Trump is reportedly exploring launching a crypto game, which is a sector that has faced regulatory scrutiny. SEC lawsuits naming crypto gaming tokens as securities have been dropped, and Rs in Congress just voted to overturn a CFPB consumer protection rule for game assets.
![A crypto game
Fortune recently reported that Trump plans to release a blockchain-based real estate-themed game similar to Monopoly.8 Unlike many traditional games where players use in-game currencies that can’t be transferred outside of the game, crypto games often aim to use cryptocurrencies for game economies, attracting players with promises of earning real money simply by playing a video game. Blockchain games, sometimes dubbed “play-to-earn” games, have a troubled history, struggling to balance in-game economies where wealthier players can simply pay to win, poorer players can’t afford to play at all, and more and more new players must constantly join to sustain token prices.b Games like Axie Infinity, which surged in popularity in late 2021, spawned a form of digital sharecropping where wealthier individuals leased in-game assets to those in the Philippines and other lower-wage areas, who were promised they could earn more playing these video games than from other local jobs.9 Other moral issues arose from children playing games with gambling-like mechanics, where they were encouraged to spend (and often later lose) real money on new characters or items. Then, of course, there was the record-breaking $625 million Axie Infinity exploit by North Korean hackers in March 2022 [W3IGG], which caused players’ tokens to plummet in value and never recover.
Before the second Trump administration, play-to-earn games faced new regulatory scrutiny. In its lawsuits against Coinbase](/proxy/post_attachment/481371/d8bb0bff27.png "A crypto game
Fortune recently reported that Trump plans to release a blockchain-based real estate-themed game similar to Monopoly.8 Unlike many traditional games where players use in-game currencies that can’t be transferred outside of the game, crypto games often aim to use cryptocurrencies for game economies, attracting players with promises of earning real money simply by playing a video game. Blockchain games, sometimes dubbed “play-to-earn” games, have a troubled history, struggling to balance in-game economies where wealthier players can simply pay to win, poorer players can’t afford to play at all, and more and more new players must constantly join to sustain token prices.b Games like Axie Infinity, which surged in popularity in late 2021, spawned a form of digital sharecropping where wealthier individuals leased in-game assets to those in the Philippines and other lower-wage areas, who were promised they could earn more playing these video games than from other local jobs.9 Other moral issues arose from children playing games with gambling-like mechanics, where they were encouraged to spend (and often later lose) real money on new characters or items. Then, of course, there was the record-breaking $625 million Axie Infinity exploit by North Korean hackers in March 2022 [W3IGG], which caused players’ tokens to plummet in value and never recover.
Before the second Trump administration, play-to-earn games faced new regulatory scrutiny. In its lawsuits against Coinbase")
![Since his inauguration, Trump has been hard at work bulldozing regulatory or legal barriers for crypto companies that could require registration with financial regulators, more burdensome oversight, customer support programs and recourse for players whose in-game and/or crypto assets are stolen, and limits on gambling mechanisms in games — all things that would cut into crypto gaming companies’ profits. The Securities and Exchange Commission has practically broken the sound barrier in its race to drop investigations and enforcement actions (including the lawsuits involving Binance and Coinbase naming the gaming tokens as securities). They’ve also declared most cryptocurrency assets exempt from its authority, and invited crypto executives and lobbyists to write their own rules. The Trump administration has been working to shut down the CFPB entirely, with vocal support from crypto industry executives [Debanking]. Meanwhile, Congress is chipping away CFPB regulations where both the House and Senate recently voted to overturn the CFPB’s rule on crypto games, which also would have applied broader protections for crypto holders outside of the gaming sector. These votes fell along party lines, with all Democrats and Independents opposing the removal of the rule and all Republicans except for one token Senator supporting its nullification.1213 All that remains is for Trump to sign the bill eliminating the rule, in a move that will personally profit him.](/proxy/post_attachment/481372/a0d775b34b.png "Since his inauguration, Trump has been hard at work bulldozing regulatory or legal barriers for crypto companies that could require registration with financial regulators, more burdensome oversight, customer support programs and recourse for players whose in-game and/or crypto assets are stolen, and limits on gambling mechanisms in games — all things that would cut into crypto gaming companies’ profits. The Securities and Exchange Commission has practically broken the sound barrier in its race to drop investigations and enforcement actions (including the lawsuits involving Binance and Coinbase naming the gaming tokens as securities). They’ve also declared most cryptocurrency assets exempt from its authority, and invited crypto executives and lobbyists to write their own rules. The Trump administration has been working to shut down the CFPB entirely, with vocal support from crypto industry executives [Debanking]. Meanwhile, Congress is chipping away CFPB regulations where both the House and Senate recently voted to overturn the CFPB’s rule on crypto games, which also would have applied broader protections for crypto holders outside of the gaming sector. These votes fell along party lines, with all Democrats and Independents opposing the removal of the rule and all Republicans except for one token Senator supporting its nullification.1213 All that remains is for Trump to sign the bill eliminating the rule, in a move that will personally profit him.")
Two of Trump’s sons are involved in a new bitcoin mining venture called American Bitcoin in which an existing bitcoin mining firm, Hut8, essentially donated 20% of their company to the Trumps in exchange for getting in on their profitable self-dealing.
![Bitcoin mining
In late March, Trump’s sons Eric and Donald Jr. announced their investment in a bitcoin mining company called American Bitcoin [I81], where Eric Trump also took the Chief Strategy Officer role. The company was created through a deal with existing American bitcoin mining firm Hut8, which contributed “substantially all” of its bitcoin mining machines. This deal raised eyebrows among observers including VanEck analyst Matthew Sigel, who commented, “I don’t fully understand the rationale of selling 61,000 miners in exchange for an 80% stake in a subsidiary that they previously owned 100% of.”14 It seems to me that Hut8 determined a 20% donation to the Trump family was worth the benefits of getting looped into the Trump crypto empire.
