Trump family business ventures spark conflict of interest concerns
The sons of U.S. President Donald Trump are engaged in business activities around the world, from which the president himself also financially benefits, writes "The New York Times." Many of the Trump family's initiatives, such as investments in cryptocurrencies or establishing a private club in Washington, provide investors with an opportunity to influence the president.
The New York daily outlines a long list of ventures carried out by the president's two sons, Eric and Donald Jr., which raise questions about potential conflicts of interest and from which the president himself financially benefits.
"In the last 10 days, Donald Trump Jr. visited Hungary, Romania, Serbia, and Bulgaria as part of a paid speaking tour called 'Trump Business Vision 2025', which also included meetings with foreign leaders and political candidates. At the same time, Eric Trump travelled between Qatar, the United Arab Emirates, and other locations in the Middle East to promote the family's real estate and cryptocurrency plans," writes the newspaper.
Among the initiatives undertaken during their travels was Donald Jr.'s participation in a meeting with the owner of the Bulgarian cryptocurrency platform Nexo, which announced its return to the American market after being excluded from it in 2023 as a penalty for violating securities laws.
In Serbia, where the Trump family is constructing a new hotel on state-owned land, Trump Jr. met with the country's president, Aleksandar Vučić. During this time, Eric Trump was involved in talks about building a hotel in Dubai, a residential building in Jeddah, Saudi Arabia, and a golf course in Qatar.
All three countries were chosen by President Trump as destinations for his first foreign trip in his second term. "The New York Times" reports that entities connected to the governments of these countries are involved in the investments.
The Trump family's involvement in the cryptocurrency business is also controversial. During his election campaign, Trump announced his cryptocurrency company, World Liberty Financial, and after winning the election, but before taking office, he also issued a cryptocurrency (the so-called memecoin) $Trump.
Trump's sons and the club for Washington's elite
According to "NYT," Zach Witkoff, the son of a special envoy for the Middle East and one of the founders of World Liberty Financial, announced that a fund supported by the United Arab Emirates government would invest $2 billion (£1.5 billion) using Trump's cryptocurrency, which could translate into hundreds of millions in revenue for the president's family.
Trump Sr. himself is set to organise a special gala for 220 top buyers of his memecoin, providing investors with opportunities to influence the president's decisions. The newspaper cites the example of the head of a logistics company registered in Mexico, Fr8Tech, who invested $20 million (£15 million) in Trump's cryptocurrency, describing the decision as "an effective way to promote fair, sustainable, and free trade between Mexico and the United States."
The Trump and Witkoff sons also founded a new private club in Washington called "Executive Branch," which is intended as a meeting place for members of the ruling and business elite. Among the club's founders are cryptocurrency investors, brothers Tyler and Cameron Winklevoss, who were under investigation by the Securities and Exchange Commission (SEC), but the investigation was dropped after Trump took office. At the club's inaugural event, new SEC Chairman Paul Atkins and Attorney General Pam Bondi were present.
Sons manage the president's father's wealth
The White House and Trump's sons, however, reject suggestions that their activities could pose a conflict of interest for the president. The White House explains that this cannot be an issue since the management of Trump’s wealth and business has been handed over to his sons. Trump Jr. stated that he cannot be expected to "lock myself in a padded room while my father is president and cease doing what I’ve been doing for over 25 years to earn a living and provide for my five children."
"However, if I did do that, I guess I could always take up painting, which I hear can be quite lucrative," added Donald Trump Jr. This was an allusion to the ethical controversies surrounding the acquisition of paintings by the anonymous buyer of President Biden's son, Hunter. Critics at the time claimed that the transaction could have been a covert attempt at corrupting the president.
