The Trump family’s crypto ventures have generated over $1 billion in profit, led by World Liberty Financial and memecoins including TRUMP and MELANIA. US President Donald Trump’s second term in office has coincided with an extraordinary increase in his personal wealth, much of it linked to a sprawling cryptocurrency empire built by the president and his family. According to a Financial Times investigation, Trump’s crypto ventures have generated more than $1 billion in pre-tax profit over the past year. Trump’s son, Eric, confirmed to the outlet that the family’s actual profits were “probably more.” At the center of this new fortune is World Liberty Financial, a crypto company founded by Trump’s sons and allies, which has sold billions of dollars in tokens and stablecoins. The project, whose website identifies President Donald Trump as “co-founder emeritus,” launched last year with plans for a crypto-lending app. Read more
Asked by reporters whether the US is preparing for a trade war with China, US President Donald Trump responded: “Well, we’re in one now.” Update Oct 15, 10:55pm: This article has been updated to include comments from US Treasury Secretary Scott Bessent and the impact of tariffs on the Bitcoin mining industry. US President Donald Trump has confirmed the US is in an active trade war with China after threatening a 100% tariff on all Chinese imports last week. “Well, we’re in one now,” Trump said after being asked by White House reporters whether the US is preparing for a “sustained trade war with China.” ”If we didn’t have tariffs, we would be exposed as being a nothing, we would have no defense,” Trump explained, calling the tariffs an important measure for America’s national security. Read more
The bill, if passed, would codify US President Donald Trump's executive order allowing retirement plans to include "alternative assets," including cryptocurrencies. A lawmaker in the US House of Representatives has reportedly introduced a bill that would codify — make into law — an executive order by President Donald Trump allowing alternative assets such as cryptocurrencies to be included in 401(k) retirement accounts. Republican Representative Troy Downing introduced a draft bill in the House Financial Services Committee that would give Executive Order 14330 the force of law, Politico reported on Tuesday. The order, which Trump issued on Aug. 7, says every American preparing for retirement should have access to funds that include “alternative assets” when deemed appropriate by a plan fiduciary. Read more
Analysts say confusion over China’s export rules briefly rattled markets before Bitcoin miners led a swift recovery on Monday. Shares of Bitcoin mining companies rose sharply on Monday, recovering from losses sustained during Friday’s flash crash that analysts attributed to US President Donald Trump’s apparent misunderstanding of new Chinese export controls. Bitfarms (BITF) and Cipher Mining (CIFR) led the rally, each posting double-digit gains. Hut 8 Mining (HUT), IREN (IREN) and MARA Holdings (MARA) also climbed more than 4%, while Core Scientific (CORZ) and Riot Blockchain (RIOT) traded broadly higher at the start of the session. The rebound followed a steep sell-off on Friday after Trump announced plans to impose 100% tariffs on Chinese imports, stoking fears of an escalating trade war. The president’s comments, however, were later revealed to be based on a misunderstanding of China’s new export measures. Trump subsequently walked back his remarks over the weekend. Read more