Trump's crypto ventures cost investors $4.7B, watchdog says

President Donald Trump's family digital asset ventures have left investors an estimated $4.7 billion in losses since 2022, the nonprofit consumer advocacy group Public Citizen reported.

The bulk of those losses came from the Official Trump (TRUMP) memecoin, where investors lost $3.2 billion, according to the organization. The losses represented "wealth transferred to a small group of early buyers rather than money that simply vanished," Public Citizen said.

Buyers of World Liberty Financial's USD1 stablecoin "haven't suffered major losses," the group added. Losses also came from the Trump family's World Liberty Financial governance token and the president's NFT trading cards launched in 2022.

Trump personally earned at least $7.2 million in licensing fees and royalties from the NFTs, more than $600 million from World Liberty token sales and an equity stake, $635 million in licensing fees for his memecoin and $197 million in capital contributions to World Liberty, Public Citizen said. The figures do not include stakes Trump continues to hold. The president's 2025 disclosures reported $1.4 billion in earnings tied to crypto.

White House spokesperson Anna Kelly has repeatedly said in response to questions about Trump's crypto investments that there are "no conflicts of interest."

The group renewed calls for ethics provisions in a cryptocurrency market structure bill, the Digital Asset Market Clarity (CLARITY) Act, arguing that "the president's policy choices and personal portfolio cannot be separated." Public Citizen urged the legislation to require the president and his family to divest from crypto projects.

Trump met with crypto company executives last week, calling for a "fair version" of the CLARITY Act to pass once the Senate returns. The bill is scheduled for a cloture vote on Sept. 15, which will need at least 60 senators to advance.