White House push for crypto regulation

White House push for crypto regulation

President Donald Trump is helping draft cryptocurrency regulations while financial disclosures show he and his family have profited significantly from the industry.

The disclosures indicate the president made nearly $1.5 billion from cryptocurrency last year, including $635 million from his Trump Meme Coin, which has dropped 80% in value over the year.

The president has repeatedly stated he is not personally involved in his family’s businesses, but the connection has raised concerns about potential conflicts of interest.

Former White House ethics lawyer Richard Painter said the president’s actions are not illegal.

“So technically the president of the United States can do this, hold a substantial investment in an industry while supervising the regulators of that industry, even though it’s a serious financial conflict of interest for the president to do so,” Painter said.

A Reuters/Ipsos poll found that nearly two-thirds of Americans believe it is inappropriate for the president and his family to profit from cryptocurrency while he is in office, including three out of every ten Republicans.