Eric Trump announced plans for the company to go public and hinted at a future partnership with World Liberty Financial. They also intend to stockpile some of the bitcoin they mine, again adding potential upside if Trump successfully boosts bitcoin prices.15](/proxy/post_attachment/481374/b60cd33098.png "Bitcoin mining
In late March, Trump’s sons Eric and Donald Jr. announced their investment in a bitcoin mining company called American Bitcoin [I81], where Eric Trump also took the Chief Strategy Officer role. The company was created through a deal with existing American bitcoin mining firm Hut8, which contributed “substantially all” of its bitcoin mining machines. This deal raised eyebrows among observers including VanEck analyst Matthew Sigel, who commented, “I don’t fully understand the rationale of selling 61,000 miners in exchange for an 80% stake in a subsidiary that they previously owned 100% of.”14 It seems to me that Hut8 determined a 20% donation to the Trump family was worth the benefits of getting looped into the Trump crypto empire.
Eric Trump announced plans for the company to go public and hinted at a future partnership with World Liberty Financial. They also intend to stockpile some of the bitcoin they mine, again adding potential upside if Trump successfully boosts bitcoin prices.15")
The Trumps have cashed out around $390 million from their memecoins. A month after their launch, the SEC stated that memecoins do not fall under SEC authority.
![Memecoins
Days before Trump’s inauguration, he dropped the $TRUMP memecoin, horrifying even some of his most devoted crypto industry supporters who described the cash-grab as “absolutely preposterous … plumbing new depths of idiocy” [I75]. Shortly after, the Trump family launched a $MELANIA memecoin, seemingly seeking a second windfall. While memecoin valuations are challenging to calculate accurately, the Financial Times estimated in early March that he and his team had profited at least $350 million from the stunt.16 On April 15, the Trump-controlled wallet appeared to cash out an additional $4.6 million.17
The $MELANIA token team also appeared to cash out around $4.5 million in late March and early April.17 On April 7, Bubblemaps reported insiders had moved more tokens, notionally worth around $30 million, from project’s designated “community” wallets and began selling them.18 This followed reports that the $MELANIA token team is the same group involved in malfeasance around $LIBRA, a token affiliated with Argentina’s president Milei, and a widespread insider trading scandal involving Solana-based memecoins [I77].](/proxy/post_attachment/481375/dae3c2bef4.png "Memecoins
Days before Trump’s inauguration, he dropped the $TRUMP memecoin, horrifying even some of his most devoted crypto industry supporters who described the cash-grab as “absolutely preposterous … plumbing new depths of idiocy” [I75]. Shortly after, the Trump family launched a $MELANIA memecoin, seemingly seeking a second windfall. While memecoin valuations are challenging to calculate accurately, the Financial Times estimated in early March that he and his team had profited at least $350 million from the stunt.16 On April 15, the Trump-controlled wallet appeared to cash out an additional $4.6 million.17
The $MELANIA token team also appeared to cash out around $4.5 million in late March and early April.17 On April 7, Bubblemaps reported insiders had moved more tokens, notionally worth around $30 million, from project’s designated “community” wallets and began selling them.18 This followed reports that the $MELANIA token team is the same group involved in malfeasance around $LIBRA, a token affiliated with Argentina’s president Milei, and a widespread insider trading scandal involving Solana-based memecoins [I77].")
There’s of course also the NFTs, the bitcoin branded sneakers, and the Trumps’ personal crypto holdings, which are not well known.
And there’s also the substantial risk of insider trading in crypto, mirroring similar concerns we’ve seen raised recently about insider trading in traditional assets surrounding Trump’s tariff announcements.
![Crypto holdings
While the specifics of the Trump family’s crypto holdings remain largely unknown, financial disclosures and blockchain records shed some light. In August 2024, Trump reported holding $1 million to $5 million in ETH,21 which matched with a publicly disclosed Ethereum wallet then holding around $2.28 million worth of the token. Trump later sold sizable portions of those tokens beginning in December 2024.22
The personal crypto holdings of Trump family members who stand to benefit from market movements under Trump have not been publicly disclosed. Some seem keen to experiment with moving markets themselves, with Eric Trump tweeting “In my opinion, it’s a great time to add $ETH. You can thank me later” in February, right around the time World Liberty Financial was moving a substantial amount of ETH to Coinbase [I76].](/proxy/post_attachment/481377/26e5470141.png "Crypto holdings
While the specifics of the Trump family’s crypto holdings remain largely unknown, financial disclosures and blockchain records shed some light. In August 2024, Trump reported holding $1 million to $5 million in ETH,21 which matched with a publicly disclosed Ethereum wallet then holding around $2.28 million worth of the token. Trump later sold sizable portions of those tokens beginning in December 2024.22
The personal crypto holdings of Trump family members who stand to benefit from market movements under Trump have not been publicly disclosed. Some seem keen to experiment with moving markets themselves, with Eric Trump tweeting “In my opinion, it’s a great time to add $ETH. You can thank me later” in February, right around the time World Liberty Financial was moving a substantial amount of ETH to Coinbase [I76].")
While there have been some attempts by Democratic Senators to sound the alarm with various agencies, these agencies are largely under Trump’s control. If there’s been any action on their letters, it hasn’t publicly materialized.
This is a dangerous convergence of the president’s financial interests and his power to shape policy, and it poses serious risks to all of us.
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@molly0xfff Is anyone doing a comprehensive corruption tracker? Haven't they already hauled in several billion dollars? Would be great if there were an eye candy infographic going all the way back to their inheritance.
