Banking and Finance Law Daily Wrap Up, OVERSIGHT AND INVESTIGATION—Investors in Trump crypto-products lose at least $4.7B: Public Citizen, (Aug 27, 2026)

By Jonathan Anderson

A new report finds that President Donald Trump’s crypto interests have expanded substantially since winning re-election in November 2024, raising concerns about conflicts of interest.

The public interest group Public Citizen released a report entitled “‘Thin Air,’ Real Money: Donald Trump’s Crypto Products Have Left Investors at Least $4.7 Billion Underwater.” The report details various crypto-related ventures controlled by President Donald Trump, income reported from the ventures and estimates of how much money investors have lost.

Ventures. According to Public Citizen, Trump holds controlling stakes in Trump Digital Trading Cards, the $TRUMP meme coin, the $WLFI digital token and USD1 stablecoin from World Liberty Financial, and Trump Media & Technology Group. These entities are solely within Trump’s revocable trust, according to Public Citizen, citing filings with the Securities and Exchange Commission (SEC).

Losses. Public Citizen estimates losses from the analyzed ventures total at least $4.7 billion: $3.2 billion from the $TRUMP meme coin, at least $1 billion from the $WLFI digital token, $450 million from Trump Media’s digital-asset treasury, and at least $9.3 million from Trump Digital Trading Cards. The losses are mostly unrealized, according to the report, which added that the meme coin “reflect[s] wealth transferred to a small group of early buyers rather than money that simply vanished.”

Trump Digital Trading Cards. The report examined Trump Digital Trading Cards, which are nonfungible tokens (NFTs) that were launched in December 2022. Approximately 175,000 cards have been sold at $99 each. Trump has reported $7.2 million in income from the cards, namely from licensing fees and royalties. Public Citizen found that the SEC “has retreated from NFT enforcement begun under the prior administration, closing two investigations within weeks of his returning to office.”

$WLFI digital token. Next, the report discussed the $WLFI governance token, which is a type of token that grants holders some voting rights in a particular crypto-related project. The $WLFI digital token launched in September 2024 and has generated $557 million in sales for Trump, according to the report, citing ethics disclosures.

$TRUMP meme coin. Regarding the $TRUMP meme coin, the report found that Trump generated $635 million. The coin was launched on January 17, 2025, reaching its all-time high so far of $73.43 on January 19, 2025. The all-time low price was on August 13, 2026, of $1.37. Meme coins, according to the SEC, are “a type of crypto asset inspired by internet memes, characters, current events, or trends for which the promoter seeks to attract an enthusiastic online community to purchase the meme coin and engage in its trading.” Meme coins typically are not backed by an underlying asset and have no underlying value.

USD1 stablecoin. The stablecoin USD1, a dollar-pegged crypto asset backed by cash and Treasury reserves that launched in March 2025, generated $199.2 million for Trump that year, according to Public Citizen. Because the stablecoin has retained its value, buyers of the coin have not suffered major losses, the report found. Public Citizen noted various international interests in the company that issues USD1, World Liberty Financial.

Trump Media & Technology Group. Finally, the report examined the digital-asset treasury Trump Media & Technology Group, which is a public company that holds large cryptocurrency positions on its balance sheet. The company went public in March 2024 and announced its crypto treasury in May 2025. Trump owns shares in the company valued at $1.07 billion.

Other businesses. The report found that Trump’s crypto interests have expanded substantially since winning re-election in November 2024. In February 2025, an entity that manages Trump’s trademarks sought to trademark “Trump” for potential use in dozens of crypto and technology products. In October 2025, the Patent and Trademark Office issued a notice of allowance in response to the application. Also in October 2025, Trump Media announced its involvement in a Crypto.com prediction market.

Conflicts of interest. The report raised concerns that Trump’s crypto ventures are a substantial conflict of interest. Public Citizen called on Congress to adopt ethics rules prohibiting the president, his relatives, and administration officials from issuing, owning, and promoting digital assets that they regulate. The report described the current version of the CLARITY Act, which proposes certain digital asset regulations, as “insufficient.”

Companies: Public Citizen; Trump Media & Technology Group; World Liberty Financial

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