The Crypto Deal: How Trump's Sons Got Help From Insiders

Forbes

It took more than fame for Donald Trump and his sons to build a crypto empire. They got a lot of help from industry insiders, many of whom happened to need a hand from the president.  Read the full story on Forbes: https://www.forbes.com/sites/danalexander/2025/11/25/trumps-crypto-cronies-they-sent-the-president-money-and-got-off-easy/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Today on Forbes, Trump's crypto cronies. They sent the president money and got off easy.

00:07Shortly after Donald Trump pardoned crypto's richest man, Changpeng Zhao, the president faced

00:13questions about whether his personal financial interests had impacted the decision, given that

00:18a May deal involving Zhao's company helped boost Trump's net worth by hundreds of millions of

00:24dollars. The president said, quote, I don't know him. I don't believe I've ever met him.

00:29He had a lot of support, and they say that what he did is not even a crime.

00:34Never mind that Zhao himself pleaded guilty to failing to maintain an adequate anti-money laundering

00:40program. Liz Oyer, who oversaw the pardon office at the Department of Justice until March,

00:46reached a simple conclusion. She said, quote, Trump has created a pay-for-play pardon system.

00:54Other crypto investors and companies facing all sorts of legal issues seem to

00:58sense an opportunity, too. About a dozen donated to Trump's political groups,

01:03partnered with his crypto ventures, and invested in his companies as the administration made

01:08decisions on legal matters impacting their businesses. It all left the president in a nice

01:13position, with an industry full of people eager to help his family expand its own crypto ventures.

01:19The White House fields so many questions about crypto conflicts of interest that it has developed

01:24a set of pre-written responses to send reporters. In one such statement sent to Forbes early last

01:30week, press secretary Caroline Levitt declared, quote, neither the president nor his family have

01:36ever engaged or will ever engage in conflicts of interest. Through executive actions, supporting

01:42legislation like the Genius Act, and other common-sense policies, the administration is fulfilling the

01:47president's promise to make the United States the crypto capital of the world by driving innovation and

01:53economic opportunity for all Americans.

01:56It's easy for Trump's team to brush aside ethics concerns with Republicans in charge of Congress.

02:02Trump's adversaries are already itching to dig into the president's finances if they regain control

02:08of the House in the midterms. A spokesperson for Democrats on the House Judiciary Committee,

02:13who released a report last Tuesday on Trump's crypto connections, says, quote,

02:17We will use every investigative and legislative tool at our disposal to restore accountability and

02:23integrity in government. We will demand that those involved in this corruption, including those

02:28aiding and abetting it, come before this committee to answer questions and turn over documents.

02:34Such a warning leaves crypto companies in a complicated position. Throwing money at Trump may make life easier

02:40for them in the short term, but it also might invite scrutiny down the line.

02:44Forbes compiled a list of a handful of Trump-tied individuals and entities that have already

02:49attracted attention in the halls of Congress. Here are a couple of them.

02:54Changpeng Zhao

02:55Worth an estimated $79 billion, CZ, as he's known, had a rough few years. He started his stint in prison

03:03in a cell with a double murderer, and his crypto exchange Binance had to hand over $4.3 billion to the

03:10Justice Department. Seeking redemption, Zhao applied for a pardon this spring. Around the same time,

03:16his business ties to Trump strengthened. Employees inside Binance reportedly helped Trump's crypto

03:23venture World Liberty Financial get off the ground. World Liberty co-founder Zach Witkoff said in May

03:29that an Abu Dhabi fund planned to invest $2 billion into Binance using a World Liberty stablecoin.

03:36Mostly thanks to that deal, Forbes now values the president's interest in his stablecoin business

03:41at $235 million.

03:45Coinbase

03:46The Securities and Exchange Commission filed a suit against Coinbase in 2023,

03:51alleging that it acted as an unregistered securities exchange, broker, and clearing agency.

03:56The firm fought in court, winning a partial victory at the district level before taking

04:01its case to an appeals court. Amid all this, Coinbase donated $1 million to Trump's inaugural

04:07committee. A month after the president took office, the SEC filed to dismiss the suit.

04:13Coinbase wrote another check for Trump's ballroom project, which an executive of the firm admitted

04:18was intended to maintain good relations with the White House. Asked last month who he calls for help

04:24with crypto concerns, first son Eric Trump name-checked Coinbase's CEO. Eric said,

04:30quote, I have so much respect for Brian Armstrong and what he has built. A great American story.

04:36A great American company.

04:38For full coverage and to see the whole list, check out Dan Alexander's piece on Forbes.com.

04:45This is Kieran Meadows from Forbes. Thanks for tuning in.

04:54Kieran Meadows from Forbes. And believe me, it's from the Panthers.

05:06Trying to indicate their new unlikely response will coming in the future.

05:08All right.

05:09Still right.

05:11I don't know which I'm right, don't ask them for.

05:15Stop it, don't go away.

05:15I have so many people особ,алось them for.

05:18I have so many people.

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