“No One Cares—I’m Allowed To Do This”: AP’s In-Depth Investigation into the Trump Family’s Cryptocurrency Interests
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“No One Cares—I’m Allowed To Do This”: AP’s In-Depth Investigation into the Trump Family’s Cryptocurrency Interests
According to Forbes’ estimates, Trump’s net worth has surged 60% to $6.3 billion.
Navigating Web3 tides with focused insightsBy: The Associated Press
Translated by: TechFlow
TechFlow Digest: The Associated Press published an in-depth investigative report mapping out the Trump family’s cryptocurrency business empire during the president’s second term. From the governance token sale of World Liberty Financial to meme coins and the listing of American Bitcoin, from a $500 million investment by the United Arab Emirates to the presidential pardon granted to Binance founder Changpeng Zhao (CZ), the report meticulously dissects how the president’s family has converted political power into unprecedented commercial gain—ostensibly within a “legal and compliant” framework. Forbes estimates Trump’s net worth has surged 60% to $6.3 billion.
For decades, U.S. presidents have deliberately avoided any appearance of profiting from their office.
Harry Truman refused to license his name for any commercial venture after leaving office. Richard Nixon, concerned that his brothers might exploit his presidency for personal gain, even authorized wiretaps on them. George W. Bush liquidated his personal stock holdings before entering the White House.
Trump chose a different path.
This century-old family real estate firm is undergoing its fastest overseas expansion since its founding—each deal potentially influencing major policy decisions, including tariffs and military aid.
Under the leadership of Eric and Donald Jr., the Trump family has extended its reach into the cryptocurrency space, generating billions of dollars in revenue—but also raising a central question: Have certain large investors received preferential treatment in policymaking?
The two brothers have also joined or invested in multiple companies seeking federal government contracts. Last month, they acquired multi-million-dollar stakes in an armed drone manufacturer currently bidding on Pentagon contracts—and simultaneously marketing its products to Gulf states reliant on U.S. military protection and vulnerable to Iranian attacks. The U.S. military’s top commander? Their father.
The White House and the Trump Organization deny any ethical concerns. When asked about this at a recent crypto conference, Donald Jr. said: “Frankly, I’m tired of hearing this question.”
Conflicts of interest have existed since Trump’s first presidential campaign a decade ago—but ethics experts and historians agree that in his second term, both the volume and nature of those conflicts have reached unprecedented levels.
Julian Zelizer, Princeton University historian of the American presidency, said: “I believe there is now no boundary whatsoever between policy decisions, political considerations, and the Trump family’s financial interests.”
Overseas Deals Surge
During Trump’s first term, the Trump Organization completed zero overseas deals. In just over a year into his second term, it has signed eight. On the surface, all comply with the Trump Organization’s self-imposed rule: no direct business with foreign governments.
Yet in authoritarian and one-party states, governments rarely truly “step back”—especially when the business belongs to a sitting president.
In Qatar, one of the developers behind a Trump golf club and villa project is a company owned by the Qatari government. In Vietnam, according to The New York Times, the government displaced farmers from their land to clear space for a Trump resort; the country’s deputy prime minister signed the agreement in person. In Saudi Arabia, the planned “Trump Plaza” resort on the Red Sea coast is being built by a Saudi real estate developer closely tied to the royal family.
Whether these deals influenced U.S. policy remains nearly impossible to verify. But the facts are clear: each of these countries received what it sought—Qatar gained access to advanced U.S. technology, Vietnam secured tariff reductions, and Saudi Arabia acquired fighter jets.
The Trump Organization, in turn, got what it wanted: tens of millions of dollars in fees.
When asked about these projects, the Trump Organization stated it has signed no contracts with any foreign government, calling its Saudi partner a private company and its Qatari arrangement a “cooperation”—not a “partnership”—and therefore not a violation of its internal rules.
UAE, Crypto, and Binance
Another transaction sparking conflict-of-interest concerns was exposed by The Wall Street Journal in January this year—though it was actually signed a year earlier.
Days before Trump’s inauguration, the Trump family sold nearly half its stake in World Liberty Financial to a UAE-linked company operated by a member of the UAE royal family—for $500 million.
Separately, a UAE sovereign wealth fund used stablecoins issued by World Liberty to invest $2 billion into the offshore crypto exchange Binance. The Trump-affiliated company receiving those U.S. dollars can then deploy the funds into safe assets like bonds or money market funds—earning tens of millions of dollars annually in interest.
Shortly thereafter, the Trump administration lifted Biden-era restrictions, approving UAE access to advanced U.S. semiconductor chips. Binance founder Changpeng Zhao (CZ) also received a presidential pardon from Trump—even though he had already pleaded guilty to failing to prevent criminals from using his platform to move funds linked to child sexual abuse, drug trafficking, and terrorism.
CZ’s attorney, Teresa Goody Guillen, denied any link between Binance’s business dealings with the Trump family and the pardon, stating: “Any suggestion that Binance or CZ engaged in quid pro quo or received preferential treatment is a blatant distortion of the public record.”
In response to questions about the pardon, the White House said federal authorities’ punishment of CZ was part of “the Biden administration’s crackdown on the crypto industry.”
World Liberty denies any conflict of interest, asserting the UAE deal is unrelated to the president’s chip policy.
Crypto Ventures Generate Billions
World Liberty also generated additional revenue for a newly formed limited liability company under Trump’s control by selling “governance tokens.” These tokens grant holders voting rights—but no equity. Token sales last year totaled $2 billion. Through equity stakes and a separate revenue-sharing agreement, the Trump family earned hundreds of millions of dollars.
One major buyer was crypto billionaire Justin Sun. As a foreign national, U.S. law prohibits him from making political contributions to American politicians. Yet between Trump’s election and inauguration, Sun spent $75 million purchasing governance tokens.
