Trump Defends Billions in Crypto Earnings, Citing No Illegality
President Donald Trump has defended his family’s substantial cryptocurrency earnings, asserting that there is “nothing illegal” and “nothing wrong” with businesses generating billions of dollars while he occupies the White House. The comments come just days after new federal financial disclosures revealed the extent of his digital asset holdings and crypto-related income, reigniting debate over the compatibility of a sitting president’s private business interests with public office.
Financial Disclosures Detail Massive Windfall
During a July 2 interview with CNBC’s Joe Kernen at the White House, Trump addressed the significant financial gains highlighted in his annual disclosure. The 927-page document, released by the U.S. Office of Government Ethics, indicated that the president’s income exceeded $2.2 billion in 2025, with a substantial portion derived from cryptocurrency. This included $594 million from World Liberty Financial (WLFI), a decentralized finance (DeFi) venture he co-founded with his sons, and $636 million from the sale of Trump-branded meme coins. Reports also suggest he holds over $50 million in Bitcoin in a cold wallet.
When questioned about his awareness of his family’s crypto activities, the president initially responded, “No,” before quickly amending, “I could know about it. I didn’t, I mean, there’s nothing illegal, there’s nothing wrong with it. I could know.”
Trust Structures and Family Involvement
Trump emphasized that his assets are managed through trusts overseen by his sons, Eric and Donald Jr., as well as by external investment firms with whom he has no direct contact. “I don’t even know who they are,” he stated, adding that he does not discuss investment decisions with his sons. This suggests that nearly any business transaction involving his children could potentially be viewed as a conflict of interest, given the broad scope of presidential policy.
“I tell my kids: stay away from as much as you can stay away from. But they also have a life,” Trump told Kernen.
Crypto as a Strategic Industry
The U.S. president reiterated his stance that cryptocurrency represents a strategic industry that the United States cannot afford to cede to global rivals. “The way I look at crypto is if we’re not going to do it, China’s going to get it,” he said. “It’s a big deal, and anything we do, I want to be number one in, and we’re number one in crypto.”
The White House had previously dismissed allegations of conflict of interest following the disclosure, asserting that Trump and his family have not engaged in conduct that conflicts with the public interest.
Criticisms of Trump’s Crypto Earnings
Despite the White House’s dismissal, prominent Bitcoin critic Peter Schiff remains unconvinced. In a podcast aired on June 3, the economist argued that Trump’s earnings are intrinsically linked to his presidency rather than representing ordinary investment returns. Schiff posited that buyers of Trump-branded tokens were essentially purchasing access and political influence, rather than making conventional investments. Data from CoinGecko indicates that the Official Trump (TRUMP) and Melania Meme (MELANIA) tokens are trading significantly below their peak values, down 97% and 99% respectively, a point Schiff used to support his argument about influence-buying.
“It’s really a way to bribe the president,” Schiff alleged. “You don’t have to give him money directly; just buy his token, because who else would buy the token? It’s a lousy investment.”
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