Former President Donald Trump has been in the news lately for his outrageous but unsurprising declarations that he plans to use his business investments and financial interests. In a stunningly quick visit of less than 30 minutes, Trump addressed the questions posed by investigative reporter John Lyons. He went on to announce that he is establishing “a terrible precedent.” His comments come at a time of renewed focus. Folks are rightfully raising alarm about potential conflicts of interests stemming from his business ventures and political ambitions.
Trump argues that his children – not him – are running the family business, overseeing it from afar. He also emphasized that he did all of his business transactions before becoming the president. This would imply a very bright line between his political activities and his business investments. Critics claim there are still major questions lingering on the confluence of personal fortune and public service.
Business Ventures and Political Ties
From the very beginning Trump has vociferously maintained that he separated himself from his business interests upon becoming president. He says that his two sons are now the holders of his sons interests in trust. So well, I can’t say that I’m not happy about the deals I cut, mostly aside from what my children are doing. Because you know what, they’re ruining my business,” he said on a recent smart growth engagement. This assertion, though, does hardly anything to assuage worry about the intersection of Trump’s lucrative dealings and his duties as president.
For all his claims of having divested, experts have sounded alarm bells about the billions in financial interests Trump continues to hold onto with both hands. Experts have criticized him for his ongoing financial gains from the very industries over which he wields agency might. Virginia Canter, a legal expert, expressed her concerns, stating, “When have we ever had a president who has huge financial interests, hangs onto them, gains from them, while regulating in that same area?”
The former president’s family stands to make tens of millions of dollars from such investments, starting with World Liberty Financial. Their aggressive financial machinations have always turned heads, but more recently Trump has turned his attention towards crypto as part of his 2024 campaign. Critics argue that this is a setup for dangerous conflicts of interest.
Crypto Connections and Lobby Engagement
Cryptocurrency was Trump’s second major pivot on the campaign trail, as he spent a week courting crypto insiders. At an unrelated conference, senators streamed into meetings with members of the aforementioned, well-heeled crypto lobby led by Bitcoin national David Bailey. During this appearance, he pledged to run a crypto-friendly administration if re-elected, indicating a newfound enthusiasm for the burgeoning digital currency market.
Until now, Trump was a vehement crypto skeptic, having called Bitcoin a “scam” back in 2021. His recent embrace of the crypto sector must be questioned. What are his motivations for this transition, and how does it fit within his family’s financial interests in the environment?
Digital asset advocates should be wary of Trump’s new support. Virginia Canter voiced her concerns: “It doesn’t look as scary or nefarious, and in fact, it normalises it and makes it look like it’s OK, and that’s a terrible thing.” Such sentiments are symptomatic of a much larger concern that Trump’s policies will be dictated by his investments in these newly opening markets.
International Relations and Political Implications
Trump personally assured Lyons that his past business dealings would smooth the way for America’s foreign relations. He noted that his remarks established a “terrible precedent.” He reflected on the power of diplomacy, claiming that all leaders desire to keep good relations with the United States. “They want to get along with me. You know your leader is coming over to see me very soon. I’m going to tell him about you,” Trump stated.
Despite Trump’s claims of separation from his business interests, critics argue that the intertwining of personal profit with public policy could have far-reaching implications. Bryan Lanza, once a Trump advisor, came to the then-absent Trump’s defense claiming that all the former President had done was legalize his business. “The president has to abide by US law… there’s no conflict of interest laws related to the presidency and the president,” Lanza argued.
An array of specialists argue that Trump’s financial ties wreak ethical havoc. Virginia Canter remarked on the potential consequences: “You can’t be confident of that because now this money is coming in and undoubtedly influencing his official activity.”
