President Donald Trump, along with his family, is reportedly making billions off of cryptocurrency, according to a report by the non-profit organization “State Democracy Defenders Action.” This self-described “anti-autocracy” organization led by President Trump’s critics alleges that around 40% of Trump’s net worth, estimated at $7.2 billion, is linked to digital assets for approximately $2.9 billion.
Sources of Crypto Fortune
As the report suggests, the Trump family’s crypto-cashing comes from parties acting on behalf of the Trump family. A considerable chunk was earned through Trump’s personal memecoins, Official Trump and Melania Meme. Furthermore, a large share is claimed to stem from the family’s stake in World Liberty Financial (WLFI), which has been described as a Trump-affiliated crypto exchange that was reportedly created in 2024.
Major Foreign Investment
The report claims that due to planned foreign investment, the Trump family’s crypto portfolio could significantly enhance over time. World Liberty Financial revealed earlier this week that MGX, allegedly loyal to Abu Dhabi, is reportedly set to put $2 billion into the Trump-linked exchange. This claimed investment is said to come in the form of WLFI’s new stablecoin, USD1.
During a Token2049 conference on May 1, a report surfaced stating that World Liberty Financial’s co-founder Zach Witkoff confirmed the decision to use USD1 as the stablecoin for MGX investments into Binance.
Proximity to Trump Matters
The report hints that proximity to President Trump has importance for the operations of World Liberty Financial. A family-affiliated entity owns 60 percent of the company along with 22.5 billion $WLF tokens, according to World Liberty’s website.
Key Figures and Potential Conflicts
Other associates of the family of former President Trump are said to be part of the same group as well. Reportedly, Trump’s White House Crypto Czar David Sacks stands to gain from the custodial contract with BitGo for the USD1 stablecoin, a company that he is said to still own shares of. As the report from the State Democracy Defenders Action cites, Sacks was alleged to have been granted a conflict of interest exemption from the White House Counsel on March 5, allowing him to hold a stake in BitGo. Former Trump Middle East Envoy Steven Witkoff is also reported to be one of the co-founders of WLFI with the president’s two sons, although the specifics of their financial involvement are alleged to be hazy.
Investor and Revenue Share
Justin Sun, a prominent name in the crypto sector, is also claimed to take part in the organization. Reportedly, he was the first to buy $30 million worth of $WLFI. Just a few weeks after Trump won the 2024 elections.
According to reports, that purchase enabled a company affiliated with Trump, DT Marks DEFI, to receive ‘75% of the net protocol revenues.’ It goes on to clarify how much the MGX deal will profit Trump directly, but it does reason he ‘a lot’ feels like a safe bet.
Increased Worries
The report brings into focus the fact that as Trump’s digital asset empire expands, there is concern for the lack of scrutiny surrounding possible conflicts of interest. It intimates that his regime has, over time, softened control over the digital asset space, describing what is termed as crypto cronyism.
SEC Enforcement Context
The report situates these events in the backdrop of the former Trump administration’s U.S. Securities and Exchange Commission (SEC). It notes that the SEC appears to have relaxed many lawsuits and investigations involving crypto and blockchain firms, citing examples such as Dragonchain, Coinbase, Gemini, Uniswap, and Ripple.
Strategy Critique
The report apparently did not have very kind words for the president’s strategy on crypto policy. It argues that there is just as likely to be an explanation for this strategy in terms of concentration—in the case of wealth, power, or even augmented access to and inclusion in Mar-a-Lago’s dinner. The report of State Democracy Defenders Action offers an assessment stating that the Trump family’s financial interests and associations with crypto business raise serious concerns in relation to conflict of interests and governance of digital assets.
