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Today’s top stories

President Trump’s financial disclosures reveal that he and his family earned more than $1 billion through cryptocurrency ventures and other businesses last year, according to a 927-page report filed with the Office of Government Ethics. The report shows that more than $500 million came from the cryptocurrency venture “World Liberty Financial,” which was co-founded by Trump family members. The sale of souvenir “meme” coins featuring Trump’s image generated more than $600 million. Other income included more than $50 million from settlements with media companies and millions in profits from Trump-branded products like Bibles, sneakers and watches. These earnings, which have outpaced his real estate business, have sparked concerns about potential conflicts of interest. The White House released a statement denying any conflicts of interest, and spokesperson Anna Kelly applauded Trump for making the U.S. “the crypto capital of the world.”

• 🎧 Democrats have had a lot to say regarding the president’s earnings, NPR’s Linda Kenyon tells Up First. Sen. Adam Schiff of California suggested Trump has earned more money in the first year of his current term than in the rest of his life combined. Rep. Jason Crow of Colorado referred to the president’s cryptocurrency earnings as another example of what he described as “grift and corruption.” Crow also highlighted that the president took his first flight yesterday on a brand-new Air Force One, a gift from a foreign government valued at roughly $400 million.

The Vatican this morning formalized the excommunications of the bishops and priests of the conservative group known as the Society of St. Pius X, declaring that it has entered schism and broken communion with the pope and the Catholic Church. The group, known as SSPX, celebrates the traditional Latin Mass and opposes some modern church reforms. In the Catholic Church, the appointment of new bishops is the responsibility of the pope. But yesterday, the group defied Pope Leo XIV by consecrating four bishops without his approval. The Society framed its actions as a defense of Catholic tradition. During the ceremony, the Rev. Davide Pagliarani, head of the Society of St. Pius X, described the consecrations as an act of service rather than rebellion. Two of the excommunicated men teach in the U.S., where the group’s membership has been growing, according to the society.

A little over a week has passed since rare double earthquakes struck Venezuela. Thousands of people are feared dead as the official death toll continues to rise and hope diminishes for finding survivors in the rubble. Yesterday, the number of people killed by the quakes reached 2,295, and more than 11,200 people were injured, said Jorge Rodríguez, the president of Venezuela’s National Assembly. Tens of thousands of people remain unaccounted for. The number of people left homeless could be staggering. An analysis of satellite data by Corey Scher and Jamon Van Den Hoek from Oregon State University estimated that 58,870 buildings were likely damaged or destroyed by the earthquakes. The U.N.’s International Organization for Migration has reported that up to 6.8 million people could be affected by the disaster, needing shelter, water, sanitation, healthcare and other relief items. Here are the most significant developments since the tragedy occurred.

The Question That Changed Robert Kiyosaki’s Path

Robert Kiyosaki, author of the best-selling personal finance book Rich Dad Poor Dad, said the turning point began years ago while listening to an Indian guru. The guru told him, “Your body’s mission is to fulfill your spirit’s mission,” Kiyosaki wrote on X on July 1. He added that the sentence forced him to examine whether his work matched a deeper purpose.

“His words shook me. At the time my body was busy making money,” Kiyosaki said. That conflict became the central issue in his reflection: whether financial success alone could define a life’s work.

Why Teaching Became the Mission

Kiyosaki said the answer took years to understand. “It finally came to me that my spirit’s mission was to teach what my body was to do was to be a teacher… which was the last thing I thought I would ever become… just because I failed in school and hated school.”

He said the realization prompted him to leave manufacturing more than 50 years ago and begin teaching lessons he learned from his “rich dad,” shifting his career from manufacturing to financial education. Instead of focusing on producing goods, he redirected his energy toward sharing financial principles he believed were missing from traditional education.

The acclaimed author said he was ridiculed for years for teaching ideas such as “Savers are losers” and “Debt can make you rich.” Despite the criticism, he said he continued teaching because he believed traditional schools failed to educate people about money.

“My life changed.”

What Question Does Kiyosaki Leave Open

Kiyosaki said one way to find purpose is to ask, “What does my heart want to do to serve humanity?” He said he began teaching for free before the work became commercial.

“That free education turned into a multimillion-dollar business and expanded throughout the world,” he wrote. He closes by encouraging readers to reflect on their own purpose, asking:

“What is your spirit’s mission?”

Beyond discussing purpose, Kiyosaki’s recent posts have continued to focus on economic risks. He has warned of a possible market downturn, advocated owning assets such as gold, silver, bitcoin, and ethereum, and said he is waiting for lower prices before making additional purchases.

As digital assets such as Bitcoin, Ethereum, and other cryptocurrencies become increasingly integrated into financial markets, public pension systems face important questions about whether and how to incorporate them into investment portfolios.

On June 23, a Reason Foundation webinar with leading experts explored how public pension systems should evaluate cryptocurrency investments; how to assess and manage the risk and volatility for public workers, retirees, and taxpayers; and how to provide the public with transparency into these investments.

You can watch the webinar here:

The panelists and moderator of this webinar:

Brad Briner

Brad Briner is the treasurer of North Carolina. Before taking office, he served as co-chief investment officer for Willett Advisors, which manages the philanthropic and personal investment assets of Mike Bloomberg. His prior experience includes roles at Morgan Creek Capital, UNC Management Company, ArcLight Capital, and Goldman Sachs. Briner graduated from the University of North Carolina at Chapel Hill as a Morehead Scholar with a degree in economics with distinction and earned an MBA with distinction from Harvard Business School.

Todd D. Kanaster

Todd D. Kanaster is a director at S&P Global Ratings specializing in municipal pensions and retiree medical benefits. His work includes analyzing issuers, training analysts, and serving as a nationwide specialist on public pension and retiree health care issues within S&P’s local government credit analysis. He is an Associate of the Society of Actuaries, a Member of the American Academy of Actuaries, and a Fellow of the Conference of Consulting Actuaries.

Mariana Trujillo

Mariana Trujillo is managing director of government finance at Reason Foundation. Her research focuses on the fiscal health of federal, state, and local governments, with particular attention to the impact of pension liabilities on government finances and the effect of retirement benefits on public-employee recruitment and retention.

Leonard Gilroy (moderator)

Leonard Gilroy is vice president of government reform at Reason Foundation and senior managing director of Reason’s Pension Integrity Project. Under his leadership, the Pension Integrity Project assists policymakers and other stakeholders in designing, analyzing and implementing public sector pension reforms.

Related policy study:
U.S. public pension and trust fund investment in digital assets
Frequently asked questions about public pensions investing in Bitcoin and other digital assets