Crypto
As Trump’s wealth skyrockets, accusations of conflicts of interest mount
They crane their necks to get a glimpse of the helicopter as it descends on the lawns of Donald Trump’s Virginia golf club.
The event is black tie, a gala, a chance to dine with the president of the United States.
This invite is one money can buy. A kind of money, at least.
To get into this room, the guests have had to invest real money into the official Trump cryptocurrency. Collectively, they hold about $US150 million ($229 million) worth of the coin.
The group watches as he exits the helicopter and cheers as he enters the room.
The gala was for the top 220 holders of the Trump cryptocurrency, $TRUMP. (Supplied)
Donald Trump’s wealth, and that of his family, is skyrocketing.
Trump says he has stepped back from his business ventures since taking office, and his interests are now held in trust by his sons.
But critics say he is operating like no president has before, mixing business and politics in a way that may violate the US constitution and threaten the very foundations of American democracy.
His links to a plethora of business activities and cryptocurrency ventures have opened him up to accusations of conflicts of interest and profiting from the presidency.
‘He can do whatever he wants’
The event in Virginia was billed as a reward for the top 220 holders of the Trump cryptocurrency, called $TRUMP, which launched three days before his inauguration.
The Trump family makes money when the currency is traded.
In crypto circles, it is considered a “meme coin”, a kind of collectible inspired by internet trends that can be bought and sold, but has no guaranteed real-world value or practical application.
One of the investors in the room was 25-year-old Nick Pinto.
Nick Pinto wanted to film a TikTok with the president at the gala. (Four Corners: Cameron Schwarz)
The Lamborghini-driving Floridian got into crypto early and has made a lot of money from it.
He knows the money he has poured into $TRUMP has made the president and his family richer.
“I don’t mind that Trump is profiting off this currency because I am involved in the crypto space and the fact that he’s involved in cryptocurrency at all drives the price up, and when the price goes up, I’m profiting,” he tells Four Corners.
“So any time he tweets something about the currency, the price will go up or down.
“As long as I can profit from it, I feel like he can do whatever he wants. If there’s a way for the average American to make money off of the president, I feel like it’s OK.“
Nick Pinto says Donald Trump’s involvement in crypto helps his investments. (Supplied)
Pinto bought $TRUMP early, and then topped up his holdings to guarantee he would get a ticket to the gala. By the big night, he held about $US370,000 worth.
All he wanted in return was to film a TikTok or at least get a selfie with the president.
Within four months of launching, the token had generated $US320 million in trading fees.
The bulk of this went to those behind the meme coin. This included the Trump family.
Skin in the game
A former cryptocurrency sceptic, Donald Trump’s conversion began on the 2024 campaign trail.
In May that year, he met members of a powerful crypto lobby spearheaded by leading Bitcoin advocate David Bailey. In July, he appeared at the group’s conference, where he pledged to run a crypto-friendly administration if re-elected.
Watching closely was Corey Frayer, a senior adviser for crypto markets and financial stability to the chair of the US Securities and Exchange Commission (SEC) at the time. He and his boss, Gary Gensler, had been cracking down on crypto.
“Almost the entire crypto industry is propped up by a belief and faith that there is something behind all of the magic of creating a crypto token,” Frayer tells Four Corners.
“So having the president get involved … just makes the entire market bigger and more dangerous.“
Corey Frayer says the president’s rhetoric on crypto changed once his family got into the industry. (Four Corners: Cameron Schwarz)
In September, just seven weeks out from the presidential election, the Trump family joined the crypto industry themselves.
Trump and his sons launched their own crypto platform called World Liberty Financial, with longtime Trump confidante Steve Witkoff and his sons as business partners.
The platform allowed people to invest through selling a token, with 75 per cent of the profit from each sale going to the Trump family.
It was a remarkable turnaround from the man who called Bitcoin a “scam” in 2021 and whose family had made its fortune from tangible assets like real estate, resorts and casinos.
Frayer noticed a change in the presidential candidate’s campaigning.
“He announced, to much applause, that he would fire the strong regulator, Gary Gensler, over his crypto policy,” he says.
