Trump fears China could dominate global crypto market
Donald Trump, President of the US (photo: Getty Images)
US President Donald Trump does not see a conflict of interest in engaging in exchange trading or cryptocurrencies. Trump stated that he personally does not manage anything, but expressed concerns about China's activity in the crypto market, according to Trump's interview with CNBC.
Trump stated that there is nothing illegal or wrong in his family's cryptocurrency project. In addition, the US leader cited federal conflict-of-interest laws, stating that the president and vice president are not required to recuse themselves from decisions that may affect their financial interests.
Trump stated that the presidency is so influential that almost everything his children do could be considered a conflict of interest.
"I tell my kids, ‘stay away,’” Trump said. “But they also have a life. You know, they were doing business long before I ever thought of … running for president.'"
In addition, Trump is confident that the future belongs to cryptocurrency. And the US must become number one in this market; if China or Japan takes over the industry, it will be a problem.
Context of the news
Trump declared that in 2025, his income from the family's cryptocurrency projects exceeded $1.4 billion. This means that the majority of his income comes from digital assets.
Also, a few months ago, the media reported that traders in financial markets are making superprofits by placing bets just minutes before Trump's key statements.
