Trump makes money in a 100-day period, and the Senate decides to investigate thoroughly

US President Donald Trump was asked the day after he took office whether he would continue to make profits from personal business activities, after his "Trump Meme Coin" ($TRUMP) launched once soared to $20 billion.

"I don't know much about this, I only know it was launched. I heard it was successful," Trump responded. "I haven't checked it yet. How much is it worth?"

"You make a lot of money, sir," the reporter asked. "There seems to be billions of dollars in the past few days."

"Billions? Just a small amount of money for these guys," Trump said, pointing to a group of tech billionaires at the White House event.

Trump has never made it clear whether he would stop using his presidential status to make a profit—historians point out that almost all former U.S. presidents have promised to avoid such behavior.

Huge profits raise doubts

According to the U.S. Ethics Monitoring Group, Democratic lawmakers and cryptocurrency analysts, the two cryptocurrency investments held by Trump’s affiliated entities have made profits of at least $300 million in handling fees since January through digital token transactions such as meme coins. Analysts point out that greater potential profits come from the share of meme coins held by Trump entities and other Trump-themed cryptocurrency investments.

Last week, World Liberty Financial, another cryptocurrency project of the Trump family, announced that its digital tokens were used by Abu Dhabi Investment Corporation to inject $2 billion into Binance. Democratic lawmakers and analysts say the deal has a conflict of interest and could bring at least $27 million in revenue to "World Free Finance" every year.

Meanwhile, the Trump administration has relaxed regulation of the cryptocurrency industry and dissolved a Justice Department division designed to combat crypto fraud.

Cryptocurrency is not the only source of funding since Trump returned to the White House. Experts say the president also profits from real estate, his Truth Social platform and a range of branded merchandise.

“It is extremely difficult to find an exact number now, if not impossible, to find an exact number,” said Fred Wertheimer of Democracy 21, a nonprofit accountability group. “I don’t think it’s accidental.”

“The president has been boasting about how many billions of assets he has for years, but as president, the situation is different,” Wertheimer said. “He doesn’t hide all the business, but he certainly doesn’t report what’s going on.”

Senate launches investigation

Senator Richard Blumenthal, the Democratic chief member of the Senate Permanent Subcommittee, told USA Today that he is investigating Trump's profits during his presidency.

The cryptocurrency business — including a digital meme coin that celebrates Trump's attempt to escape the dark SHA in July 2024 — will be key to the Blumenthal investigation. He said Trump “makes money through transactions because transactions will incur fees and also makes money by promoting or luring sales to cause the price of tokens to rise.”

"Whether tens of millions or hundreds of millions of dollars are needed to be investigated and confirmed, but the shamelessness of such behavior is shocking, ridiculous, and can threaten national security," Blumenthal, who has served as Connecticut attorney general.

Blumenthal said he was particularly concerned about the opacity of cryptocurrency transactions making it almost impossible to determine how much Trump makes it — and who might seek influence by buying Trump tokens.

He said it could pose a national security threat, allowing foreign governments to make Trump rich without the public's knowledge — and gain his favor.

A White House spokesman denied this, saying the president has no conflict of interest because his assets are controlled by his children. A spokesman for World Liberty Financial, a crypto company controlled by the Trump family, told USA Today the company is “not politically relevant.”

Sneakers, Bibles – and digital currencies

Compared with his first term, Trump has even reversed the practice of restricting the commander-in-chief from using his power to make profits.

In addition to meme coins and other cryptocurrencies, Trump and his business partners have also promoted dozens of branded merchandise, including Trump's sneakers and a Trump autographed Bible.

According to Cryptopolitan and other crypto industry trackers, Trump has also devoted himself to digital art, namely non-fungible tokens (NFTs), selling "Trump Bitcoin Digital Transaction Cards", including more than 100 new collections released in January 2025.

"Private Private Dinner" for TRUMP Investors

On April 23, one of many private companies associated with Trump and his family raised the stakes by offering "the world's most exclusive invitation" to existing and new buyers of $TRUMP meme coins.

