Trump Defends $1.4 Billion in Crypto Earnings as Allies Question Family Profits
Updated
Updated · Gizmodo · Jul 6
Trump Defends $1.4 Billion in Crypto Earnings as Allies Question Family Profits
3 articles · Updated · Gizmodo · Jul 6
Summary
Trump used Oval Office questions Monday to justify crypto ventures that generated $1.4 billion of his $2.2 billion 2025 income, saying he backs the industry to keep China from dominating it.
His defense came after disclosures showed profits from the $TRUMP memecoin and World Liberty Financial, the crypto firm co-founded by his sons, whom he said run the businesses without discussing them with him.
Scrutiny has widened beyond Democrats: the Wall Street Journal editorial board called the dealings "honest graft," and Fox News aired a segment labeling the Trump family operation the "biggest grift of all times."
The financial fallout is uneven — Trump reportedly made $800 million from the memecoin while buyers collectively lost $3.8 billion, according to a New York Times tally.
Monday's appearance also underscored how Trump's remarks can move markets: Dell shares jumped 8% after he urged people to buy its computers, and ethics filings show he bought $1 million to $5 million of Dell stock in February.