President Donald Trump called cryptocurrency 'powerful' at the July 6 launch of tax-advantaged investment accounts for children. He distanced himself from his family's digital-asset businesses, saying 'I let my kids do whatever the hell they do… I don't talk to them ever about it' and that there was 'nothing illegal' about their activity. The comments came as bipartisan lawmakers negotiate ethics rules limiting how federal officials profit from digital assets while in office, amid growing scrutiny of the overlap between the administration's crypto policy and the president's family interests.
Trump Defends Family Crypto Ventures at July 6 Event
Speaking at the event for the 'Trump accounts,' which do not themselves include cryptocurrency, Trump said he had 'got involved in it a little bit for politics' because many voters supported the industry. Pressed on his family's ventures, he said, 'I let my kids do whatever the hell they do… I don't talk to them ever about it,' and, referring to the family-linked platform World Liberty Financial, added there was 'nothing illegal, there's nothing wrong with it.' The president called himself a 'big crypto guy' during the launch.
Forbes Reports Family Ventures Generated US$1.9 Billion
Trump-linked ventures, including World Liberty Financial's $WLFI token and memecoins tied to the president and Melania Trump, reportedly generated large cash flows in his second term. Forbes reported the family cashed out roughly US$1.9 billion across the projects, and estimated that retail investors lost about US$7 billion in the same vehicles. Office of Government Ethics disclosures have tied substantial cryptocurrency holdings to World Liberty Financial, though the figures are difficult to pin down and mix token valuations with realised proceeds. The president has repeatedly said his children run the ventures independently and that he takes no part in the decisions.
Bipartisan Lawmakers Negotiate Ethics Rules for Federal Officials
Bipartisan lawmakers are negotiating ethics rules limiting how federal officials profit from digital assets while in office. The negotiations come amid scrutiny of the overlap between the administration's crypto policy and the president's family interests.
FAQ
What did Trump say about cryptocurrency at the July 6 event?
Trump described cryptocurrency as 'powerful' and called himself a 'big crypto guy' at the July 6 launch of tax-advantaged investment accounts for children. He said he 'got involved in it a little bit for politics' because many voters supported the industry.
How much did Trump's family ventures reportedly generate according to Forbes?
Forbes reported the Trump family cashed out roughly US$1.9 billion across crypto projects including World Liberty Financial's $WLFI token and memecoins tied to the president and Melania Trump. Forbes estimated that retail investors lost about US$7 billion in the same vehicles.
What ethics rules are lawmakers negotiating?
Bipartisan lawmakers are negotiating ethics rules limiting how federal officials profit from digital assets while in office, amid scrutiny of the overlap between the administration's crypto policy and the president's family interests.
