Donald Trump’s Cryptocurrency Move Highlights Longstanding Ethical Concerns

Donald Trump has once again ignited controversy by merging politics with personal business interests, this time through his growing involvement in cryptocurrency. This latest venture, marked by a high-stakes crypto contest, further blurs the lines between public service and personal profit—a recurring theme throughout his political career.

Crypto Contest Tied to Presidential Access

Earlier this week, 220 top investors in Trump’s cryptocurrency, $TRUMP, were promised invitations to an exclusive gala at his Washington DC golf club. The event, a reward for purchasing large sums of the coin—some spending millions—effectively trades financial investment for personal access to the president.

This has raised serious red flags among ethics watchdogs and political analysts. Trump, who once criticized cryptocurrencies as a “scam,” is now a central figure in the industry—just as he regains control over the U.S. executive branch.

Ethics Concerns: Influence for Sale?

The structure of the contest—where top buyers on a public leaderboard win dinner and VIP time with Trump—has drawn comparisons to influence peddling. Notably, the leaderboard only shows crypto wallet codes and usernames, leaving identities unclear. Critics argue this opens the door to foreign investors purchasing political influence.

Reports suggest that the top wallet, holding over $18 million in $TRUMP tokens, is tied to Justin Sun, a Hong Kong-based entrepreneur previously charged with fraud by the SEC. Since Trump’s return, the investigation into Sun has reportedly been shelved. Sun is also a major investor in other Trump-linked crypto ventures.

Adding to the concern, a company called GD Culture Group, with ties to China, recently announced a $300 million investment in $TRUMP. This move coincides with ongoing White House deliberations over the future of TikTok in the U.S.—a business with which GD Culture is involved.

The Trump Crypto Empire Expands

Since 2024, the Trump family has expanded its crypto footprint aggressively. Trump was the first presidential candidate to accept crypto donations and now champions policies to make the U.S. a “crypto powerhouse.” Their flagship crypto firm, World Liberty Financial, has raised over $550 million.

Trump’s influence spans multiple ventures, including the launch of memecoins like $TRUMP and $MELANIA, a new “USD1” token, and even an ETF. Though Trump doesn’t directly own these projects, his family’s businesses—via shell firms like CIC Digital LLC and Fight Fight Fight LLC—control around 80% of $TRUMP’s supply, currently valued at over $2 billion.

Regulatory Deregulation and Political Pushback

Parallel to this crypto empire, the Trump administration has enacted sweeping pro-crypto deregulation. This includes appointing a crypto-friendly SEC chair and disbanding the Justice Department’s crypto fraud unit. Critics warn this leaves the market more vulnerable to abuse.

The backlash has been swift. Democratic Senator Richard Blumenthal recently initiated a Senate ethics investigation, citing the apparent use of the presidency to artificially inflate the value of $TRUMP. Meanwhile, Trump’s activities helped derail the bipartisan GENIUS Act, a major crypto regulation bill, due to concerns over self-dealing and influence manipulation.

Senator Elizabeth Warren labeled the situation “the biggest corruption scandal in modern history,” pointing to how Trump is using his office to profit at a staggering scale while pushing laws that benefit his ventures.