Donald Trump's financial gains during his presidency are unprecedented among modern U.S. leaders, with historians noting a significant ethical distinction compared to previous administrations, even as the White House disputes claims of conflict of interest.
While some past presidents' relatives have sought to profit from White House ties—such as Jimmy Carter's brother promoting a beer brand or Hunter Biden's business dealings as vice president—historians say these examples do not compare to the profits generated by Trump and his family's business during his time in office. "Making money hand over fist in office, it's not illegal but it is unethical. Most [past] presidents didn't want to do that," said presidential historian Douglas Perry.
Before his first term in 2017, Trump transferred control of the Trump Organization to his adult sons. However, this move deviated from the precedent set by other presidents, as Trump did not place his business interests in a traditional blind trust or divest from his real estate and other investments. He took similar steps before his second term. The Trump Organization stated it would uphold "robust ethical standards" during Trump's second term.
Despite these assurances, Trump's administration made decisions that appeared to benefit his business and associates. In July of an unspecified year, Trump signed legislation supporting stablecoins, a form of cryptocurrency, just four months after World Liberty Financial launched its own digital currency venture. According to his financial disclosure report, this venture was projected to yield at least $500 million for Trump in 2025.
Furthermore, in October of an unspecified year, Trump pardoned Changpeng Zhao, the founder of the cryptocurrency firm Binance, after previously dismissing the industry as a "disaster waiting to happen." Trump subsequently praised the crypto industry during his initial months back in office.
Trump's family business and associates also profited in other sectors. In a particular year, Trump facilitated a deal with the president of Kazakhstan that granted an American company access to a significant critical minerals project. Eric Trump and Donald Trump Jr. later acquired a minority stake in a company involved in this project. Cantor Fitzgerald, an investment firm led by the sons of Commerce Secretary Howard Lutnick, also participated in the deal.
On a recent Wednesday, Trump attributed his financial gains during his presidency to stock market performance, asserting his lack of involvement in his family's business operations. "I don't get involved in my personal [finances], we have funds that run my money," Trump told reporters. "I've made a lot of money before I became president, and they invest my money, and I don't talk to them."
Ethics watchdogs, however, have raised concerns about these financial arrangements. Richard Painter, former chief White House ethics lawyer under George W. Bush, stated, "Of course it's a conflict of interest." He added, "This is a very, very troubling situation for the American people to see their president making so much money."