President Trump’s venture into crypto products has increased his family’s wealth by billions in the last six months, according to a new report, as his administration continues to loosen the federal government’s regulatory approach to the digital currency industry as a whole. 

The group State Democracy Defenders Action estimated in a new report that the president’s crypto holdings now represent nearly 40% of his net worth — or approximately $2.9 billion. That increase is due in part to his release of the $TRUMP and $MELANIA meme coins, in addition to a large stake in World Liberty Financial, a crypto exchange affiliated with the Trump family that launched in October 2024. State Democracy Defenders Action identifies itself as non-partisan, but it is overseen by frequent critics of President Trump, with an agenda focused on “the autocratic threat to our nation.”

The president’s net worth is expected to get another bump, with World Liberty Financial’s announcement this week that a Abu Dhabi-backed firm will invest billions of dollars in the Trump family-affiliated crypto fund. The Emirati firm, MGX, will purchase $2 billion in a stablecoin product offered by World Liberty, the company said in a statement to CBS. The currency, called “USD1” will then be used to invest in Binance, one of the world’s largest cryptocurrency exchanges.

World Liberty has ties to the president and his sons. The fine print on the company’s website says an entity affiliated with Mr. Trump and his family members own a 60% stake in the company.

According to the company’s public reports, a Trump family entity also holds 22.5 billion of the $WLF tokens –- and takes an additional 75% in net revenue from future token purchases.

Details of the MGX deal have not been released, so it is unclear how much the Trump family stands to benefit from this transaction.

In a statement to CBS News, World Liberty said the deal represents the “single largest-ever investment in a crypto company” and sets a “historic precedent.” It did not respond to questions about how much the Trump family stands to make from the investment.

The White House responded to a request for comment by telling CBS News to “report on something people actually care about.” A spokesperson provided links to several White House technology initiatives.

As the president’s investments in crypto have grown, the Securities and Exchange Commission has paused investigations into a dozen crypto companies since his inauguration, a CBS News analysis found.

“The bottom line is it appears like he’s profiting off of his public office,” said Virginia Canter, State Democracy Defenders chief counsel for ethics and anticorruption. Canter, who co-authored the new report, served as senior ethics counsel for the Treasury Department under both Republican and Democratic administrations. 

“In terms of prior presidents in the modern age, they’ve all divested their assets, or they’ve rolled them over into what we call blind trusts,” Canter said. “President Trump did not do that in his first term, and it seems as if in the second term he’s doubled down and he is all in (on) the crypto industry.”

The report leans heavily on past media reports, including a Fortune magazine article that reviewed the Trump family’s financial disclosures and provided the original estimates of the president’s net worth.

Crypto companies are not legally required to disclose who is buying and selling on their platforms to the public, so little is known about who has invested in Trump family-affiliated crypto products. 

Canter says this makes it more difficult to identify potential conflicts of interest. 

“In his first administration, we could see who was walking in and out of the Trump hotels,” she said.

Trump hopes U.S. will be the “crypto capital of the world”

The president, who as recently as 2021 described crypto currency as a “scam,” has since embraced digital currency, saying he hopes to make the United States the “crypto capital of the world.”

Since his inauguration, Mr. Trump has made several moves to unwind the regulatory environment that many industry insiders say crippled crypto businesses. 

He has issued multiple executive orders to promote cryptocurrency, including one that seeks to promote the growth of digital currencies and another that instructed the Treasury Department to create a strategic cryptocurrency reserve. 

Mr. Trump has also used his office to pardon the three founders of cryptocurrency exchange BitMEX, who pleaded guilty in 2022 to failing to prevent money laundering on their platform, according to a report by Reuters. 

The value of Mr. Trump’s crypto assets have at times fluctuated with his policy decisions and social media posts.

The value of $TRUMP increased 18.1% in early March after the president issued an executive order promoting a strategic cryptocurrency reserve, according to the report. A few weeks later, on March 23, the president posted “I Love $TRUMP– SO COOL!! The Greatest of them all!!!!” on Truth Social, which led to an increase in the price of the meme coin from $10.93 to $12.24.

Whether or not the $TRUMP coin increases in value, the president’s business collects trading fees when people buy or sell the coin. A Reuters analysis found that business entities behind the $TRUMP coin could have made nearly $100 million in fees in less than two weeks of trading.

World Liberty Finance: The Trump family’s crypto exchange

Aside from meme coins, the Trump family’s more recent foray into cryptocurrency may become its most profitable. 

In October, then-candidate Trump helped launch World Liberty Finance, a decentralized or “defi” cryptocurrency exchange. Its website, which heavily features the president’s image, offers users the opportunity to buy into the exchange using $WLFI tokens. 

“Good News, the World Liberty Financial token is now live. Crypto is the future, let’s embrace this incredible technology and lead the world in the digital economy. Go to World Liberty Financial.com,” Mr. Trump posted on X in October, before the presidential election. 

