Donald Trump generated income of $ 2.2 billion during the first year of his second term. In 2024, the year before he takes office, his income is only $ 620 million, according to the "New York Times". And according to the BBC, no president in the history of the United States has increased his personal wealth so dramatically while in office. How do you comment on this?
Laura von Daniels: The unusual aspect here is that at least since the era of Richard Nixon and the scandal during his term, there has been a tradition of US presidents either categorically distancing themselves from such activities or transferring their own investment funds to other persons. However, they have done so voluntarily. And Trump refused, citing the financial losses he suffered during his first term.
At the top of the list are crypto transactions, with which Trump earned over a billion dollars in 2025. He himself and his government are responsible for regulating them. Isn't there a clear conflict of interest here?
Laura von Daniels: From an ethical point of view, it could be said that a president who governs the United States at a time when cryptocurrencies and stablecoins are being regulated for the first time, and who, together with his government, has had a significant influence on this process through the "Genius Act" law, enters into a conflict of interest. The other important aspect is that he stopped the introduction of a Central Bank digital currency - in favor of a private type of currency, stablecoin.
In addition, he not only announced the so-called "crypto revolution", but also created a national reserve. According to previous ethical standards, a sitting president should not be involved in this area. He has made a significant contribution to the success of cryptocurrencies and companies in this sector - for example, his own company, in which his sons and the sons of his special envoy Steve Witkoff have a stake.
World Liberty Financial's profits are also explained by the fact that regulation in this area is favorable to this company. However, proving this is the task of the judicial system and the prosecutor's office, which is a very complex and lengthy process. As in many other areas, Trump is simply testing the legal boundaries and probably even crossing them.
But while the president has earned $635 million from the sale of his $TRUMP meme coins alone, two-thirds of the buyers have suffered losses, according to the "Wall Street Journal". Did Trump deceive American voters?
Laura von Daniels: First of all, it should be borne in mind that it was clear from the very beginning that Trump's cryptocurrency is highly speculative, the investment in it is not backed by real value - unlike, for example, stablecoins. But it is absolutely clear: it is obvious that in the past, Trump as a businessman has repeatedly used elements of fraud - and yet he became president of the United States twice.
If you ask any New Yorker whether Trump used fraud when he supposedly repaired the ice hockey rink in Central Park at his own expense and supposedly donated it to the city, you will certainly get a clear answer (editor's note: the repair was paid for by the municipality itself, and Trump led the project with his company). You can say that this is part of his political performance - to deceive voters and business representatives again and again. If his supporters buy his memecoins, they act at their own risk. And here again the ethical question arises whether the US president should encourage such transactions.
Trump is accused of abusing his position for personal enrichment. What do you think about this issue?
Laura von Daniels: This is a question that needs to be clarified – on the basis of evidence. In that case, it would be a crime that can be prosecuted. I have no information whether Trump used his position to provide his own family companies or business partners with information in advance that is relevant to certain investment decisions or expected profits. This is a laborious task of justice – to reveal the truth.
Do you expect such investigations?
Laura von Daniels: I think there will be an investigation and a number of lawyers and investigative agencies will be looking for evidence. At the same time, we know from his first term that those who have tried to take legal action against Trump or his companies for alleged insider trading or violations of the law have been put under enormous pressure. This, of course, makes the work of the American judicial system difficult.
Trump reacts extremely aggressively to any kind of investigation and often calls them "witch hunts". We should expect this now as well. Add to this the fact that the Supreme Court has issued a decision that gives the American president great freedom of action and provides him with immunity to a large extent for everything he does as a public official.
Author: Till Bücher (ARD)