As questions swirl over Donald Trump’s reported $1.4 billion crypto earnings, Treasury Secretary Scott Bessent is coming to the president’s defense over potential ethics concerns. The 63-year-old government official said, “I don’t think there’s an appearance problem.”
Scott Bessent said Trump’s cryptocurrency profits should not be viewed as an ethical conflict because his assets are managed through existing legal structures
Financial disclosures indicate that Trump has earned roughly $1.4 billion from cryptocurrency ventures since beginning his second term. The total includes earnings from his TRUMP meme coin, and over $526.8 million from World Liberty Financial, the crypto company he launched with his sons, Donald Trump Jr. and Eric Trump, in 2024, reports The Hill.
Bessent said the growth is part of a broader technology agenda. During an exclusive interview with CBS News on July 2, Bessent said, “This is an [innovative] presidency. So whether it’s digital access, whether it’s AI, whether it’s everything that is going on in the tech ecosystem, you know, all Americans are benefiting from that.”
Trump has faced widespread scrutiny over claims he has used his office for personal financial gain. Democrats are seeking an ethics provision that would restrict government officials from financially benefiting from cryptocurrency ventures they promote or support, reports Roll Call.
Senator Angela Alsobrooks of Maryland raised concerns about Trump’s financial disclosure in a statement on July 1, accusing the president and his family of being “the most corrupt we’ve ever seen in the White House.” She pointed to issues including “planes, pardons, falsifying business records, and now crypto.” She said ethics rules remain a key part of negotiations over the crypto bill and should apply to all top government officials. On the other hand, the White House dismissed concerns, with spokesperson Anna Kelly telling CBS News that the disclosure raised “no conflicts of interest.”
As per OK! Magazine, Trump’s crypto earnings have now surpassed much of the revenue from his real estate business. According to Forbes, Trump’s net worth has grown from $2.3 billion in 2024 to an estimated $6.5 billion.
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Originally reported by Meenakshi Sengupta for Mandatory
