President Trump recently dodged questions about his family’s cryptocurrency holdings, but strongly voiced his support for the US crypto industry.
Trump’s Crypto Stance
During a White House press briefing, Trump was asked if he’d consider selling off his crypto investments to help pass new digital asset laws. He responded by emphasizing the importance of the US dominating the crypto market, arguing that if the US didn’t lead, China would. He highlighted the industry’s resilience during recent stock market dips and boasted about its job creation potential. He also mentioned his personal involvement in crypto, stating he invested before deciding to run for president again. He downplayed his own investments, focusing instead on the industry’s overall success and its positive impact on the US economy. He reiterated that he believes the crypto industry is vital for the US, concluding with, “If we didn’t have it, China would.”
New Bill Targets Trump’s Crypto Holdings
This comes amidst a proposed bill, the COIN Act, aiming to prevent Trump and his family from profiting from crypto. The bill would ban high-ranking officials and their immediate family members from involvement in crypto for a period before and after their term in office.
Trump’s Crypto Income and Controversy
Recent financial disclosures revealed Trump earned over $57.3 million from the World Liberty Financial (WLFI) DeFi platform. Income from his own memecoin, “Official Trump,” wasn’t included because it launched later. This has sparked concerns, with some arguing that Trump’s crypto holdings could violate laws regarding gifts to government officials. Even Ethereum founder Vitalik Buterin has criticized “political coins” as potential tools for bribery.