Is it appropriate for US presidents to use the office to launch personal businesses?
From news reports:
In April, The New York Times broke the story that President Donald Trump’s daughter and son-in-law are negotiating a luxury hotel with Syrian billionaires who are simultaneously lobbying the president to lift economic sanctions on their country.
In 2024, the Trump family launched a crypto company called World Liberty Financial. Trump is listed as a “co-founder emeritus.” By December of 2025, they had profited roughly $1 billion from proceeds while holding $3 billion in unsold cryptocurrency tokens, amassing a fortune larger than their entire real estate portfolio. At the same time the president was pushing his family’s new crypto venture, he was cutting crypto regulation, touting the potential of private digital currencies to help the U.S. economy, and promising to unleash the industry he and his family were simultaneously profiting from.
But the president wasn’t only directly making money in an industry he was deregulating; the Trumps benefitted through intermediaries, too. Last summer, World Liberty Financial bought a publicly listed firm and raised $750 million from investors to buy its own cryptocurrency, WLFI. The Wall Street Journal tepidly described this setup as an “unusually circular transaction with the same party as buyer and seller” that could net the Trump family an additional $500 million.
Essentially, the Trump family launched a cryptocurrency firm while deregulating the crypto industry, then bought a separate firm that it used to buy its own cryptocurrency while also raising three quarters of a billion dollars from investors to buy that same cryptocurrency.