At the SALT conference in Jackson Hole, Rep. Angie Craig (D-Minn.) put words to what many in Washington have been whispering: the President Trump crypto empire is an insider trading scam on the American people.
“It’s no secret that my side of the aisle would prefer not to see any sitting President — I won’t name one — participating in this market while a sitting president unless those assets are in a sealed trust,” Craig said.
- 2016 Trump: Had neocon wranglers and handlers
- 2020 Biden: Hated crypto and just ate ice cream
- 2024 Trump is just a mob boss surrounded by yes men who are privatizing crypto for the elites
That’s the gist of it. The question is, are these claims true, and are we looking at the next FTX collapse?
The Trump Family’s Crypto Ventures
Trump, along with his sons Eric and Donald Jr., has been directly involved in the industry since his return to the White House in January. Trump has released meme coins tied to his name, while Truth Social has filed ETF applications.
Additionally, Eric Trump co-founded American Bitcoin, a mining company owned by Hut 8.
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Craig argued that this dynamic has become “the elephant in the room” for Democrats considering theDigital Asset Market Clarity Act.
Trump stopped investigating crypto fraud after starting a crypto company
Fired the ethics watchdog overseeing him
Stopped investigating sex trafficking while protecting the Epstein files
Ended foreign bribery laws while taking a jet from Qatar
The real crime spree in DC is 👇🏻 pic.twitter.com/qAweBgv2H0
— Melanie D'Arrigo (@DarrigoMelanie) August 13, 2025
The ethical concerns aren’t new. Watchdog groups and several lawmakers have flagged the fact that Trump is actively enriching himself while shaping crypto policy. The $TRUMP memecoin dinner, hosted at his Virginia golf club, crystallized those concerns: top token holders were treated to access and recognition, while protesters outside accused the president of self-dealing.
“Just because the corruption is playing out in public, where everyone can see it, doesn’t mean that it isn’t rampant, rapacious corruption.” – Sen. Chris Murphy (D-Conn.)
Inside the administration, Trump’s “crypto czar” David Sacks has downplayed the issue, insisting his job is about growing the market, not policing Trump’s personal businesses.
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What Comes Next For Trump and Bitcoin
The Senate Banking Committee is at work on a competing version of the market structure bill and Republicans are pushing in lockstep.
Meanwhile, we’ve never seen a President push memecoins, ETFs, and mining interests all at once. Is any of this legal? At the very least, hopefully we don’t see an FTX 2.0.
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Key Takeaways
- Trump crypto is raising many ethical red flags. The question is, are these claims true and are we looking at the next FTX collapse?
- All eyes are on Powell this week. As inflation lingers and labor metrics soften.
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