Donald Trump has earned more than $1bn from his cryptocurrency businesses since returning to the White House, according to financial disclosures that have triggered accusations of “brazen crypto corruption” from senior Democrats.
A 927-page document released on Tuesday by the US Office of Government Ethics showed that the US president made more than $2.2bn last year in total, from real estate, golf resorts, branded merchandise, licensing deals and court settlements. But a set of extraordinary crypto takings stood out: World Liberty Financial, a joint venture between the Trump family and that of Trump’s Middle East envoy, Steve Witkoff, brought in more than $500m from sales of “governance tokens”, while another firm, CIC Digital LLC, generated more than $600m from Trump-branded meme coins launched days before his second inauguration.
“Donald Trump earned over $1bn from crypto since returning to office, sparking accusations of corruption.”
More than 400 Americans responded to a Guardian call for their views on Trump’s fortune, expressing outrage, disgust and despair. Gregg Savajian, a 72-year-old veteran living in Washington state, said: “It’s an insult to working-class Americans, obviously a grift,” adding that he was “terrified of our future”.
Elizabeth Warren, the top Democrat on the Senate banking committee, said the figures showed why the US Congress needed to act. “The crypto legislation heading to the Senate floor must prevent the president, vice-president, senior administration officials, members of Congress, and their families from profiting off the crypto industry,” she said. “If it does not, it will only turbocharge Donald Trump’s brazen crypto corruption.”
Juliana Stratton, the Illinois lieutenant governor and a Democratic Senate candidate, wrote on social media that Trump’s “infinite greed is disgusting”, adding: “Donald Trump uses the office of the president to make billions while American families struggle to afford their basic needs.” Gavin Newsom, California’s governor, said the disclosures “showed exactly” how Trump played his crypto cards, noting that many investors had lost out. “He got richer,” said Newsom. “His crypto supporters got rug-pulled.” Minnesota governor Tim Walz, the 2024 Democratic vice-presidential nominee, called Trump “the most corrupt president in American history”.
Trump waved off the scrutiny. Asked about the disclosures on Wednesday, he told reporters: “I made a lot of money before I became president.” He earlier brushed off concerns on CNBC, saying: “I’ve always made money. I’m a business person. I’m a really good business person.” He said his son Eric handles his business matters and: “I don’t talk to him about things such as this.”
Anna Kelly, a White House spokesperson, said: “Neither the president nor his family has ever engaged – or will ever engage – in conflicts of interest.”
Kathe Rhoades, a retired technical writer, said: “Trump cares about two things, and two things only: himself and money.”
The disclosures come as the cost of living continues to rise for ordinary Americans, who contrasted Trump’s billions with their own struggles. In his second term, Trump has invested heavily in digital money, announcing at the start of last year that he wanted the US to be the “crypto capital of the world”. Critics accuse him of selling access to the presidency.