ethical and legal norms.
Trump’s supporters argue that this was predictable: He promised to destroy the old system, and he is doing so. Former White House Chief of Staff Reince Priebus said: “He is simply doing what he promised. Including deregulation, government reform, and promoting crypto innovation.”
Still, even former allies are worried. When a president controls an industry that makes his family millions of dollars, it looks less like policy and more like a scheme to enrich himself at the expense of power.
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