Trump’s Crypto Earnings Prompt Emoluments Clause Concerns

The 927-page financial disclosure filed by former President Donald J. Trump with the U.S. Office of Government Ethics and released on Tuesday reports more than $500 million in revenue from World Liberty Financial, a cryptocurrency firm co-founded with his sons Donald Jr. and Eric, and $635 million in royalties from CIC Digital LLC, which operates the “$TRUMP” meme coin launched days before Trump’s second inauguration. The combined crypto-related income exceeds $1 billion for 2025.

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World Liberty Financial sells governance tokens and a U.S. $1 stablecoin; CIC Digital LLC issues a meme-coin bearing Trump’s name. The emoluments clause, adopted in 1787, bars federal officials from receiving benefits that could influence official duties. Critics argue that revenue derived from tokens using Trump’s likeness may fall within the clause’s scope. Since the tokens were sold, their market price has fallen sharply, leaving many investors with reduced holdings.

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Ty Cobb, a former Hogan Lovells partner and former White House special counsel, described the venture as a slimy industry and said the policies can only enrich himself and his family. He asserted that the scale of the earnings reflects intentional design, contrasting the reported billions with the much smaller amounts associated with other political figures. Cobb also cited the $1.8 billion Anti-Weaponization Fund that Trump and Treasury official Todd Blanche sought from the Treasury as an additional example of alleged misuse of public resources. He characterized the situation as an unprecedented wave of corruption over the past 18 months.

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The disclosure itself contains no commentary from the Trump organization, the Treasury, the Office of Government Ethics, or the White House regarding the legality of the earnings. No independent audits or third-party valuations of the crypto assets have been released, leaving the legal assessment of a possible emoluments-clause violation unresolved. No response from the Treasury Department or the Office of Government Ethics has been documented in public records.

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• “I don’t believe so,” — Ty Cobb, former Hogan Lovells partner and White House special counsel

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• “How can that be anything other than trading on his image and likeness” — Ty Cobb

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• “I mean, we are seeing the greatest onslaught of corruption in the history of mankind in the last 18 months,” — Ty Cobb

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• “where he creates policies that can only enrich himself and his family” — Ty Cobb

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Cobb’s remarks have aired on cable news, and the disclosure may prompt inquiries by congressional committees or ethics watchdogs. As of the latest reporting, no formal investigation or legislative action has been announced.

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