The Trump family is in the spotlight once again, but this time it’s not about elections or lawsuits. Instead, it’s their latest cryptocurrency ventures that are causing a storm in the U.S. political world. According to researcher Molly White, Donald Trump has already raised nearly a billion dollars through various crypto projects, and many experts believe it’s opening the doors to serious corruption, conflicts of interest, and even national security risks.
The controversy began heating up when a fund backed by Abu Dhabi announced plans to invest a huge $2 billion in Binance, one of the world’s biggest crypto exchanges. What’s more shocking? The deal will be financed using a Trump-branded stablecoin. This could earn Trump’s family hundreds of millions of dollars in profit.
This news caught the attention of U.S. Senators Elizabeth Warren and Jeff Merkley, who have now called for a federal investigation. In their official letter, the senators said, “The deal, if completed, would represent a staggering conflict of interest, one that may violate the Constitution and open our government to foreign influence and the risk of a quid pro quo.”
Senator Warren was especially vocal, releasing a strong statement in a video last week. She described Trump’s crypto moves as his “latest grift,” warning that it could become a massive scandal if not stopped in time.
Big Money, Bigger Risks
Donald Trump’s business empire has always been under scrutiny, but the scale of his cryptocurrency empire is something new. Just last week, Trump hosted a private fundraising dinner at his golf club in Virginia, with ticket prices going as high as $1.5 million per plate. The dinner was co-hosted by David Sacks, a key player in Silicon Valley and now a White House advisor for AI and crypto policies.
But that’s not all. On May 22, Trump will be hosting another exclusive event—a private gala dinner for the top 220 investors in his $TRUMP meme coin. The top 25 investors will even get a VIP meet-and-greet with Trump himself, plus a special tour of the White House. Ethics groups have slammed this event, calling it one of the clearest cases of “selling access to the presidency.”
Molly White, a well-known crypto researcher and writer of the Citation Needed newsletter, has been tracking Trump’s crypto moves closely. She explained how Trump’s crypto empire includes multiple projects like the $TRUMP meme coin, a stablecoin, and even a planned platform called World Liberty Financial.
Through these ventures, Trump and his family are making serious money from token trading and platform fees. White noted that Trump owned a majority stake in many of these ventures, which meant big profits for the former president and his family.
Even though Trump claims that his business assets are held in a blind trust managed by his sons, experts like White say that’s just a cover. “His family profits, and ultimately, so does he,” White said. “This is a clear case of conflict of interest.”
Crypto’s Dark Side
One of the biggest worries is how cryptocurrencies are often used for illegal activities like money laundering, ransomware attacks, and even terrorist financing. Despite these serious risks, the Trump administration has rolled back many of the regulations meant to keep the crypto world in check.
For example, the Securities and Exchange Commission (SEC), which is supposed to regulate cryptocurrencies, has cut back its enforcement under Trump’s leadership. Several investigations have been dropped, and crypto task forces have been dismantled. White warned that this is creating a dangerous environment where scams can flourish, and investors have little protection.
“We are seeing a rise in fraud and a complete lack of consumer protection,” White said. “People investing in crypto now face high risks of losing their money.”
The GENIUS Act: A Controversial Bill
The GENIUS Act, which is currently being discussed in Congress, is supposed to regulate stablecoins. Stablecoins are a type of cryptocurrency that are designed to maintain a stable value, usually tied to the U.S. dollar. Trump’s own stablecoin is part of this debate.
Senator Warren and others argue that the GENIUS Act is not strong enough to stop fraud or prevent national security risks. They say the bill is too friendly to the crypto industry, and with Trump’s deep involvement, the risks are even higher. White explained that stablecoins are essential tools in the crypto world, like poker chips in a casino. If these tools aren’t properly regulated, it could open the door to large-scale corruption.
Who’s Investing in Crypto?
Crypto investments are not limited to tech experts or big companies. Everyday people are also getting involved, hoping to make quick profits. Big venture capital firms like Andreessen Horowitz have invested heavily in crypto and have even placed former employees in high-level government positions. This close connection between the crypto world and the government is raising more eyebrows.
White pointed out that many people are drawn in by the promise of high returns, but they don’t always understand the risks. “Crypto is extremely risky and volatile,” she said. “It’s not just about making money; there’s also a huge risk of losing everything.”
A Growing Storm
Trump’s involvement in the crypto world is raising serious concerns. Not only is he making massive profits, but he is also in a position to influence U.S. policy in ways that benefit his businesses. Critics argue that this is a dangerous mix of politics and personal gain, and they are pushing for stronger regulations to prevent corruption.
Senator Warren summed it up best in her video statement: “This looks like corruption, smells like corruption, and it is corruption. We need to stop it now.”
As the debate over Trump’s crypto empire continues, one thing is clear: this story is far from over, and its outcome could have a major impact on the future of cryptocurrency regulation in the United States.
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Jon King is an experienced journalist with 3 years of experience in the field. With a strong background in investigative reporting, Jon is known for his in-depth coverage of crime news, finance news, local news, and USA news. Currently working with Mikeandjonpodcast, Jon brings his sharp investigative skills, where he provides timely updates and analysis on a wide range of topics. His commitment to delivering accurate and impactful news has earned him a reputation for providing insightful and comprehensive stories that resonate with his audience.