The website says World Liberty is “inspired by Donald J. Trump” and Mr. Trump is listed as chief crypto advocate. His sons, Eric, Donald Jr. and Barron, are all listed as Web3 ambassadors. 

Donald Trump Jr. promoted World Liberty Financial in March, at the D.C. Blockchain conference, where crypto industry insiders rubbed shoulders with members of Congress and the administration.

“I’m just super excited about what this can mean for the future of banking for the future of financial systems,” said Trump Jr., who joined World Liberty’s panel remotely. Founders Chase Herro, Zak Folkman and Zach Witkoff appeared on stage to promote World Liberty’s stablecoin offering.

“We want Republicans, Democrats, whether it be black, blue, brown, white, to be using our stable coin,” said Zach Witkoff, the son of Steven Witkoff, the White House special envoy to the Middle East. “We think it democratizes finance.” 

World Liberty says it has raised more than $550 million from investors who purchase the $WLF governance token. The majority of these investors remain anonymous to the public. For now, these $WLFI tokens are non redeemable, meaning that once they are purchased, users cannot exchange them. 

World Liberty denied CBS’ multiple requests for an interview.

Justin Sun, the crypto billionaire famous for buying and eating a $6.2 million banana duct-taped to the wall, is one of World Liberty’s few publicly known investors. 

Sun, who was being investigated for securities fraud in the Biden administration, said he invested $30 million shortly after Mr. Trump’s election, at the time claiming in a post on X to be World Liberty’s”largest investor.”

Days before Mr. Trump’s inauguration, Sun said he invested another $45 million, which he also disclosed in a post on X. A few weeks later, the Securities and Exchange Commission reversed itself and asked the judge to grant a stay in Sun’s case, citing “public interest.” The pause in Sun’s case was part of a larger push by the SEC to dismiss cases against crypto companies. 

A spokesperson for Sun and the SEC declined to comment. 

Last month, Democrats on the Senate Banking, Housing and Urban Affairs Committee sent a letter to the Federal Reserve and the Office of the Comptroller of the Currency about the potential for conflict of interest as the Trump administration considers regulations of companies like World Liberty Financial.

“President Trump’s involvement in this venture, as he strips financial regulators of their independence…presents an extraordinary conflict of interest that could create unprecedented risks to our financial system,” said the letter, which was signed by five Democrats, including Senators Elizabeth Warren, Ron Wyden and Chris Van Hollen. 

World Liberty Financial says 85,000 investors have gone through a standard Know Your Customer process to determine “participation eligibility,” and the company says it is arranging for a third-party accounting firm to audit its new venture into the U.S.-debt-backed stablecoins. 

As president, Mr. Trump is not subject to the criminal conflict-of-interest law. But he is required to disclose his assets and income under the Ethics in Government Act, including his crypto assets. The next financial disclosure report deadline for the president is May 15. 

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Criminal Justice

Poker-playing SCOTUSblog founder has net worth of negative $3.3M, criminal court document says

By Debra Cassens Weiss

February 6, 2025, 3:21 pm CST

A U.S. magistrate judge wrongly concluded that SCOTUSblog co-founder Tom Goldstein could finance his defense in a tax evasion case with his bank accounts, the former U.S. Supreme Court litigator asserted in a court filing Wednesday.

Goldstein currently has a negative net worth of more than $3.3 million, according to a pretrial services report that Goldstein cited in a Feb. 5 motion.

Law360, Bloomberg Law and PokerNews have coverage.

Among the allegations in Goldstein’s Jan. 16 indictment are that he schemed to understate gambling winnings on tax returns that he earned in “ultrahigh-stakes” poker matches while using his boutique law firm to pay debts.

Chief U.S. Magistrate Judge Timothy J. Sullivan of the District of Maryland had required Goldstein to use his marital home as collateral to guarantee his criminal court appearance while rejecting the lawyer’s request last month to substitute property owned by family members.

Goldstein wants to tap the equity in his marital home to fund his defense.The magistrate judge’s refusal to substitute properties violates his Sixth Amendment right to counsel, Goldstein said.

The substitute properties are worth more than the $3.2 million marital home when the outstanding $1.8 million mortgage is taken into account, the motion said.

Refusing to allow substitute collateral also prejudices Goldstein’s wife, “who all agree is an entirely innocent party,” Goldstein wrote. Goldstein is married to SCOTUSblog co-founder and reporter Amy Howe.

In addition, Goldstein wrote, “The magistrate judge’s conclusion that Mr. Goldstein might flee—and strip his closest family members of by far their most significant assets—is not supported by the record,” including a pretrial services report that recommended no secured bond.

Goldstein described himself as “a deeply respected member of the bar who practiced at the highest levels for decades.”

Bloomberg Law reports he argued 45 cases before the Supreme Court before he retired in 2023.

The indictment also accuses Goldstein of failing to report cryptocurrency transactions, using his firm’s money to pay women he was pursuing or with whom he was involved, and failing to report money owed in debts and taxes when he applied for a mortgage.

