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President Trump pushes new crypto rules amid scrutiny over his own financial interests
A new poll highlights concerns over President Trump’s cryptocurrency earnings as his administration pushes regulations for the industry, raising ethical and legal questions.
President Trump hosted cryptocurrency and prediction market executives at the White House Wednesday as his administration works to establish regulations for the fast-growing industry, amid scrutiny over his family’s significant financial gains in the sector.
A rly two-thirds of Americans believe it is inappropriate for Trump and his family to profit from cryptocurrency while he is in office, including 3 in 10 Republicans
Inside the White House, Trump addressed the importance of creating clear rules for the industry.
“That’s why we’re focused on creating a clear regulatory framework for pioneers and builders like the people that are with me here,” Trump said.
White House disclosure forms show that last year, Trump earned nearly $1.5 billion from cryptocurrency investments. His holdings include $800 million from World Liberty Financial and $635 million from Trump Meme Coin. Just five days ago, a federal regulator conditionally approved World Liberty Financial to open a national trust bank.
Richard Painter, former chief ethics lawyer for President George W. Bush, expressed concerns about the overlap between the president’s public duties and private financial interests.
“There is surely a conflict of interest when the president of the United States has substantial investments in an industry that is regulated by the executive branch,” Painter said.
Painter explained that federal conflict of interest laws apply to everyone in the executive branch except the president and vice president. He suggested two ways for President Trump to address the issue.
“One is to divest himself and his family from the cryptocurrency industry. The second alternative is to turn over all decision-making in the White House about the cryptocurrency industry to other people,” Painter said.
The White House stated that “there are no conflicts of interest,” adding that the president’s investments are managed by independent third parties and that he “only acts in the best interests of the American public.” Trump has previously said he does not involve himself in his family’s day-to-day business operations.
During the event, Trump urged Congress to pass the Clarity Act, which would establish a broader regulatory framework for digital assets. He also highlighted his administration’s “Project Crypto” initiative to modernize financial rules for blockchain technology.
Separately, the president’s longtime teleprompter operator, Gabriel Perez, is reportedly under investigation by the Commodity Futures Trading Commission for potential insider trading on the prediction market Kalshi. Investigators are examining allegations that Perez used advance knowledge of the president’s speeches to place trades. Perez was initially placed on unpaid leave and no longer works for the federal government.
Earlier this year, the White House warned staff that using nonpublic government information to bet on prediction markets could be a criminal offense.
The White House did not respond to questions about whether Trump has recused himself from cryptocurrency policy decisions due to his family’s financial interests.
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Source: www.gulfcoastnewsnow.com