Trump-related crypto projects have caused investors at least $4.7 billion in losses, Public Citizen says

Odaily News - U.S. President Donald Trump and his family have caused investors at least $4.7 billion in losses through digital asset projects since 2022. Consumer rights advocacy nonprofit Public Citizen stated that the related projects include the World Liberty Financial governance token, NFT trading cards, Official Trump (TRUMP), and Trump Media's digital asset reserve.

Among these, TRUMP investors lost approximately $3.2 billion, while USD1 stablecoin investors did not suffer significant losses. Public Citizen noted that the losses from TRUMP primarily reflect a transfer of wealth to a small number of early buyers, rather than funds disappearing outright. Donald Trump also earned $7.2 million from NFT licensing fees and royalties, as well as over $600 million from World Liberty token sales and equity sales.

Public Citizen also called for adding ethical standards to the Digital Asset Market Clarity Act (CLARITY Act), requiring the U.S. President and his family to withdraw from related industry projects. Trump met with crypto company executives last week and called for passing a "fair version" of the bill. The Senate is scheduled to vote on a procedural motion on September 15, and advancing the bill requires support from at least 60 senators. (Cointelegraph)