Writing for the Conversation, Dr. Thomas Gift (UCL Politics) shares concerns about President Donald Trump’s involvement and influence in cryptocurrency.
US President Donald Trump’s “Meme Coin” $Trump fell by about 8% in five minutes in late September 2025, shaking its value by millions. Users can buy and sell this cryptocurrency inspired by internet memes in the open market.
Just before he played his office, Trump had posted an X. Below the post was a picture of Trump with the words “fight, fight, fight.” This hinted at his attempt to assassinate him.
Soon after that announcement, the creation of $Melania Coin, named after the first lady who slid through the market in late September 2025.
There are concerns that these and other crypto companies in which the president and his family are involved are creating unprecedented ethical minefields that blur the boundaries between private interests and public office.
The personal benefits Trump will receive from these meme coins is unknown. The website getTrumpmemes.com suggests that while the product is approved by the president, it has “nothing to do with political campaigns.” The Trump Organization and Battle Fight LLC, the holding company of Trump’s business ventures, owns 80% of the coin, it says.
But critics such as Democrat Sen. Elizabeth Warren are worried that Trump could use the presidency to increase the wealth of his family. Norman Eisen, former ethics advisor to President Barack Obama, argued that Trump’s crypto transactions could be “the worst conflict of interest in the president’s modern history.”
One New York Times investigation into Trump’s budding cryptocurrency claimed it “will erase centuries-old presidential norms and grasps the boundaries of private companies and government policies without precedent in modern American history.”
In response to allegations that Trump had benefited from profits while in his oval office, his spokesperson Anna Kelly issued a statement that his assets were “in the trust he manages” and there was no conflict of interest.
In May, Democrat Sen. Jeff Merkelley (Oregon) introduced the final Cryptocratic Corruption Act bill. This prohibits the president and other senior officials from “issuing, approving or sponsoring crypto assets.” The bill is pending with support from Democrats, so it is unlikely to pass the Republican-controlled House and Senate.
Family events
Trump’s foray into the code is a family affair. His sons Don Jr., Eric and Baron founded World Liberty Financial (WLFI) in September 2024, months before Trump began his second round.
The president was originally listed as “Chief of Crypto Advocate”, but his title on the website was subsequently changed to “Co-Founder Honor.” The site says this happened when he took office.
Apart from his son, WLFI is included in the team listed as negotiators Stephen Witkoff and Witkoff’s son Zach at Trump’s Chief Middle East Envoy.
According to Trump, WLFI was founded as the “beginning of a financial revolution” to make Crypto more user-friendly. However, critics say it represents the president’s opportunity to benefit financially due to his involvement with the company.
The WLFI Token, a Crypto Coin, began trading in September 2025, reaching around 40 cents per coin, dramatically expanding the Trump family’s wealth, raising even more concerns.
Eric Trump recently founded American Bitcoin. According to a press release, the company will mine and store Bitcoin, the world’s most valuable cryptocurrency, to take advantage of “opportunistic Bitcoin purchases.” After its stock debut, Trump Suns’ shares in US Bitcoin were estimated to total approximately US$1.5 billion (£1.12 billion).
The history of Trump’s code
Trump, a former code skeptic, once said he was “not a fan” of Bitcoin. However, just before re-acquired the office, he declared that he wanted the United States to be the “coding capital of the planet.”
When I spoke to a standing room-only crowd at the Bitcoin annual conference in Nashville, Tennessee in July 2024, there were early signs of Trump’s interest in crypto.
As America’s top law enforcement officer, Trump helps set and implement crypto policies. It’s truly the arena where his family’s business is currently running. According to one report, at least on paper, the wealth in the Trump family’s wealth code is over US$5 billion.
The emoluments clause was created in 1789 in the US Constitution to protect the president from corrupting influence and prohibiting American leaders from accepting gifts from foreign governments. However, they are currently considered to need updates.
This concern is not hypothetical. In May 2025, Mexico-based NASDAQ-registered company Freight Technologies (FR8Tech), announced it would also raise US$20 million to buy $ Trump Meme Coins.
Against the backdrop of the US raising tariffs in Mexico, FR8Tech CEO Javier Selgas said the transaction is economically and politically advantageous, “I believe it is a way to add an official Trump token (IS) for fairness, balance and free trade between Mexico and the US.”
By purchasing Trump’s Meme Coin, companies such as FR8Tech want to support the Trump family’s economic interests and get favorable treatment in their trade policy. More concerns were raised when Trump hosted a Black Thai dinner for the biggest $Trump holder at his club in Virginia.
Trump’s Crypto Certification
Trump was the most code-friendly president ever. In March he signed an executive order to create the national Bitcoin Strategic Reserve. This is a government stockpile of assets that have been framed as a symbol of US domination in the digital assets field. Additionally, Trump’s AI and Crypto Czar’s David Sacks are primarily sided with historic declarations to improve “road rules” on cryptocurrency regulations.
The U.S. Securities and Exchange Commission, a market-regulating administrative agency, has become a pro-crypto under Trump and puts aside the Joe Biden-era approach. This includes the falling of legal cases against well-known crypto companies such as Coinbase.
However, while the Trump family is financially profiting from increased investment in crypto, this could still prove Pyrrhus’ victory. If Democrats take control of the House of Representatives in the middle of 2026, they can use it to scrutinise the president’s code entanglement and highlight concerns about the president’s conflict of interest.
This article was originally published in the conversation on September 26th, 2025.
