Trump's Crypto Empire Exploits Senate Loophole
President Donald Trump's family crypto company has been making waves in the Senate, and it's not just about the money. The CLARITY Act aims to regulate cryptocurrency, but its ethics rules leave room for presidential side hustles.
The bill prohibits officials from issuing or sponsoring cryptocurrencies for pay while in office, but a loophole allows coins using the president's name before inauguration to continue minting and selling new coins after he sells or puts his holdings in a blind trust. This definition covers coins and large equity stakes, but not Trump's licensing agreement, which pays him when his name is used to sell coins.
In August, Trump hosted a meeting with executives from World Liberty Financial, the Trump family's crypto company, Coinbase, Kraken, and regulators in the Roosevelt Room. He then led the group into the Oval Office, saying 'We're going to show them a real office.' The meeting was seen as a brazen display of Trump's influence.
According to disclosure records, Trump reported more than $1.4 billion in crypto income last year, including $635 million from his meme coin. Senate staff followed the money and found that the transaction is simple: Trump's name sells the coins, and the proceeds end up in a trust for him alone.