According to a new report, US President Donald Trump's cryptocurrency dealings have increased his family's wealth by billions over the past six months, amid his administration's continued easing of the federal government's regulatory approach to the digital currency industry as a whole, UNN reports, citing CBS News.
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State Democracy Defenders Action estimates in a new report that the US President's crypto assets now account for nearly 40% of his net worth - or approximately $2.9 billion. This increase is partly due to his release of the meme coins $TRUMP and $MELANIA, as well as a large stake in World Liberty Financial, a crypto exchange linked to the Trump family that was launched in October 2024, the publication points out.
State Democracy Defenders Action positions itself as a nonpartisan organization, but it is controlled by persistent critics of President Trump, and its program focuses on "the autocratic threat to our nation," the publication writes.
The US President's net worth is expected to increase again, as World Liberty Financial announced this week that an Abu Dhabi-backed firm will invest billions of dollars in a crypto fund linked to the Trump family. Emirates firm MGX will acquire a stablecoin product offered by World Liberty for $2 billion, the company said in a statement to CBS. The currency, called "USD1," will then be used for investment in Binance, one of the world's largest cryptocurrency exchanges.
Abu Dhabi's MGX Invested $2 Billion in Crypto Investments in Binance13.03.25, 08:47 • [views_15678]
World Liberty is reportedly linked to the president and his sons. The fine print on the company's website indicates that an organization linked to Trump and members of his family owns 60% of the company's shares, the publication writes.
According to public company reports, the Trump family organization also owns 22.5 billion $WLF tokens and receives an additional 75% of net income from future token purchases.
Details of the MGX deal were not released, so it is unclear how the Trump family will benefit from the deal.
In a statement to CBS News, World Liberty said the deal is the "largest investment in a crypto company in history" and sets a "historic precedent." The company did not respond to questions about how much the Trump family will receive from the investment.
The White House responded to a request for comment by asking CBS News to "report on what really concerns people." A spokesman provided links to several White House technology initiatives.
Amid the US president's increased investment in cryptocurrency, the US Securities and Exchange Commission has reportedly "suspended investigations into a dozen crypto companies since his inauguration," according to a CBS News analysis.