Donald Trump claims his crypto riches are not illegal. | Source: CCN.
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Key Takeaways
Trump defended his $1.4 billion crypto fortune.
The TRUMP memecoin has lost roughly 97% of its value since peaking after launch.
Critics say Trump’s crypto wealth could complicate crypto legislation.
US President Donald Trump defended more than $1.4 billion in crypto-related wealth disclosed in his latest financial filings on Thursday, saying there was “nothing illegal” about his holdings and that he didn’t know how much he had.
The comments come as investors in his official TRUMP memecoin have seen the token lose roughly 97% of its value since launch.
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Asked by CNBC’s Joe Kernen whether he was aware of the scale of his family’s crypto business while serving as president, Trump defended the legality of his crypto interests.
$236.3 million from World Liberty Financial token sale
$197 million tied to the USD1 stablecoin venture
$65.6 million from Trump’s stake in World Liberty Financial
It also disclosed two Bitcoin cold wallets valued at more than $50 million each, alongside roughly $1.8 million in Ethereum staking rewards.
Trump argued his support for crypto was driven by US competitiveness rather than personal financial gain.
“The way I look at crypto is… if we’re not going to do it, China is going to get it,” he said.
Adding: “It’s a big deal… and anything we do, I want to be number one.”
TRUMP Memecoin Has Lost About 97% of Its Value
Trump’s comments came as the president’s official TRUMP memecoin remains far below the valuation it reached shortly after launching ahead of his second inauguration.
According to CNN, the token briefly reached a market capitalization of around $15 billion before falling to roughly $400 million, representing a decline of about 97%.
Despite those losses for many investors, CNN reported that Trump’s businesses generated substantial revenue from the project through transaction fees, licensing arrangements and token sales.
The network reported that Trump Organization affiliates CIC Digital and Fight Fight Fight LLC control roughly 80% of the token supply.
Meanwhile, Trump and affiliated businesses earned hundreds of millions of dollars through crypto-related ventures including such as the memecoin and World Liberty Financial.
Large investors also purchased significant amounts of the token to gain access to Trump, including through a private dinner and a VIP reception.
Former White House Lawyer Calls Crypto Activities ‘Corruption’
Trump’s crypto business has continued to draw criticism from ethics experts and former administration officials.
Speaking to CNN, former Trump White House lawyer Ty Cobb questioned whether the president’s crypto activities were consistent with the Constitution’s Emoluments Clause.
“I don’t believe so,” Cobb said when asked whether he believed the arrangements were legal.
“Certainly, I don’t think it was contemplated by the founders when they created the Emoluments Clause.”
Cobb added that Trump was “somebody who every day is devoted to the accumulation of wealth and power” and described recent developments as “the greatest onslaught of corruption in the history of mankind in the last 18 months.”
The White House has previously defended Trump’s financial disclosures and said the President complies with applicable ethics requirements.
The disclosures also arrive as the Senate continues debating the CLARITY Act, legislation designed to establish a regulatory framework for digital assets.
Some industry participants have argued the timing could complicate the bill’s prospects.
Thinking Crypto founder Tony Edward said the disclosures could strengthen Democrats seeking to delay or oppose the legislation on ethics ground.
Meanwhile, SkyBridge Capital founder Anthony Scaramucci said Trump’s crypto interests could become “one of the main reasons” cited if the bill fails to pass.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
