The Crypto Controversy Surrounding Trump’s Business Empire
Chinese crypto entrepreneur Justin Sun caught the world’s attention when he publicly consumed a $6.2m banana as part of an artworld stunt. Unfazed by the public scrutiny, Sun made another eye-catching purchase, this time a $30m investment into a cryptocurrency firm, World Liberty Financial. The company had been floundering since its launch in October, but Sun’s investment tipped the balance, allowing the firm to begin turning a profit.
“The conflicts have grown substantially with the scope of his business empire,” said Richard Painter, who served as the White House’s chief ethics lawyer during the George W Bush administration.
The Trump Connection
What makes Sun’s investment interesting is its connection to the Trump business empire. World Liberty Financial is promoted by none other than Donald Trump. This means that Trump and his family are now in the position to collect roughly $20m – and potentially far more. Sun, who is currently fighting fraud charges in the US related to his own crypto business, did not respond to questions about what prompted his interest in the tokens, which cannot be traded.
Trump’s Business Ventures and Potential Conflicts
This episode set off alarm bells among government ethics experts, who see it as an indication that Trump’s expanding business ventures have made it easier than ever for those hoping to influence US policy to steer money his way. However, Trump’s team shrugged off the worries.
“Unlike most politicians, President Trump didn’t get into politics for profit – he’s fighting because he loves the people of this country and wants to make America great again,” Trump spokeswoman Karoline Leavitt said.
Despite this, Trump has faced questions about conflicts of interest before, especially during his first term as president, when the Trump International Hotel in Washington, DC became a symbol of the issue.
The Growth of Trump’s Business Empire
Critics argue that Trump’s business empire, which now includes a publicly traded social media company, a cryptocurrency firm, and ties to a Saudi-backed golf league, allows for anyone hoping to curry favor to move money more quietly and in much greater sums.
“The scale has increased and the ease has increased,” said Michael Ohlrogge, a law professor at New York University, who has studied Trump Media, which operates Truth Social and currently represents the bulk of Trump’s $6bn fortune.
Trump’s Involvement in the Crypto Industry
Nowhere is the entanglement between Trump’s business interests and his public duties as stark as in the crypto industry. He has deepened his personal involvement, while promising to champion it while in the White House. His plans include regulatory rollback and ideas such as a national Bitcoin reserve, in which the government would stockpile the cryptocurrency.
Source: www.bbc.com