“He started courting a lot of donations from the crypto lobby for his campaign, and all of that was very clearly driven by his new financial interests in this industry.”
World Liberty Financial allows people to invest through selling a token, with a share of the profit going to the Trump family. (Four Corners: Cameron Schwarz)
Corey Frayer believes there are other potential risks in a president being so invested in crypto.
“The transactions can be nearly anonymous,” Frayer explains
“If you want to use your presidency to sell influence or just make money, crypto is a great way to do that.“
The World Liberty Financial website states that Donald Trump was removed from his role with the company when he re-entered the White House. Steve Witkoff, now Trump’s special envoy to the Middle East, also left his role after taking office. Both Trump’s and Witkoff’s sons, however, are still actively involved in the business.
In March this year, World Liberty Financial announced it had sold $US550 million worth of its token. Four Corners estimates this has delivered $US390 million in revenue to the Trump family.
The White House told Four Corners that Donald Trump’s personal assets were in a trust managed by his children and have nothing to do with his presidential decision-making.
Business and politics
Critics say the blurred lines between where Trump’s businesses end and the presidency begins heighten the risk of conflicts of interest.
While Frayer was at the SEC, it was pursuing Chinese-born entrepreneur and crypto billionaire Justin Sun over allegations of civil fraud.
Sun once bought a piece of conceptual art — a banana gaffer-taped to a wall — for $US6.2 million and then ate it.
He made two investments in World Liberty Financial totalling $US75 million — one was made the day before the inauguration.
Sun’s World Liberty Financial investments delivered close to $US50 million to the Trump family.
Not long after Trump returned to the White House, the SEC case against Sun was paused.
Justin Sun made two investments in World Liberty Financial totalling $US75 million. (Getty Images: Steven Ferdman)
Sun later attended the $TRUMP meme coin gala as the coin’s largest holder — he had about $US22 million worth at the time of the dinner.
But it is not just individuals who are allegedly receiving favourable treatment.
An investigation by The New York Times, led by journalist Eric Lipton, raises questions about the impact business interests are having on US foreign policy.
The United Arab Emirates’ state-owned investment fund MGX, which is chaired by Abu Dhabi’s deputy ruler, invested $US2 billion in the crypto exchange Binance.
This investment was made using one of World Liberty Financial’s coins. The Trump family could earn tens of millions of dollars from this investment.
“That’s on a scale that we’ve never seen,” Lipton says.
“[It’s] the single largest transaction in cryptocurrency history.
“It’s tens of millions of dollars that is effectively going into the pockets of the Trump and Witkoff families and their business partners from that single transaction.”
New York Times investigative journalist Eric Lipton. (Four Corners: Cameron Schwarz)
Two weeks after the $US2 billion transaction, Trump announced the UAE would be allowed to buy hundreds of thousands of advanced AI chips from US technology giant Nvidia — something the Biden administration had refused to do.
There is no evidence that one deal was explicitly offered in return for the other.
Lipton says while the assertion was that the timing was coincidental, both involved “the same government officials and the same families that were benefiting”.
“The problem is, it creates questions about what is driving US foreign policy,” Lipton says.
It is impossible to put a precise figure on how much Mr Trump and his family have made since he retook office.
It is unclear how some profits are distributed from the array of real estate, crypto, media, and Trump-brand ventures.
Forbes Magazine estimates Trump’s current net worth is $US7.3 billion. Twelve months earlier, it was $US3.9 billion.
Questioning Trump
Donald Trump has strongly rejected suggestions that it is inappropriate for him to be involved in business activities while serving as the US president.
When Four Corners asked how much wealthier he was since returning to the White House, Trump replied:
“Well, I don’t know if the deals I made, for the most part, other than what my kids are doing. You know, they’re running my business. But most of the deals that I’ve made were made before [being re-elected]. And that’s what I’ve done for a life.”
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Trump said his children, not him, were running the business, and that the questions from Four Corners were “hurting Australia”.
“They want to get along with me. You know your leader is coming over to see me very soon. I’m going to tell him about you. You set a very bad tone.”
“Quiet,” he said when pressed further, pointing a finger.
