Trump Backs Crypto Industry Amidst Controversy Over Family Holdings

US President Donald Trump, during a White House press briefing, expressed his support for the US crypto industry, emphasizing its significance and the potential for other countries, particularly China, to dominate the sector if the US were to step back. Trump highlighted the industry's growth and its positive impact on job creation and the economy, noting that it has become a powerful force in the financial landscape.

Trump's comments came in response to a question about whether he would consider divesting from his family's crypto holdings to facilitate the passage of digital asset legislation. The president did not directly address the controversy surrounding his family's crypto investments but instead focused on the broader implications of the industry's success. He mentioned that he became involved with crypto a couple of years ago, before deciding to run for a third term, and that the industry has since grown significantly.

Trump also noted that the crypto industry, including Bitcoin, performed relatively well compared to the stock market during recent downturns. He emphasized that the industry produces jobs and takes pressure off the US dollar, which he views as beneficial for the country. Trump's remarks underscored his belief that the US has dominated the crypto industry and that maintaining this leadership is crucial.

Earlier in the week, US Senator Adam Schiff introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act, which aims to prevent Trump and his family members from enriching themselves through crypto. The proposed legislation would prohibit high-ranking officials and their immediate family members from issuing, sponsoring, or endorsing digital assets for a period of 180 days before and two years after their public service.

Trump's recent financial disclosure with the U.S. Office of Government Ethics revealed that he earned over $57.3 million from the decentralized finance (DeFi) platform World Liberty Financial (WLFI). However, income from his controversial memecoin, Official Trump, was not listed on the disclosure because it was released in 2025. Ethereum (ETH) founder Vitalik Buterin had previously criticized political coins, describing them as "vehicles for unlimited political bribery."

The nonprofit consumer advocacy organization Public Citizen argued in a February letter to the U.S. Department of Justice (DOJ) and the Office of Government Ethics that Trump could be in violation of federal laws regulating gifts to government officials. This ongoing debate highlights the complex interplay between political figures and the crypto industry, with Trump's support for the sector contrasting with calls for greater transparency and regulation.