Consumer advocacy nonprofit Public Citizen said U.S. President Donald Trump and his family have caused investors to lose at least $4.7 billion through digital asset projects since 2022. The group said the projects include the World Liberty Financial governance token, NFT trading cards, Official Trump (TRUMP), and Trump Media’s digital asset reserve. Of that total, losses tied to TRUMP were estimated at about $3.2 billion, while investors in the USD1 stablecoin were not reported to have suffered major losses. Public Citizen said the losses associated with TRUMP largely reflected a transfer of wealth to a small group of early buyers rather than money simply disappearing. The group also said Trump earned $7.2 million from NFT licensing fees and royalties, and more than $600 million from World Liberty token sales and equity sales. Public Citizen is urging lawmakers to add ethics rules to the Digital Asset Market Clarity Act, or CLARITY Act, requiring the U.S. president and family members to exit industry-related ventures. Cointelegraph also reported that Trump met with crypto company executives last week and called for passage of a “fair version” of the bill. The Senate is scheduled to vote on a procedural motion on Sept. 15, and the measure needs support from at least 60 senators to advance.
Public Citizen, a consumer advocacy nonprofit, said U.S. President Donald Trump and his family have caused investors to lose at least $4.7 billion through digital asset projects since 2022.
The organization said the projects include the World Liberty Financial governance token, NFT trading cards, Official Trump (TRUMP), and Trump Media’s digital asset reserve. Among them, investor losses tied to TRUMP were estimated at about $3.2 billion, while investors in the USD1 stablecoin were not reported to have suffered major losses.
Public Citizen said the losses linked to TRUMP were mainly a transfer of wealth to a small number of early buyers, rather than money disappearing outright. It also said Donald Trump earned $7.2 million from NFT licensing fees and royalties, and more than $600 million from World Liberty token sales and equity sales.
The group is also calling for ethics rules to be added to the Digital Asset Market Clarity Act, or CLARITY Act, requiring the U.S. president and family members to exit related industry projects.
According to Cointelegraph, Trump met with crypto company executives last week and called for passage of a “fair version” of the bill. The Senate is scheduled to vote on a procedural motion on Sept. 15, and the legislation needs support from at least 60 senators to move forward.
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