Last February, a federal lawsuit accusing Sun of defrauding investors was suspended; it settled last month for a $10 million fine.
Then there were the meme coins bearing Trump’s likeness, launched just days before his inauguration.
Within four months of launch, these meme coins generated $320 million in revenue, according to blockchain analytics firm Chainalysis—with most flowing to Trump-affiliated entities. That figure exceeds the four-year revenue of the Trump International Hotel in Washington, D.C., during Trump’s first term—by more than double.
Unlike lobbyists or campaign donors who seek influence over the president, meme coin buyers can remain anonymous. Sun is among the few publicly identified purchasers—he spent $200 million on meme coins and thereby qualified for a private dinner hosted by Trump for top buyers.
Another family crypto venture, American Bitcoin, went public last September. At the time, Donald Jr. and Eric saw roughly $1 billion added to their paper wealth. A few months earlier, Trump announced plans to establish a national Bitcoin reserve—sparking a surge in Bitcoin’s price to an all-time high.
The Trump family’s crypto ventures are not immune to market volatility. Bitcoin and other digital tokens subsequently plunged sharply. American Bitcoin’s stock price and the value of Trump’s meme coins both collapsed by 90% from their peaks.
Last month, Trump announced another dinner with new major meme coin holders—prompting a brief price rally before another steep decline.
Timothy Naftali, a Columbia University historian, said: “The restraints that still existed during the first term appear to have vanished entirely. Do you really want future presidents to open the door to whoever bids the highest?”
Trump Believes No One Cares
In response to AP’s interview request, the White House stated Trump acts “in accordance with ethical standards,” and any contrary implication is either “ill-informed” or “malicious.” It reiterated that Trump’s assets are held in a trust managed by his children—and that he “does not participate” in family business transactions.
Spokeswoman Anna Kelly said: “There is no conflict of interest.”
The Trump Organization separately issued a statement declaring itself “fully compliant with all applicable ethics and conflict-of-interest laws,” adding that claims “politics made the Trump family rich” are “baseless.”
In January, Trump told The New York Times: “I found that nobody cares—and I’m allowed to do it.” He was referring to the presidential exemption from federal regulations prohibiting federal officials from holding ownership stakes in businesses affected by their own policies.
He may be right—but American attitudes appear to be shifting, even among Republican voters. A Pew Research Center poll from January this year found only 42% of Republican voters trust Trump’s ethical conduct while in office—a sharp drop from 55% at the start of his second term one year earlier.
Wealth Reversal
Forbes estimates Trump’s current net worth stands at $6.3 billion—up 60% since his return to the White House. Given the Trump Organization’s prior struggles, the scale of this growth is striking.
The Trump International Hotel in Washington, D.C., never turned a profit before it was sold. During Trump’s first term, two mid-market Trump hotel brands closed due to weak demand. Several apartment buildings removed “Trump” from their facades after discovering the brand did not attract buyers—but instead drove them away.
In his second term, no new U.S. apartment projects bear the Trump name. Yet in Washington—a city saturated with federal government activity—the name carries immense value.
Trump’s eldest son, Donald Jr., opened a private club in Georgetown, Washington, D.C., charging a $500,000 initiation fee.
A similarly priced membership at the Yellowstone Club offers access to multiple resorts, 50 ski runs, and over a dozen restaurants—its members-only area covering an area equivalent to Manhattan itself.
Donald Jr.’s club occupies the basement of a building—and offers something else: proximity to power.
The club is named “Executive Branch.”
Bibles, Guitars, and Sneakers
Other presidents and their families have faced controversy over profiting from office.
Hunter Biden served as a board member of a Ukrainian gas company while his father was vice president. The Clinton Foundation accepted foreign donations—but only after Bill Clinton left office. President Jimmy Carter’s brother Billy leveraged the family name to sell beer.
Trump’s case is distinct: the president himself personally promotes products—including a $59.99 “God Bless America” Bible, $399 sneakers emblazoned with “Never Surrender,” and a $11,500 electric guitar signed by the president (shipping not included).
New Year, New Profits
Into its second year, momentum continues.
In January, the Trump Organization announced its third deal with Saudi Arabia in under a year. This time, the partner is even more directly tied to the government—it is owned by the Saudi Public Investment Fund (PIF), chaired by Crown Prince Mohammed bin Salman. When AP pressed Riyadh on whether the Trump mansion, hotel, and golf course project on the city’s outskirts violates the organization’s pledge not to do business with foreign governments, the Trump Organization replied it does “not conduct business with any government entity”—but declined to comment specifically on the project.
Meanwhile, as the brothers’ new drone company bids on Pentagon contracts, other government contractors in which they hold equity are receiving tens of millions of dollars in new taxpayer funding. Government contract records show these include a rocket engine manufacturer, an AI chip supplier, and a data analytics firm.
When asked about potential conflicts arising from the drone deal, Eric said: “I am incredibly proud to invest in companies I believe in.” Donald Jr.’s spokesperson said he would not engage with government on behalf of portfolio companies—and added: “It’s frankly absurd and ridiculous to expect him to stop living and earning a livelihood—or stop providing for his five children—simply because his father is president.”
Last year, the brothers also joined a new investment firm as advisors. The firm raised $345 million through an IPO to acquire stakes in companies aimed at helping their father revive U.S. manufacturing. After AP questioned Trump’s chief commercial counsel about a passage in the prospectus stating the firm would “target companies seeking federal grants, tax credits, and government contracts,” the counsel filed an amended document with that language removed.
Zelizer, the Princeton historian, expects future presidents will exercise greater restraint in self-enrichment—but worries about the signal Trump has sent.
He said: “He has politically proven that you can make money off power without paying any price. You know you can get away with it.”
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