Trump’s Crypto Ventures Raise Ethical Questions Amid Market Struggles

The cryptocurrency ventures associated with former US President Donald Trump have sparked significant ethical concerns, particularly following a sharp decline in the value of his “meme coin” $TRUMP. In late September 2025, the coin fell approximately 8% within five minutes, resulting in a loss of millions in market value. This downturn coincided with a promotional post by Trump on X, where he celebrated the launch of the coin with the phrase, “It’s time to celebrate everything we stand for: WINNING!” Below his message was a graphic urging followers to “FIGHT, FIGHT, FIGHT,” a phrase linked to his political narrative.

Shortly after the announcement of the $TRUMP coin, another cryptocurrency named $MELANIA, inspired by the First Lady, also experienced market challenges. Critics are increasingly voicing concerns that Trump’s cryptocurrency activities are creating a complex ethical landscape, blurring the boundaries between personal profit and public service.

The personal financial benefits Trump may derive from these meme coins remain ambiguous. According to the website gettrumpmemes.com, while the product is endorsed by the former president, it asserts that it is not connected to any political campaign. Notably, the Trump Organization and a company named Fight Fight Fight LLC reportedly own 80% of the coins. Critics, including Democratic Senator Elizabeth Warren, are worried that Trump is leveraging his position to enhance his family’s wealth.

Former ethics adviser to President Barack Obama, Norman Eisen, has labeled Trump’s cryptocurrency business dealings as potentially “the single worst conflict of interest in the modern history of the presidency.” A detailed inquiry by the New York Times highlighted how these transactions have undermined longstanding presidential norms, effectively erasing the line between private enterprise and governmental policy.

In response to ongoing allegations regarding Trump’s financial interests while in office, his assistant press secretary, Anna Kelly, stated that the president’s assets are held in a trust managed by his children, asserting that no conflict of interest exists.

Legislative Efforts to Address Crypto Concerns

In May 2025, Senator Jeff Merkley from Oregon introduced the “End Crypto Corruption Act 2025.” This proposed legislation aims to prohibit the president and other senior officials from issuing, endorsing, or sponsoring cryptocurrencies. While the bill has garnered mostly Democratic support, its chances of passing in the Republican-controlled House and Senate remain slim.

Trump’s cryptocurrency ventures also appear to involve his family. His sons, Donald Trump Jr., Eric Trump, and Barron Trump, founded World Liberty Financial (WLFI) in September 2024, just months before Trump was inaugurated for a second term. Initially listed as its “chief crypto advocate,” Trump’s title on the WLFI website has since changed to “co-founder emeritus,” a shift that the company claims occurred when he took office.

WLFI’s stated mission is to revolutionize finance, making cryptocurrency more accessible. However, critics argue that its establishment presents an opportunity for Trump to financially benefit from his involvement. The launch of WLFI’s token in September 2025 saw it reach a high of approximately $0.40 per coin, significantly increasing the Trump family’s wealth.

Additionally, Eric Trump recently established American Bitcoin, a firm focused on bitcoin mining and strategic acquisitions of the cryptocurrency. Reports indicate that the Trump family’s stake in American Bitcoin could be valued at around $1.5 billion upon its market debut.

Trump’s Evolving Stance on Cryptocurrency

Trump, who once expressed skepticism about cryptocurrencies, stating he was “not a fan” of bitcoin, has shifted dramatically in his views. Just prior to assuming office again, he announced his ambition to position the United States as “the crypto capital of the planet.” His engagement with the cryptocurrency community became apparent when he addressed a packed audience at bitcoin’s annual conference in Nashville in July 2024, marking him as the first major presidential candidate to do so.

As the president, Trump influences the regulatory landscape surrounding cryptocurrencies, an area where his family’s business interests are now deeply entrenched. Reports suggest that the Trump family’s crypto wealth, at least on paper, has surpassed $5 billion, eclipsing his extensive real estate holdings.

The emoluments clauses in the US Constitution were established to protect presidents from corrupt influences and prohibit them from accepting gifts from foreign entities. However, there are growing calls for these clauses to be reviewed and updated.

The implications of Trump’s cryptocurrency dealings are not merely theoretical. In May 2025, a Nasdaq-listed company based in Mexico, Freight Technologies (Fr8Tech), announced plans to raise up to $20 million to acquire $TRUMP meme coins. The CEO of Fr8Tech, Javier Selgas, framed this investment as beneficial for both parties, stating that it would advocate for fair trade between Mexico and the US. By purchasing these meme coins, companies like Fr8Tech could potentially align themselves with Trump’s financial interests while seeking favorable trade considerations.

Concerns regarding the intertwining of political influence and private gain were further exacerbated when Trump hosted a black-tie event at his Virginia club for major holders of the $TRUMP coin.

Trump has positioned himself as the most cryptocurrency-friendly president in US history. In March, he signed an Executive Order to create a national bitcoin strategic reserve, aimed at enhancing US dominance in the digital asset sphere. Additionally, his appointed crypto czar, David Sacks, has made significant strides in establishing regulatory frameworks for cryptocurrencies. Under Trump’s administration, the US Securities and Exchange Commission has adopted a more favorable stance towards crypto, reversing the more cautious approach that characterized the Biden administration.

While the Trump family’s financial gains from cryptocurrency investments are notable, the ramifications of his actions could lead to significant scrutiny. Should Democrats gain control of the House of Representatives in the 2026 midterm elections, they may utilize this moment to investigate the president’s cryptocurrency entanglements and further highlight concerns over conflicts of interest.