Trump crypto income draws ethics warning from former White House lawyer
Richard Painter told NPR that Trump’s crypto earnings would violate conflict rules for other executive branch officials.
By James Whitfield · Staff Writer
3 min read
President Donald Trump’s cryptocurrency income has drawn a sharp ethics warning from Richard Painter, a former White House ethics lawyer, after a federal disclosure showed major earnings tied to crypto ventures. The issue matters because NPR reported that Trump’s crypto proceeds far exceeded income from the businesses he built over decades.
Painter told NPR’s Morning Edition that Trump “stands alone” in holding financial interests of this scale while serving as president. He said federal conflict-of-interest rules would bar comparable conduct by other executive branch officials.
NPR reported that Trump and his family earned more than $1 billion last year through cryptocurrency ventures and other businesses, citing a 927-page financial disclosure report filed with the Office of Government Ethics. The filing, according to NPR, listed income from crypto projects, media settlements and Trump-branded merchandise.
More than $500 million came from World Liberty Financial, a cryptocurrency venture co-founded by members of the Trump family, NPR’s Linda Kenyon reported. Sales of Trump-branded meme coins generated more than $600 million, according to NPR.
The disclosure also listed more than $50 million from media settlements, NPR reported. It included additional income in the millions from Trump-branded products such as Bibles, sneakers and watches.
The White House rejected the idea that the president has financial conflicts of interest. White House spokesperson Anna Kelly told NPR that Trump should be praised for making the United States “the crypto capital of the world.”
Trump has also said that outside institutions manage his investments and that he does not communicate with them, according to NPR. The White House position puts the administration at odds with Painter’s assessment of the ethical risk created by the president’s financial holdings.
Painter told NPR that other executive branch officials would face legal restrictions if they had similar financial interests while taking actions connected to those interests. He said the presidency occupies a different place in federal ethics law, but argued that the scale of Trump’s holdings raises serious conflict questions.
The ethics concern centers on the overlap between presidential power and private financial benefit. NPR reported that Trump held a dinner at his Trump National Golf Club in Virginia for top investors in his $TRUMP cryptocurrency in May 2025, citing a photo caption from Getty Images.
Painter’s interview with NPR’s A Martínez also addressed how presidents have traditionally handled their assets and how blind trusts can be used to reduce conflicts. NPR said the discussion focused on whether Trump’s arrangements offer enough separation from business interests while he is in office.
The financial disclosure has renewed scrutiny of Trump’s crypto-related income as his administration promotes digital assets. NPR reported that the White House continues to deny any conflict, while Painter says the president’s financial position would be unacceptable for other senior officials in the executive branch.
This story draws on original reporting from NPR.