Crypto, Trump, and a $6.2M Banana: Potential Conflicts Spark Concerns
Justin Sun, a Chinese crypto entrepreneur, recently made headlines when he purchased a $6.2 million banana artwork as part of an art stunt. Shortly after, he invested $30 million in World Liberty Financial, a struggling crypto company linked to Donald Trump. This investment allowed Trump to start profiting from the venture, raising ethics concerns about his growing business empire. Trump could potentially earn $20 million or more from this deal, the BBC reported.
Sun, currently facing fraud charges in the U.S. related to his crypto dealings, didn’t explain why he was interested in this venture. Ethics experts told the BBC this highlights how Trump’s expanding business creates opportunities for people to influence U.S. policies by investing in ventures tied to him.
During his first presidency, Trump faced similar accusations when his Washington hotel became a hotspot for foreign diplomats and lobbyists. Critics said it allowed him to benefit indirectly from his position. Now, his businesses span social media, crypto, and a Saudi-backed golf league, making it easier for large sums to move through his ventures without much public scrutiny.
Trump’s crypto interests raise even more concerns. He has publicly supported crypto and proposed a national Bitcoin reserve, moves that could directly benefit his holdings. Ethics experts told the BBC that Trump’s financial stake in the industry could conflict with his policies if he returns to the White House.
Adding to this, Trump plans to appoint Paul Atkins, a crypto-friendly advocate, to lead the SEC, the agency responsible for regulating financial markets. This could reduce enforcement in the crypto sector and possibly benefit Trump-linked businesses. Critics worry this shift could undermine accountability, especially for figures like Justin Sun, who was previously charged by the SEC for violating financial rules.
The BBC highlighted how little U.S. law limits a president’s potential conflicts of interest. Trump has avoided significant consequences for similar issues in the past, and experts say his actions set a precedent that future presidents might exploit.
Trump has promised no significant changes to his business dealings if he becomes president again. He continues to promote ventures like World Liberty Financial and retains ownership in his media company.
Ethics experts told the BBC this lack of oversight could erode public trust and encourage others to blur the lines between politics and profit.
As one ethics expert noted, “Trump has shown future leaders they can push the boundaries with little consequence.”
Credit : BBC
https://www.bbc.com/news/articles/c4gzz5wdg41o