PoliticsTreasury Secretary Defends Donald Trump’s Crypto Profits, Dismissing Conflict of Interest Concerns
Scott Bessent defended Donald Trump's crypto earnings during an interview with CBS.
July 7 2026, Published 9:32 a.m. ET
Treasury Secretary Scott Bessent is defending President Donald Trump’s massive earnings after a new financial disclosure showed the president took in roughly $1.2 billion from crypto ventures last year.
In an interview with CBS News, Bessent defended Trump’s business ventures, even as Democrats argue the president’s sources of income raise conflict-of-interest questions, particularly crypto, as his administration loosens regulations on the industry.
“I don't think there's an appearance problem,” Bessent told the outlet.
The Crypto Question
Scott Bessent linked the president's crypto revenue to technological advancements.
The 927-page disclosure, released June 29, showed Trump earned more than $500 million from World Liberty Financial, a crypto company backed by the president and his family, through sales of products including “governance tokens” and stablecoins. Another Trump-linked business, CIC Digital LLC, took in more than $600 million from sales of souvenir-style $TRUMP meme coins.
The crypto revenue now overshadows much of Trump’s real estate business, which took decades to build.
Bessent framed the issue as part of a broader technology agenda.
“This is an innovation presidency,” he told CBS. “So whether it's digital access, whether it's AI, whether it's everything that is going on in the tech ecosystem that, you know, all Americans are benefiting from that.”
A Windfall With Political Baggage
Democrats questioned potential conflicts of interest tied to the investments.
Trump’s crypto gains came as his administration reversed a Biden-era regulatory crackdown and backed policies more favorable to the industry. World Liberty’s governance tokens and Trump’s meme coins have since fallen sharply in value.
The World Liberty tokens have dropped 80% since they began trading in September, while the Trump souvenir coins that once spiked above $74 were selling for $1.68, according to the Associated Press.
Buyers still poured money into the ventures, including Chinese billionaire Justin Sun, who spent $75 million on World Liberty tokens and $200 million on Trump meme coins. A federal lawsuit accusing Sun of duping investors was later paused before being settled for a $10 million fine. Sun denied that his crypto purchases had anything to do with his federal case, and World Liberty has dismissed conflict-of-interest concerns.
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The filing also outlined his income from Mar-a-Lago and other business interests.
The filing also showed Trump taking in millions from foreign real estate deals, Mar-a-Lago, Trump-branded products and other ventures. Forbes estimates his net worth has climbed to $6 billion, up from $2.3 billion in 2024.
The White House Line
The White House said Donald Trump's businesses were managed by his children.
The White House has said Trump’s business is held in a trust managed by his sons and that the president acts only in the public interest.
“We’re all profiting,” Trump told reporters Wednesday. “I’m profiting because I have a lot of money and a lot of cash.”
In an interview with CNBC, Trump suggested that the nature of the presidency itself means that in any business his sons conduct, down to buying a truck, “they have inside information.”
