US President Donald Trump defended his family’s crypto earnings during a CNBC interview, saying there was “nothing illegal” and “nothing wrong” with the businesses generating billions of dollars while he serves in the White House.
He made the comments just days after new federal financial disclosures detailed the scale of his digital asset holdings and crypto-related income, renewing debate over whether a sitting president’s private business interests can coexist with public office.
Trump Defends Family Crypto Business After Disclosure
In the July 2 interview with CNBC’s Joe Kernen at the White House, Trump was asked about the massive windfall revealed in his annual financial disclosure.
The 927-page document released by the US Office of Government Ethics showed the president brought in more than $2.2 billion in 2025, with the bulk of it coming from crypto. This included $594 million from World Liberty Financial (WLFI), a DeFi venture he co-founded with his sons, and $636 million from sales of Trump-branded meme coins. He is also reported to be holding more than $50 million in Bitcoin in a cold wallet.
When he was asked whether he knew about the family’s crypto activities, the president replied, “No,” before quickly adding, “I could know about it. I didn’t, I mean, there’s nothing illegal, there’s nothing wrong with it. I could know.”
Trump then pointed out that his assets are managed through trusts overseen by his sons Eric and Donald Jr., as well as outside investment firms that he does not talk to. “I don’t even know who they are,” he said, adding that he doesn’t discuss investment decisions with his sons either, suggesting that almost any business dealing by his children could be construed as a conflict of interest given the expansive nature of presidential policy.
“I tell my kids: stay away from as much as you can stay away from. But they also have a life,” he told Kernen.
The US president also repeated a point he’s made on several other occasions, that crypto is a strategic industry that the United States cannot afford to lose to rivals.
“The way I look at crypto is if we’re not going to do it, China’s going to get it,” he said. “It’s a big deal, and anything we do, I want to be number one in, and we’re number one in crypto.”
The White House had also dismissed the conflict of interest allegations after the disclosure became public, saying Trump and his family have not engaged in conduct that conflicts with the public interest.
Critics Question Whether Presidential Influence Boosted Crypto Earnings
Despite the dismissal of conflict claims, longtime Bitcoin critic Peter Schiff was not convinced. In his latest podcast, which aired on June 3, the economist claimed that Trump’s earnings were closely tied to his presidency and were not just ordinary returns on investment.
According to him, the people buying Trump-branded tokens were paying for access and political influence instead of making conventional investments. A quick check on CoinGecko shows that Official Trump (TRUMP) and Melania Meme (MELANIA) are trading 97% and 99%, respectively, below their peaks, something that Schiff used to justify his influence-buying argument.
“It’s really a way to bribe the president,” he alleged. “You don’t have to give him money directly; just buy his token, because who else would buy the token? It’s a lousy investment.”
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