Meme Coin Controversy: $300 Million Collected in Fees
Criticism of "Double Standards" in Attacks on Hillary and Biden
The New York Times (NYT) reported on the 25th (local time) that President Donald Trump and his family are using the presidency for personal profit more than any other family that has ever entered the White House.
On May 22-23, President Trump invited major holders of the '$Trump ($TRUMP)' meme coin to a gathering at the Trump National Golf Club near Washington, D.C., and at the White House.
It is reported that the Trump family and their business partners have collected $320 million (approximately 436.6 billion won) in Trump coin fees alone. There are also criticisms that this raises concerns about conflicts of interest. Among the attendees was Justin Sun, a Chinese-born cryptocurrency tycoon who was investigated in 2023 after being charged with fraud by the U.S. Securities and Exchange Commission (SEC).
In addition, the Trump family has brokered overseas real estate deals worth several billion dollars during the second Trump administration and has established a private social club called the Executive Branch, charging a membership fee of $500,000.
There was also a recent bribery controversy. During a tour of the Middle East, President Trump received a Boeing 747-8 aircraft as a gift from the Qatari royal family. Experts have valued the aircraft at $200 million, which, according to the media, is more expensive than the total value of all foreign gifts ever given to previous U.S. presidents combined.
In the past, former Secretary of State Hillary Clinton faced controversy when it was reported that she earned $100,000 from a $1,000 investment in cattle futures while she was First Lady. Although this occurred 12 years before former President Bill Clinton entered the White House, the political fallout was significant. However, the NYT pointed out that when Amazon Prime Video, led by Amazon founder Jeff Bezos, produced a documentary about former First Lady Melania Trump that generated $28 million in revenue, it attracted little attention in Washington political circles.
There are also accusations of double standards. During his first presidential campaign in 2016, President Trump relentlessly attacked then-rival Hillary Clinton for accepting donations from Middle Eastern countries. However, the Trump family is now making money through various real estate development projects in the Middle East. The U.S. Republican Party has spent years investigating former President Joe Biden's son, Hunter Biden, over allegations that he leveraged the family name to collect millions of dollars. However, according to the NYT, Hunter Biden's financial dealings are minimal compared to those of Donald Trump Jr., Eric Trump, and Jared Kushner, and Republicans appear unwilling to investigate the Trump family's financial issues.
The NYT stated, "President Trump has dismantled the ethical boundaries and oversight mechanisms that constrained past presidents," adding, "He has dismissed government inspectors general and ethics watchdogs, appointed loyalists to head the Justice Department, FBI, and regulatory agencies, and the Republican Party has taken control of Congress." The article continued, "Democrats and anti-Trump factions are trying to draw attention to his actions, but the usual procedures for formal investigations are not functioning, so there is little public impact."
White House spokesperson Caroline Leavitt commented on this, stating, "President Trump complies with all conflict-of-interest laws that apply to him," and "The claim that he is profiting from the presidency is absurd. He was already incredibly successful before taking office and gave up everything to serve the country."
However, according to Forbes, President Trump's net worth in March was $5.1 billion, an increase of $1.2 billion from the previous year. The NYT also countered these claims by reporting that President Trump continues to earn money from businesses run by his sons. Last week, Donald Trump Jr. said at the Qatar Business Forum that even though the family refrained from business activities during the first Trump administration, they were only criticized, stating, "No matter what we do, we will be attacked. So we just play the game."
However, there are signs of growing public backlash. According to a Harvard CAPS-Harris poll conducted on May 14-15, 62% of Americans believe the Qatari Boeing gift "raises ethical concerns about corruption." Even among Trump supporters, there are expressions of concern. Right-wing influencer Shawn Ryan recently noted that all of the Trump family's business deals coincide with the Middle East tour, and far-right figures such as Ben Shapiro and Laura Loomer have also voiced their worries.
Experts warn that a scandal larger than the Teapot Dome scandal or Watergate could erupt. Michael Johnston, professor emeritus at Colgate University and author of several books on American corruption, said, "I have observed and written about corruption for 50 years, but it still makes me dizzy."
Fred Wertheimer, founder of Democracy 21, stated, "There has never been a case in American history where the presidency was used for such enormous personal gain." He added, "He occupies the top ten spots in the field of corruption. However, he will ultimately face public backlash. It may take some time, but he will pay the price."
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