Trump's presidency intertwined with his business empire: a new game of conflicts of interest, with Crypto Assets playing a key role.

When U.S. President Donald Trump flew to the UK in late July to meet with British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen, the meeting was held at his Trump Turnberry golf course located on the southwestern coast of Scotland. This trip, dubbed a "working visit," perfectly integrated trade negotiations and geopolitical discussions with his promotion of his own business. This trip, along with his decision to refuse to divest assets or establish a blind trust, highlights the potential conflict of interest between Trump's presidential identification and his vast business empire.

The Intersection of Business and Presidential Identification

Trump broke the precedent that all other presidents have followed since 1978 at the beginning of both of his presidential terms, refusing to divest his assets or place them in a blind trust managed by the government ethics office. His vast business empire was placed in a trust managed by his two sons, Donald Trump Jr. and Eric Trump, but it was not a blind trust.

Since Trump returned to the White House, the "Trump Organization" has made millions in profits from cryptocurrency revenue under the supervision of his children, and has reached overseas real estate deals with companies owned or associated with foreign governments. Trump himself is also promoting his own meme coin and using his primary source of wealth, the Truth Social platform, as his preferred online promotional tool.

The Trump Organization has reached new real estate deals in the Middle East (Saudi Arabia, Qatar, Oman) and Vietnam. These deals involve projects such as hotels, residential properties, and golf courses, while at the same time, the Trump administration is negotiating with these countries regarding tariffs and the sharing of advanced artificial intelligence technology.

The Intersection of Cryptocurrency and Politics

The cryptocurrency business has opened another avenue for Trump's commercial empire.

(Source: Bloomberg)

• Meme Coin: Fight Fight Fight LLC has started selling TRUMP Meme Coin from January 17, and on its first full trading day, its market value exceeded $27 billion. According to the company's website, Trump's CIC Digital LLC shares 80% of the Meme Coin with Fight Fight Fight.
• Stablecoin: The stablecoin USD1 is promoted by World Liberty Financial, founded by Trump and his three sons. The Abu Dhabi investment fund MGX chose USD1 in May to complete a $2 billion investment in a cryptocurrency exchange. Trump will also profit from the sale of these tokens.
• Regulatory Exemption: Crypto billionaire Justin Sun invested $75 million in World Liberty Financial before Trump took office. The following month, the U.S. Securities and Exchange Commission (SEC) suspended civil fraud charges against him. This move is consistent with the decision of the Trump administration to halt regulatory enforcement actions against crypto companies that were initiated during former President Joe Biden's term.

Potential Conflicts of Interest and Supervision

Critics argue that by doing business with the Trump Organization, entities may gain a channel to influence U.S. policy. Although the president is not bound by U.S. federal ethics laws, and the Supreme Court has ruled that the U.S. president enjoys criminal prosecution immunity for official actions, Trump's critics point out that he has fired the head of the Office of Government Ethics and suspended enforcement of the Foreign Corrupt Practices Act, which has weakened oversight of presidential actions.

Although the potential conflicts of interest are more pronounced than during his first term, the public protests are not as strong as they were then. One reason is that the Trump administration quickly took action in multiple areas (such as immigration, trade partners, etc.), forcing opponents to make compromises.

Conclusion

Donald Trump's second presidential term is intertwining political power and personal business interests in unprecedented ways. By promoting his personal brand during state visits, engaging in business transactions with foreign entities, and profiting directly from cryptocurrency projects, Trump is redefining the ethical standards for American presidents. Although the White House denies any conflicts of interest, this public blending of business and policy undoubtedly poses a severe challenge to traditional government ethics. The continued existence of this model heralds a brand new political-business-financial landscape, where the lines between power and profit become increasingly blurred.