US President Donald Trump is rejecting allegations that he is personally benefiting from his administration’s crypto-friendly policies.
In a new NBC News interview, Trump says one of the reasons for his administration’s pro-crypto stance is to avoid ceding ground to geopolitical rivals in the nascent space.
“I’m not profiting from anything. All I’m doing is… I started this long before the election. I think crypto is important because if we don’t do it, China’s going to. And it’s new. It’s very popular. It’s very hot.
If you look at the market, when the market went down, that stayed much stronger than other aspects of the market. But I want crypto because a lot of people, you know millions of people want it…
If I own stock in something and I do a good job and the stock market goes up, I guess I’m profiting.”
Trump’s interview is coming days after a study done by the State Democracy Defenders Action nonprofit said that the US president’s “recent foray into crypto” has allowed him to boost his net worth in a short amount of time.
“The regulation of digital assets is in its nascency, but rather than divest his crypto assets to avoid any possible conflict of interest, President Trump seems to have positioned himself to maximize profiting from them by adopting a less aggressive regulatory and enforcement program than his predecessor.”
A recent Fortune report estimated that Trump owns $2.9 billion worth of crypto assets.
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