President Donald Trump called cryptocurrency powerful during the launch of Trump investment accounts on Monday, while attempting to distance himself from his family's crypto ventures. Trump described himself as a big crypto guy, citing political considerations and business observations about bitcoin's growing adoption. The comments come as Washington lawmakers debate ethics provisions addressing crypto-related conflicts of interest, following last week's Office of Government Ethics disclosure report revealing hundreds of billions of dollars in bitcoin and ethereum tied to Trump's family crypto company World Liberty Financial.
Trump Describes Crypto Stance During Investment Accounts Launch
During the Monday launch of Trump accounts --- tax-advantaged investment vehicles for children under 18 --- Trump was asked whether bitcoin could be included in those investments. Though Trump did not answer directly whether bitcoin would be included, he said he is a big crypto guy, pointing to competition in China and crypto's political swing.
Trump explained his involvement: "I got involved in it a little bit for politics because I realized that a lot of people love crypto, and even me, as a businessman, I'd see a lot of money starting to come in with bitcoin, and you know the different forms, and I said --- this thing's got a lot of life."
Family Crypto Ventures Draw Washington Ethics Scrutiny
Last week, the Office of Government Ethics released Trump's financial disclosure report, which revealed hundreds of billions of dollars in bitcoin and ethereum tied to his family's crypto company called World Liberty Financial (WLFI).
The report added fresh urgency to an ongoing debate in Washington on how to address crypto-related conflicts of interest as lawmakers work to pass broader legislation that would regulate the industry for the first time at the federal level. Negotiators from both parties have spent months discussing ethics provisions that would limit how presidents, vice presidents, members of Congress and other federal officials can profit from digital assets while in office.
Trump Publicly Distances Himself From Children's Crypto Activities
On Monday, Trump said he does not talk with his children about crypto ventures. "So yeah, I'm very much for crypto because it's not a question of a personal thing," he said. "I let my kids do whatever the hell they do... I don't talk to them ever about it, I'm allowed to, I think... but I don't bother because this office is a much higher calling."
These comments echo similar statements the president made last week. On Thursday afternoon, Trump told CNBC: "I could know about it. I didn't. I mean, there's nothing illegal, there's nothing wrong with it."
FAQ
What did Trump say about cryptocurrency during the Trump accounts launch?
Trump called cryptocurrency powerful and described himself as a big crypto guy during the Monday launch of Trump investment accounts for children under 18. He pointed to competition in China and crypto's political swing, explaining that he got involved because he realized many people love crypto and observed significant money coming in with bitcoin.
Why are Trump's family crypto ventures drawing ethics concerns in Washington?
Last week's Office of Government Ethics financial disclosure report revealed hundreds of billions of dollars in bitcoin and ethereum tied to Trump's family crypto company World Liberty Financial. This has added urgency to ongoing debates among lawmakers from both parties who are negotiating ethics provisions to limit how presidents, vice presidents, members of Congress and other federal officials can profit from digital assets while in office.
How has Trump responded to questions about his family's crypto activities?
Trump stated on Monday that he does not talk with his children about their crypto ventures, saying he lets his kids do whatever they do and doesn't bother discussing it because the presidential office is a much higher calling. On Thursday, he told CNBC there's nothing illegal or wrong with the family's crypto activities.