Donald Trump tells reporter John Lyons he is setting “a very bad tone”.
Trump supporters believe he is acting within the limits of the law.
“The president has to abide by US law. When it comes to businesses, that’s normal. There’s no conflict of interest laws related to the presidency and the president, and so he’s operating within that space,” former Trump adviser and communications director Bryan Lanza says.
Lanza rejects suggestions by critics that the business deals benefiting Trump and his family while in office are improper.
“There’s nowhere in our constitution that requires family to be disqualified from earning a living,” he says.
“The president is not conducting these deals; it’s Don Jr and Eric.
“Every president benefits from their policies, every president benefits from a tax cut, every president benefits from their policies in the long term. Trump’s no different than any other president.”
‘Nobody does it like this’
Critics say, even if there are no quid pro quo deals, the president’s business activities fit within a broader definition of corruption.
“The classical definition of corruption is the exploitation of public office and public power for private gain,” lawyer and former Obama White House ethics adviser Norm Eisen says.
“So when you look at … the $US2 billion World Liberty Financial investment where he has a stake in the crypto industry, the auctioning off access to those who purchase his meme coin … they’re all about Donald Trump using his office, the official nature of the presidency — public office — for his private gain, instead of for serving the public interest.
“He is the most corrupt president that we have had in the modern era.
Trump supporters believe he is acting within the limits of the law. (Four Corners: Cameron Schwarz)
“When have we ever had a president who has huge financial interests, hangs onto them, gains from them, while regulating in that same area?
“Jimmy Carter put his peanut farm into a blind trust so that … there would be no question that he was making decisions about agriculture or farming or subsidies to benefit himself. Donald Trump is doing the opposite.”
His colleague, Virginia Canter, is one of America’s foremost ethics lawyers and has worked under both Republican and Democrat administrations, advising the US Department of Treasury and the Securities and Exchange Commission.
She says the UAE deal raises questions, given the immense benefit to the Trump family’s World Liberty Financial.
“You have to ask yourself, why didn’t the UAE state-backed investment fund called MGX just take their money and invest it directly in Binance?” Canter says.
MGX didn’t respond to questions from Four Corners.
Virginia Canter says the American people deserve better. (Four Corners: Cameron Schwarz)
Canter says the American people expect their president to represent the public’s interests.
“You can’t be confident of that because now this money is coming in and undoubtedly influencing his official activity,” she says.
“It’s an outrageous conflict of interest.“
She rejects assertions that, because the deals are public knowledge, Trump isn’t doing anything wrong.
“It doesn’t look as scary or nefarious, and in fact it normalises it and it makes it look like it’s OK, and that’s a terrible thing,” she says.
“It perpetuates this idea that everybody does it. Nobody does it like this.
“We deserve much better.”
Lipton says Trump’s sons are using every avenue they can to create new businesses and intensify profits.
“The diversity of new ventures that they’re creating to profit off of policies that the president is involved with is just across the map, and it is creating a quagmire of ethics. The hardest part is that we just can’t keep up.”
Money maker
The scope of business activity Trump and his family are engaged in has surprised Republican strategist Doug Heye.
“The Trump family is certainly using this as a very big opportunity to make a lot of money, and they’ve been very successful at it,” he says.
He says Trump is such a unique figure, and no other president would be able to get away with what he does.
“The rules just don’t apply to him in the way they do to everyone else, and he exploits it,” he says.
“Business is Donald Trump’s DNA and it’s also hardwired in the American psyche.
“For most voters, it is so factored in because they’ve known Donald Trump as a successful businessman their entire lives.
“Many Americans don’t see a problem with this president enriching himself while in office.”
That was true of Nick Pinto, to a point.
The 25-year-old crypto entrepreneur never got to film his TikTok with Trump at the meme coin gala.
Nick Pinto was left disenchanted by the meme coin gala experience. (Four Corners: Cameron Schwarz)
Once Trump had arrived, he delivered a speech before heading back to his helicopter and leaving. His appearance lasted less than 30 minutes.