According to the Securities and Exchange Commission (SEC), meme coins are crypto assets inspired by internet memes, characters, or trends, “sponsors try to attract enthusiastic online communities to buy meme coins and participate in their transactions.”

“In this regard, meme coins are similar to collectibles,” the SEC said. “Meme coins are usually limited or have no functionality.”

$TRUMP Meme Coin is advertised as "the only official Trump meme produced by President Donald J. Trump."

However, the “details” in its disclaimer reminds that the currency is “designated to support and engagement in the ideals and beliefs embodied by the $TRUMP symbol” and “has no intention to act, or become an investment opportunity, investment contract or securities of any kind.”

The disclaimer said that Trump Group's affiliate CIC Digital LLC and a company called Fight Fight Fight LLC jointly own 80% of the $TRUMP meme coin.

$TRUMP The official website of the memecoin website states that the top 220 investors will win a "private private dinner" with the president at Trump's Northern Virginia Golf Club on May 22.

The top 25 Trump meme coin investors were promised “a super VIP experience, including a private reception with the president and a guided White House”.

According to Finance Magnates and other crypto trackers, the $TRUMP meme coin soared by as much as 80%, adding its value to more than $100 million.

According to Chainalysis spokesman Jorah Huntington, told USA Today, data shows that Trump and related entities made $1.3 million in profits through transaction fees, with cumulative revenue exceeding $320 million.

"This is one of the most blatant and shocking cases of selling presidential power channels I've ever seen," said Donald Sherman, executive director and chief legal counsel at the Citizens of Responsibility and Ethics in Washington.

The White House declined to comment: "No conflict of interest"

The White House and the Trump Group did not respond to a series of questions seeking comments on Trump’s meme coins and other investments.

Attorney William Burke did not respond. He was employed in January to strengthen the Trump Group's ethics standards, but recently he was fired after reports that he also represented Harvard in its legal conflict with the Trump administration.

"The president's assets are held by trusts managed by his children. There is no conflict of interest," White House spokesman Anna Kelly told USA Today.

Kelly refers to the Trump Group's statement in January that Trump will hand over his billions of dollars in his real estate, hotels, golf, media and licensing business to his children after entering the White House.

But Trump's current arrangements are more likely to be abused than his first term, with countries like Saudi Arabia paying millions of dollars to his company during his first term, according to an interview with USA Today and reports from Congressional Democrats and oversight organizations.

Historically, presidents have promised not to make profits for themselves during their tenure, to ensure that policy decisions are for the national interest—not for personal gain—and thus gain trust.

"It's not the case anymore," said Danielle Brian, chairman of the Washington administration's oversight program. "President Trump made it clear that he would make as much money as he could during his presidency because he was president -- he had no cover for it."

California Democratic Senator Adam Schiff is one of several Democratic senators calling on the government’s office to investigate Trump’s crypto business, including whether the strategic bitcoin reserves he established in March have helped his own investments.

"Donald Trump makes a lot of money, and the only loser is the American people," Schiff said in a video posted on X.

For Trump, who claims to be the first “crypto president,” $TRUMP is just part of his broader empire, which also includes meme coins for First Lady Melania Trump, whose initial value once reached billions of dollars.

In another business, the Trump family quietly took control of World Liberty Financial, a crypto company that raised $550 million by selling its digital currency $WLFI. Reuters reported in March that the Trump family received the vast majority of the funds with the help of clauses that industry experts believe are beneficial to company insiders.

The Trump family is now entitled to 75% of the net sales of World Liberty Financial tokens, 60% of operating revenues — and about $400 million in transaction fees, according to the company’s website and Reuters.

WLF responds: "It has nothing to do with politics"

World Liberty Financial spokesman David Waxman told USA Today he could not comment on how much money Trump and his family made from the business.

He said the allegations of conflicts of interest or corruption were "the ultimate, top-notch exaggeration, totally false and false." Waxman describes World Liberty as a “non-political organization. We have nothing to do with politics.”

