Image Source: Getty Images| Photo by Kris Connor
President Donald Trump is under scrutiny from an unlikely source his once-loyal tabloid, The New York Post over what the paper calls “questionable” cryptocurrency dealings that could lead to a “Hunter Biden-style scandal at the White House.”
In a report published Monday, Post reporters Thomas Barrabi and Isabel Vincent warned that Trump could be risking serious political fallout unless he puts the brakes on what they described as ethically murky crypto ventures.
“Donald Trump risks undercutting his presidency with a Hunter Biden-style influence-peddling scandal unless he clamps down on questionable crypto deals,” the article states, citing unnamed experts.
The controversy centers on two major developments: a Chinese e-commerce firm’s pledge to purchase up to $300 million worth of $TRUMP meme coins, and a $75 million investment from a Chinese billionaire into World Liberty Financial—a company listing Trump’s sons, Donald Jr. and Eric, as top executives.
Adding to the concern is Trump’s reported openness to letting TikTok, the Chinese-owned video platform, remain operational in the U.S. despite bipartisan efforts in Congress to ban it.
Cryptocurrency expert Mark Hays of Americans for Financial Reform cautioned, “I think that the president’s involvement in crypto ventures creates a very easy opportunity for the president to engage in pay-to-play politics using crypto and vice versa for foreign actors. There are many ways to move money quickly and opaquely that will not show up on a balance sheet.”
Former Republican Rep. Charlie Dent, who once chaired the House Ethics Committee, didn’t hold back in his comparison to the controversies surrounding President Joe Biden’s son.
“There’s certainly a parallel to Hunter Biden, who traded off his father’s name while he was vice president,” Dent told the Post. “You have to start with the president telling his family what they can and cannot do and what lines cannot be crossed. It has to come from him. If the shoe were on the other foot, Republicans would be screaming bloody murder over this stuff.”
A report cited from Fortune estimated that “nearly 40% of Trump’s overall net worth, or the equivalent of $2.9 billion,” is now tied to his crypto holdings.
Despite the mounting questions, White House deputy press secretary Anna Kelly told the Post, “President Trump’s assets are in a trust managed by his children. There are no conflicts of interest.”
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