Donald Trump Aims to Make the U.S. the Global Crypto Hub as His Business Empire Leverages the Boom
By Declan Harty | POLITICO | January 29, 2026
WASHINGTON — Former real estate magnate, reality TV star, and current U.S. president Donald Trump is carving out a new identity: cryptocurrency tycoon. As he embarks on his second year back in the White House, a significant portion of his fortune is increasingly tied to the burgeoning crypto sector — a market his administration has considerable influence over.
Trump’s Business Expansion into Cryptocurrency
Historically, U.S. presidents have distanced themselves from their private businesses while in office. However, over the past year, Donald Trump, along with his family and business partners, has challenged this norm by backing a suite of cryptocurrency startups and ventures. These initiatives have collectively boosted Trump’s assets by an estimated $1 billion, according to multiple reports.
One standout aspect of this expansion is the trading of crypto tokens bearing the Trump and Melania brands — memecoins that have generated hundreds of millions of dollars in transaction fees benefiting the Trump family and their associates. Trump’s media company, Trump Media & Technology Group (the parent company of Truth Social), announced last year plans to accumulate crypto tokens as part of its asset portfolio. Meanwhile, World Liberty Financial, a crypto venture backed by Trump, is actively securing deals both internationally and domestically, rapidly growing its crypto footprint.
Potential Ethical Concerns: A National Trust Bank Application
World Liberty Financial recently submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to launch a federally regulated national trust bank. If approved, this institution would have authority over the issuance of World Liberty’s stablecoin, USD1, and control billions of dollars in customer assets backing it. Stablecoins, digital tokens typically pegged to the U.S. dollar, are the bedrock of much crypto activity.
This development raises conflict-of-interest questions since the bank would operate under the oversight of a federal regulator appointed by the president whose family holds a substantial stake in the company. An OCC review, which the regulator says follows stringent and apolitical standards, is underway.
Corey Frayer, a former Securities and Exchange Commission (SEC) official, expressed concerns about the implications: “A bank is a fundamentally different kind of business that really can only function with the explicit approval of the government. This is a pretty straightforward smash-and-grab while the president has control over economic and regulatory policy.”
A spokesperson from World Liberty emphasized that the banking application would subject the company to increased regulation and consumer protections consistent with federal standards. They also noted that the Trump family holds a nonvoting interest with no day-to-day operational control. The OCC already extended similar conditional charters to five other crypto companies last December.
However, resistance is mounting on Capitol Hill. Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, has called on the OCC to halt its review of World Liberty’s application until the president divests all financial conflicts of interest involving his family and the company. Comptroller Jonathan Gould has declined to act on this request.
Trump Family’s Substantial Involvement
World Liberty’s holding company is approximately 38% owned by an entity affiliated with Donald Trump and his family, according to the company’s website. Trump is listed as a co-founder emeritus, with his sons Donald Jr., Eric, and Barron named as co-founders. The proposed bank would be led by Zach Witkoff, another co-founder and son of White House envoy Steve Witkoff.
The OCC stated that its review process “is inherently apolitical” and entails rigorous evaluation to ensure applicants meet statutory standards for safety and soundness. Currently, the digital assets backing USD1 are safeguarded by another OCC-supervised crypto company.
Political and Public Responses
White House Press Secretary Karoline Leavitt dismissed allegations of conflicts of interest as unfounded and a product of “media’s continued attempts to fabricate conflicts of interest,” which she criticized as harmful to public trust in journalism.
Ethics experts note there is no legal evidence suggesting that the president or his family have violated laws. A source close to the Trump Organization underscored that it operates independently from the White House, following internal ethics guidelines overseen by an independent adviser to avoid any appearance of impropriety.
Nonetheless, critics remain wary. Senator Chris Murphy (D-CT), a vocal Trump opponent, remarked, “A lot of voters priced in the fact that he was going to keep making money while in the White House,” but expressed concern about the blurring lines between Trump’s business interests and national policy.
Trump, for his part, defended his stance in a recent interview with The New York Times, saying, “I found out that nobody cared. I’m allowed to. I prohibited them from doing business in my first term, and I got absolutely no credit for it.”
Regulatory Shifts and Industry Reaction
Under the Trump administration, regulatory pressure on the crypto industry has noticeably eased. The SEC dropped several prominent lawsuits against major players such as Coinbase, Binance, and Kraken. It also paused a fraud case against Justin Sun, a significant investor in the Trump memecoin.
Additionally, Trump pardoned Binance founder Changpeng Zhao, who had served prison time on money laundering-related charges. The pardon occurred shortly after a substantial $2 billion investment from an Abu Dhabi fund utilizing World Liberty’s stablecoin.
Legislation championed by the Trump administration has introduced crypto-friendly measures to mainstream stablecoins, further encouraging industry growth. Many crypto executives view this as a welcome departure from the aggressive regulatory scrutiny under previous administrations.
Still, some Republicans express unease about the optics of Trump’s crypto involvement. Senator Cynthia Lummis (R-WY), a long-time crypto advocate, reportedly expressed reservations about a planned investor dinner for the $TRUMP token.
Looking Ahead: Political Battles and Industry Uncertainties
Democrats are pushing for strengthened conflict-of-interest safeguards concerning the presidency, especially in pending crypto legislation, though no consensus with Republicans or the White House has yet materialized.
Some observers anticipate that the most effective oversight may emerge if Democrats regain control of the House or Senate in the upcoming midterms.
Senator Murphy suggested that a Democratic-controlled Congress could launch “endless investigations” to scrutinize Trump’s financial dealings more thoroughly. Industry insiders, speaking off the record, caution that a shift in congressional power may usher in heightened regulatory scrutiny on digital assets.
For now, Trump leverages his business acumen and political influence to solidify the United States’ position as a global leader in cryptocurrency—a bold bet that continues to reshape his public persona and financial portfolio.
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