Crypto Kingpin: Trump’s Dangerous Gamble with America’s Economy

Inside the Former Skeptic's Dangerous New Financial Frontier

Wealth has always been Donald Trump’s greatest conquest—and his riskiest obsession. His decades-long relationship with traditional finance, particularly his infamous entanglements with institutions like Deutsche Bank, revealed a relentless quest to leverage wealth while evading scrutiny. But Trump has recently turned his attention to a different kind of financial frontier: cryptocurrency. Understanding its potential to operate beneath the government's radar, Trump is aggressively championing crypto deregulation under his administration. Yet, as always, his motives remain clear: Trump’s push to deregulate crypto isn't driven by innovation or public benefit—it's rooted firmly in his most consistent priority, serving himself.

In a dramatic about-face from his earlier skepticism, Donald J. Trump spent 2024 and early 2025 assembling a personal crypto empire that has intertwined his business interests with the powers of the presidency (Fox8live). This investigation explores Trump’s ventures in digital assets, the policy moves under his (once-again) administration, the roles of his family and inner circle, international crypto dealings, and the ethical storms brewing around it all.

From Skeptic to Crypto Mogul: Trump’s Personal Ventures

Once a vocal crypto critic who called Bitcoin a “scam” in 2021, Trump reversed course during the 2024 campaign and eagerly embraced digital assets (AP News) (NPR). By late 2024, he had launched a family-backed cryptocurrency startup called World Liberty Financial (WLF), positioning himself not just as a pro-crypto politician but as a crypto entrepreneur. In September 2024, then-candidate Trump announced WLF in an interview on X (formerly Twitter) – notably pivoting away from detailed crypto questions to other topics like AI in that appearance (AP News) (AP News). Trump’s eldest son, Donald Trump Jr., followed up by touting crypto as an alternative to a banking system “tilted against conservatives” (AP News). Ethics experts immediately warned that a presidential candidate launching a profit-seeking business venture raised red flags (AP News), an early sign of conflicts that would only intensify.

World Liberty Financial was pitched as a decentralized finance (DeFi) platform for borrowing and lending cryptocurrencies (AP News). While details were sparse at launch, subsequent disclosures and company materials revealed Trump’s deep stake in WLF. The venture was co-founded with father-son real estate investors Steve Witkoff (a longtime Trump friend tapped as a special Middle East envoy) and his son, Zach Witkoff (Fox8live). Trump’s sons (Don Jr. and Eric) were also involved from the start (Fox8live). Under the terms published on WLF’s website, a Trump-owned company is entitled to 75% of WLF’s net “protocol revenues” (after expenses) (Fox8live) – effectively giving the Trump family a controlling financial interest. Reuters later reported that Trump and his affiliates hold a roughly 60% stake in WLF (Reuters). In other words, even as President, Trump remains poised to personally reap the majority of profits from this crypto enterprise.

One flagship project of WLF emerged in early 2025: a dollar-backed stablecoin called USD1. In March 2025, World Liberty Financial announced plans to launch USD1, pegged 1:1 to the U.S. dollar and fully backed by short-term U.S. treasuries, bank deposits, and other cash equivalents (Fox8live) (Medium). The stablecoin is marketed as an “institutional-ready” digital dollar that sovereign wealth funds and major institutions can use for cross-border transactions (Fox8live). “We’re offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies,” WLF co-founder Zach Witkoff said (Fox8live). Notably, the company described itself as “inspired by the vision of President Donald J. Trump” (Medium), underscoring how Trump’s name and influence are intertwined with the venture’s identity. The timing is also conspicuous: WLF’s USD1 announcement came as Congress – with strong White House support – pushed legislation to ease regulations on stablecoin issuers in the U.S. (Fox8live). In effect, President Trump was championing policies that could directly benefit a stablecoin his own family business will profit from – a pattern that recurs throughout his crypto dealings.