Serious questions are being raised about Donald Trump's eldest sons' upcoming cryptocurrency venture, according to a new report.
Trump has recently changed his tune on cryptocurrency in general, going from opposing it and saying valuations were simply made out of “thin air" to proclaiming to be its biggest champion and speaking at a cryptocurrency conference. According to Bloomberg, the "crypto flip flop began with flattering NFTs" of himself.
Now, his sons are reportedly launching a crypto project, and ethics watchdogs are questioning whether there could be a conflict of interest.
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According to Politico, Trump's own family could be one of the biggest beneficiaries of the shift in policy by the former president.
"Trump’s eldest sons are gearing up to launch a new cryptocurrency venture called World Liberty Financial, which is already receiving a big social media boost from their father. Government ethics watchdogs say the project could create a conflict of interest if Trump returns to the White House next year," the outlet reported on Saturday. "Trump has vowed to enact an array of pro-crypto policies in a bid to win votes — and campaign cash — from digital asset enthusiasts in recent months. Now, he’s weaving the overtures into his pitch for his sons’ forthcoming startup."
“To promise crypto-friendly policies and have your family engage in the same business is, I think, conflict of interest 101,” said Ishan Mehta, director for media and democracy at Common Cause, a nonprofit that advocates for government transparency, according to the Politico report.
Politico makes it clear that details are scarce regarding the new crypto venture by the Trump sons. Still, according to the report, "They have been teasing their plans to launch it for weeks, in part by positioning it as an alternative to the use of big banks."
"Either way, ethics experts and watchdogs say the crypto business could create the appearance of a conflict of interest if Trump wins back the White House this fall," Politico reports.
