Donald Trump Jr. Says His Father 'Doesn't Touch' The Family-Backed Crypto Company Despite Disclosure Of $57 Million Income
Donald Trump Jr., the executive vice president of The Trump Organization and President Donald Trump’s eldest child, defended his father’s financial gains from a family-owned cryptocurrency company, stating that “he doesn’t touch it.”
What Happened: During an interview with NewsNation that aired Monday, Trump Jr. was asked about his father’s financial disclosure, indicating an income of $57.7 million from World Liberty Financial.
“He has ownership, but he doesn’t touch it. That’s all walled off,” Trump Jr. replied. He said that he and his younger brother Eric Trump manage the trust, and they don’t talk about it with their father. “He doesn’t get involved in that.”
That said, Trump Jr. pointed out that his father promised to be an “active proponent” of cryptocurrency throughout his election campaign last year.
Why It Matters: The decentralized finance platform, World Liberty Financial, was launched last year and has been a significant source of income for the Trump family. According to the president’s latest financial disclosure, it yielded him $57.4 million last year, positioning it as one of his primary sources of income.
Donald Trump Jr. said recently that the family’s plunge into cryptocurrency was not a trend-chasing move but rather a financial necessity. He cited a complete loss of access to traditional banking after their father’s political career as the reason for their shift to cryptocurrency.
The project is inspired by Donald Trump, although the disclaimer states that none of its offerings are political or related to any political campaign.
A Trump-affiliated organization holds a 60% share in World Liberty Financial’s parent firm. Trump's three sons, Donald Jr., Eric, and Barron, are listed as the co-founders.
Earlier this year, it launched a dollar-pegged stablecoin, World Liberty Financial USD (USD1) , on Ethereum (CRYPTO: ETH) and BNB Chain (CRYPTO: BNB).
Photo Courtesy: lev radin on Shutterstock.com
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