Pinto, who was served a meal of steak and mashed potatoes, was left disenchanted by the experience and unimpressed by Trump’s apparent disregard for those who had invested in his crypto.
“I would say the entire dinner was about making money,” he says.
“They did advertise it as having dinner with Trump, and Trump did not eat anything at all.
“If there was a big table … and he’d sat down at least and drank a Diet Coke with us or something like that.
“I do feel like I maybe kind of got scammed.“
Watch the Four Corners investigation, Chasing Trump’s Billions, tonight from 8:30pm AEDT on ABC TV and ABC iview.
The Delaware House of Representatives has passed a bill that would prohibit the operation of cryptocurrency ATMs across the state, citing growing concerns over fraud and consumer protection. The legislation, now headed to the state Senate for consideration, would require all existing crypto ATMs to be shut down and removed within 90 days of enactment.
What the Bill Proposes
House Bill 123, as reported by Decrypt, targets the proliferation of cryptocurrency kiosks that have become common in convenience stores, gas stations, and other retail locations. Lawmakers argue that these machines are increasingly used to facilitate scams, particularly targeting elderly and vulnerable residents who may not fully understand the technology. The bill would make it illegal to operate, maintain, or permit the installation of a cryptocurrency ATM anywhere in Delaware.
Why This Matters for Consumers
Cryptocurrency ATMs allow users to buy or sell digital currencies like Bitcoin using cash or debit cards. While legitimate users appreciate the convenience, regulators have flagged them as high-risk for money laundering and fraud. The Federal Trade Commission has reported a surge in scams where victims are directed to deposit cash into these machines under false pretenses. Delaware’s proposed ban reflects a broader state-level push to rein in unregulated crypto financial services.
Similar Actions in Other States
Delaware is not alone in taking a hard line. Indiana, Tennessee, and Minnesota have previously enacted comparable restrictions or outright bans on crypto ATMs. These measures often include licensing requirements, transaction limits, and mandatory disclosures. The trend signals a growing skepticism among state legislators about the consumer safety risks posed by unmonitored crypto kiosks.
What Happens Next
The bill now moves to the Delaware State Senate, where it will undergo committee review and potential amendments. If passed, Delaware would join a small but growing list of states with explicit bans. Industry advocates argue that such laws could stifle innovation and push transactions underground, while consumer protection groups praise the move as necessary to prevent financial harm.
Conclusion
Delaware’s legislative action highlights the ongoing tension between cryptocurrency adoption and consumer safety. As the bill advances, stakeholders on both sides will be watching closely. For now, the message from Dover is clear: protecting residents from crypto-related fraud is a priority that may outweigh the benefits of unregulated ATM access.
FAQs
Q1: What is a cryptocurrency ATM?
A cryptocurrency ATM is a kiosk that allows users to buy or sell digital currencies like Bitcoin using cash, debit cards, or other payment methods. Unlike traditional ATMs, they are not connected to a bank account.
Q2: Why does Delaware want to ban crypto ATMs?
Lawmakers cite a rise in fraud cases, especially among seniors, where scammers trick victims into depositing cash into these machines. The bill aims to eliminate this vector for financial exploitation.
Q3: What happens to existing crypto ATMs in Delaware if the bill becomes law?
Operators would have 90 days to shut down and remove all machines. Failure to comply could result in penalties. The timeline is designed to give businesses a reasonable window to adjust.
Key Takeaways
Word Play With a Warning
Robert Kiyosaki, the author of the best-selling personal finance book “Rich Dad Poor Dad,” is recasting a familiar piece of investing advice. In a post on X, he argued that many investors only believe they are protected, adding:
“De-Worse-ified means they think they are diversified, but they have all their diversified assets, such as gold, silver, Bitcoin, stocks, bonds, real estate, and oil, in one asset class.”
His point is that spreading money across many holdings does not help if those holdings all move the same way in a crisis. When a liquidity shock hits, correlations rise and supposedly diverse portfolios can fall in unison, leaving investors “de-worsified” rather than diversified.
The commentary is consistent with the stance Kiyosaki has pushed throughout 2026 as he recently named bitcoin among the safest investments for the year, grouping it with what he calls real assets. He has repeatedly listed gold, silver, oil, food, bitcoin, and ether as his preferred holdings, framing them as scarce stores of value that printed money cannot dilute.
