Technology Policy Brief #151 | Mindy Spatt | July 1, 2025
The Trump organization has dropped any pretense of avoiding conflicts of interest. Instead, it is blatantly cashing in on Trump’s presidency in every conceivable way. At the top of the list is tech, with both Trump and his wife selling digital currencies and a new Trump mobile phone on the way. An additional bonus is that Trump has a great deal of power over the agencies that oversee these industries, and Congress is doing nothing to stop him from taking advantage of it.
Analysis
With the Trumps coming up with new ways to profit off the presidency every day, it was no surprise that Eric Trump recently announced a new venture in the family’s ballooning cryptocurrency portfolio.
Bitcoin mining uses a network of computers to verify Bitcoin transactions. Profits are made through the computers that are rewarded for their “work” with, what else, Bitcoin! And, the icing on the cake, it is the perfect investment for a climate change denier. Bitcoin mining is oddly named since, unlike actual mining, it involves no physical labor at all. The computers do the work and need massive amounts of electricity to do so. It is an energy-intensive endeavor that doesn’t deliver benefits like light, refrigeration, or manufacturing. It adds to the emissions in our air simply in the service of higher profits off of investments in “coins” that likewise have no physical existence.
Trump’s memecoin has already received a big presidential boost. Trump recently threw a gala dinner at his Virginia golf club for the top holders of his memecoin. They paid, collectively, $148,000 for the privilege. The $TRUMP memecoin had been sinking in value and was worth next to nothing until Trump offered a private dinner to the top 25 buyers of his product. Prices went up quickly, as did Trump’s profits.
Those profits can be maximized under the terms of legislation recently approved by the Senate. The National Innovation for U.S. Stablecoins Act (GENIUS Act)
limits the issuance of payment stablecoins, a type of cryptocurrency issued by Trump’s World Liberty Financial, to “permitted payment stablecoin issuers” and qualifying foreign issuers. Either state or federal authorities could approve permits, and foreign issuers would have to use a US-based intermediary. In both cases, Trump would have enormous influence over any competitors seeking to enter the market.
It is a given that most republicans will rubber stamp all of Trump’s legislation. But in this case, although some democrats objected to the bill, 18 democratic senators voted in favor, even though there was nothing in the bill that addressed Trump’s glaring conflicts of interest. The bill, introduced by Senator Bill Hagerty (R-Tenn.) and co-sponsored by Senators Tim Scott (R-S.C.) and Kirsten Gillibrand (D-N.Y.), goes to the House of Representatives next.
Trump’s profit-making ventures as President don’t stop there. There are golf courses, resorts, watches, and soon a Mobile phone in Trump’s favorite color, gold. Phone service, like the airwaves, is regulated by the Federal Communications Commission, which Trump has weaponized to launch investigations of media outlets he believes have challenged or insulted him, and in some cases, is suing.
As President, he has many ways to destroy his business competitors. Despite Tim Cook’s attendance at his inauguration- with a $1 million contribution- Trump recently rebuked Apple for making its phones in India, and threatened the company with a 25% tariff. He promises his phone will retail for $500 and be “built in the United States.” Commentators all say it is impossible to manufacture smartphones from all US-made parts; at best, the phones could be put together domestically with imported parts.
The presidency looks to be the most successful business venture of Trump’s entire life. In March of this year, Forbes estimated Trump’s net worth at $5.1billion, which is more than double what it was the year before. And this is only the beginning.
Engagement Resources
- Bitcoin Mining Increases Levels of Air Pollution Harmful to Human HealthBy Maya Brownstein, April 24, 2025https://hsph.harvard.edu/news/bitcoin-mining-increases-levels-of-air-pollution-harmful-to-human-health/#:~:text=Bitcoin%20mining—the%20process%20through,Chan%20School%20of%20Public%20Health.
- Tracking Electricity Consumption From U.S. Cryptocurrency Mining Operations, February 1, 2024, https://www.eia.gov/todayinenergy/detail.php?id=61364
- Crypto Bills Surrender to Trump’s Crypto Corruption Press Release: Crypto Bills Surrender to Trump’s Crypto Corruption, June 17, 2025https://www.citizen.org/news/crypto-bills-surrender-to-trumps-crypto-corruption/