Write a letter to the editor, share a story tip or update, or report an error.

It is the final question I pose, when interviewing lawyers to write their bios, as a small part of my legal marketing, PR and communications practice. I will already have digested their standard fare: what they do, what they want to do more of, why what they do really matters and to whom.

But then I ask for dessert, a detail typically not on the regular menu: “Are there any interesting hobbies, collections or life experiences you can share? A favorite book, movie or trip? Are you training for anything—perhaps a 5K or half-marathon? Taking a class?”

“You’re crazy about karaoke!” I will sometimes jokingly accuse. Responses generally fall into one of three categories.

A small percentage are annoyed by this line of questioning, considering it undignified or irrelevant. Although I cannot recall asking him this, one lawyer informs me that his clients, “don’t give a whit whether he likes long walks on the beach,” only that he gets their deals done and their cases won. Another is reluctant to reveal his lifelong love of the Yankees, lest he alienate clients who misguidedly root for the Red Sox. Both points duly noted.

But while some situations may indeed call for greater formality and/or neutrality, there is a method to this marketing madness. Many clients want a lawyer they can feel comfortable with and talk to. A bio that provides a small preview of personality and “voice” can help to ensure a good match. For this reason—and, of course, within reason—many law firms are now choosing to adopt a more conversational, user-friendly tone in their website and other content.

The majority of interview subjects inform me that there is nothing interesting or unique about them. “I’m boring!” they insist. “When I’m not working, I’m spending time with my family or chasing after my kids. That’s it.”

While I find “not a whit” boring about that, when I press this group gently about what their family likes to do together, I am often rewarded with such gems as, “My husband and I have passed our love of horror movies down to our finally age-appropriate teenagers, and we take turns picking what to watch during our weekly ‘Family Fright Night.’” Bingo.

The final bunch are fully on board from the jump, enthusiastically sharing far more fun facts than I can possibly fit into a paragraph (the most space this content will ever be allotted). These are my people, kindred, and I want to hire every single one of them, despite having no present need for CFIUS, antitrust or criminal defense counsel.

In addition to all being consummate professionals, one is a highly feted opera singer, an alto, on the side. Another is a member of a Mardi Gras parade “krewe” that adorns human shoes gorgeously with glitter to hand out to spectators as swag. This is someone I want to ride with. Then there’s the guy who unexpectedly had to deliver one of his children himself. If that doesn’t instill confidence in your litigator, demonstrating admirable poise under pressure, please tell me what it is you require.

Of course, not all the answers are lighthearted. Sometimes “my” lawyers (as I protectively come to think of them) will share something serious, about significant obstacles and hardships that they have overcome to get to where they are now. I am honored to help them do so.

In a recent presidential debate, perhaps the political candidates should also have been asked this question.

Former President Donald Trump, in responding, might have recalled his short stint as a film critic, discussing Citizen Kane, a 1941 classic film, observing that “maybe wealth isn’t everything” (because money didn’t buy Kane happiness) and suggesting that what Kane really needed was a different woman. Or he could have reminded the co-moderator, David Muir of ABC News, that he wrestled then-WWE CEO Vince McMahon in the 2007 “Battle of the Billionaires” at WrestleMania 23 and won—hugely.

Vice President Kamala Harris might have shared with co-moderator Linsey Davis that her name means “lotus flower” in Sanskrit, that she worked at McDonald’s during a summer while in college, and that she once cooked South Indian masala dosas in actress Mindy Kaling’s kitchen, quite possibly while sporting Chuck Taylor shoes.

While, of course, these facts are nowhere near as important as the major issues currently on the minds of clients and country, I maintain that the trivia isn’t trivial. Just as the political is personal, so is the professional. Whether as client or constituent, catching a glimpse of the person behind the practice makes me more hopeful that—as they go about their business, and mine—they might also be more likely to keep my humanity in mind.

Even if a firm doesn’t end up ultimately using this information on their website, compiling it can still be a valuable exercise. Sharing it internally—either on the firm’s intranet or via other internal communication—is a creative way to build community (especially for new associates, but I would suggest including support staff, as well).

And in case my clients are curious, while perhaps also misguidedly, I root for the Mets. I like long walks on the beach just fine, but I prefer long drives along coasts. I took one just the other day, on Long Island’s South Shore—windows open, salt air whipping hair, a large Dunkin’ coffee (cream, no sugar) in the console cup holder, and Post Malone’s surprisingly catchy new country album blasting while I sang loudly and off-key.

I don’t normally listen to country music, but I am crazy about karaoke—in cars.

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Tania Zamorsky is the founder of Zamo PR & Communications. She can be reached at [email protected].

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ABAJournal.com is accepting queries for original, thoughtful, nonpromotional articles and commentary by unpaid contributors to run in the Your Voice section. Details and submission guidelines are posted at “Your Submissions, Your Voice.”

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This column reflects the opinions of the author and not necessarily the views of the ABA Journal—or the American Bar Association.