Donald Trump has earned more than $1bn from his cryptocurrency businesses since returning to the White House, according to financial disclosures that have sparked outrage among hundreds of Americans who accuse the president of using his office for personal gain.
The 927-page document, released on Tuesday by the US Office of Government Ethics, showed that Trump made more than $2.2bn last year in total from a global network of investments, including real estate, golf resorts, branded merchandise 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.
“Trump earned over $1bn from crypto ventures since returning to office, sparking outrage among Americans.”
The Guardian asked Americans for their views, and more than 400 responded with feelings of outrage, disgust and despair. They contrasted Trump’s billions with everyday struggles as inflation and the cost of living continue to rise.
“It’s an insult to working-class Americans, obviously a grift,” said Gregg Savajian, a 72-year-old veteran living in Washington state. “Trump cares about two things, and two things only: himself and money,” added Kathe Rhoades, a retired technical writer.
Politicians also condemned the president. Elizabeth Warren, the top Democrat on the Senate banking committee, said the figures showed why 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.” Juliana Stratton, the Illinois lieutenant governor, wrote on social media that Trump’s “infinite greed is disgusting”.
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. His crypto supporters got rug-pulled.” Minnesota governor Tim Walz called Trump “the most corrupt president in American history”.
Trump brushed off the concerns. “I’ve always made money. I’m a business person. I’m a really good business person,” he said, adding that his son Eric handles his business matters and “I don’t talk to him about things such as this.” A White House spokesperson, Anna Kelly, said: “Neither the president nor his family has ever engaged – or will ever engage – in conflicts of interest.”