Trump's personal stake in the company (his motto is "inspired by Donald J. Trump") is unknown.

In calling for an investigation, Schiff mentioned Justin Sun, a crypto entrepreneur who injected $75 million into World Liberty Financial.

Justin Sun has faced civil fraud cases filed by U.S. securities regulators, including celebrities such as Lindsay Lohan, Jack Paul and rapper Soulja Boy.

"You won't be surprised to learn that the fraud against Justin Sun has now been put on hold by the Trump administration. The American people are now unable to know whether this administration is acting on behalf of the American people or on behalf of the economic interests of Donald Trump," Schiff said in his video.

Justin Sun's lawyer, William Sharon, did not respond to calls and emails seeking comments.

As of May 1, Justin Sun — an estimated $14 million invested — topped the investor rankings of the $TRUMP memecoin website and was eligible for a private dinner with Trump.

World Liberty has also been involved in other businesses in recent months.

On May 1, Zach Witkov, one of World Liberty co-founders, announced that his "USD1 stablecoin" is being used by an Abu Dhabi company as an "official stablecoin" to invest $2 billion in Binance, the world's largest crypto exchange. (Stablecoins are cryptocurrencies whose value is anchored to another asset, such as the US dollar.)

Witkov said they were "excited" by the new deal. Witkov is the son of Trump's chief diplomatic envoy, close friend and billionaire developer Steve Witkov.

According to CoinMarketCap data, the total value of the USD1 token reached about $2.1 billion as of April 30, making it one of the fastest growing stablecoins in the world, Reuters reported, adding that "the identity of its main holders is still unclear."

Witkov said World Liberty now has business dealings with Justin Sun. Justin Sun attended a crypto conference with Witkov and Eric Trump in Dubai on May 1.

Golf Property & Saudi Arabia

Brian, Wertheimer and others said that since Trump’s White House financial disclosure statements will not be submitted to the government’s Ethics Office until mid-May, it is currently impossible to know how much money Trump has made from various sources.

According to the CREW report, during his first term, foreign governments spent millions of dollars on Trump's hotels and golf courses, and Trump's business earned up to $160 million from foreign countries.

"But in that case, at least you stayed in a hotel room. When you put $5 million into these Trump memes, what is the value of it except putting the money in the president's pocket?" asked Rick Clapoel of Public Citizens.

Trump sold his hotel in Washington. But he still profits from foreign spending on his golf property. Saudi Arabia's LIV Golf Tour has held seven games at Trump Stadium, despite Trump's pressure to merge with LIV on the more mature PGA Tour - a move that favors Saudi Arabia.

The PGA Tour rejected LIV’s latest multi-billion dollar offer in early April.

"But hopefully we will lead to the merger of these two tours," Trump told reporters on Air Force One. "You have the PGA Tour and the LIV Tour. I think it would be a good thing to merge them."

Despite Truth Social's reported losses, Trump's stake in the platform rose sharply during his presidency. On April 2, the company filed documents with securities regulators allowing Trump's trust to sell about $2.3 billion in shares.

"Paid Presidential Circle" is controversial

Last month, during a dinner at the White House Press Association, Donald Trump Jr. jointly held his "The Executive Branch" private club kick-off party, which has a membership fee of more than $500,000.

Politico quoted people familiar with the project as saying that its goal is to "cater to business and tech giants who want to cultivate relations with the Trump administration."

On April 30, Senator Chris Murphy showed a large chart in the Senate, condemning Trump's "corruption in his 100-day term in power" and saying that "TRUMP is the biggest scandal in the history of the US president."

As the financial disclosure deadline approaches in mid-May, the dispute over the president's business interests will continue to ferment. The White House insists that all actions are legal, but oversight groups stress that Trump has broken the historical tradition of "the president does not make policies for his own interests."

"Trump made it clear that he wanted to use his presidential status to maximize profits," concluded Danielle Brian, chairman of the government oversight program, "and he has no disguise."

This article is compiled from USA Today, original author: Josh Meyer