He has paired that view with stark price calls, setting a target of $250,000 for BTC by year’s end alongside a longer-term goal of $1 million. At current levels, the move would require a gain of more than 230%. On the precious metals side of things, he recently suggested a possible $200-per-ounce silver level this year, calling the metal’s climb a signal of mounting financial stress.
Kiyosaki’s broader thesis is darker still, warning investors of a historic market crash that he ties to surging global debt and fragile private credit markets, urging followers to build income streams, learn trade skills, and accumulate hard assets before the storm.
Timing Is Everything
The “de-worsified” warning arrives at a tense moment for markets, especially as bitcoin posted its worst week since the 2022 collapse of Sam Bankman-Fried’s FTX exchange, sliding below $60,000 as record exchange-traded fund (ETF) outflows and risk-off sentiment gripped the sector.
That is exactly the kind of broad drawdown scenario (where bitcoin, equities, and other assets fall together) that Kiyosaki has used time and again to illustrate his point.
That said, he has become an increasingly polarizing voice within the broader economic landscape, with skeptics pointing out that his crash predictions are frequent and his price targets aggressive (and that he has issued similar warnings for years). Supporters argue his core message of owning scarce assets, avoiding hidden correlation, and preparing for volatility is a reasonable hedge against an era of heavy money printing and rising debt.
Whether or not his $250,000 bitcoin call lands, the distinction he is drawing is a real one, as true diversification really does depend on owning assets that behave differently (not simply owning many of them). In a market where everything from gold to crypto to stocks can move on the same macro headlines, that lesson may matter more than any single forecast.
North Carolina lawmakers on Tuesday advanced a bill to protect consumers from cryptocurrency kiosk fraud.
House Bill 920, which passed the House with a 115-to-0 vote, aims to regulate an industry that its author claims is unregulated in the state.
“It’s the wild, wild West,” Rep. Neal Jackson, R-Moore, said during a committee discussion on Tuesday. “There is no regulation whatsoever in North Carolina. That’s what we’re trying to do here.”
Lawmakers cited a growing amount of fraud as the reason for the bill. About $389 million in losses were reported last year through cryptocurrency ATMs, a 58% increase from 2024, according to the FBI. The majority of those impacted are 60-plus.
The bill now goes to the Senate for consideration. It seeks to:
- Require licenses for all kiosk operators under the Money Transmissions Act.
- Place operators under the supervision of the Commissioner of Banks.
- Require fraud warnings and transaction receipts for every transaction.
- Require compliance and consumer protection officers that are always available.
It also seeks to place limitations on transactions in an effort to reduce fraud, requiring a $2,000 daily limit for the first 30 days for new customers and a $5,000 daily limit for existing customers, who would qualify after 30 days.
While other states have service fees between 20% and 30%, Jackson suggests putting a cap at 14%.
State Rep. Tim Longest, D-Wake, expressed concern about having the kiosks at all in the state. He said the bill’s protections could be stronger.
“These machines can be the subject of fraud, basically facilitating fraud on seniors and other vulnerable individuals and in those cases,” Longest said. “… In crafting regulations, I think it’s important that we ensure consumers are adequately protected by those regulations and I do not believe that, under the language of the bill currently before you, those regulations are sufficient to protect consumers.”
Jackson pointed to this bill as an effort to regulate, not shut down, cryptocurrency kiosks in the state and said there are even more consumer protections in place.
David N. Tente, the executive director of the ATM Industry Association, said the bill — and others like it — is problematic because it requires operators to provide refunds to fraud victims in certain instances.
“In most cases, the cash in the ATM/kiosk does not belong to the operator, which means that returning any of it would be, technically, theft,” Tente said. “If you give someone cash for something, and you change your mind after they leave, you probably won’t get it back.”
He added: “We certainly feel sorry for those being scammed, but there are very simple things you can do to avoid it.”
Tente said these kinds of scams have existed for centuries, adding: “They are still here — just using different means of payment.”
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