Not a perception: the crypto lines on the president’s own financial disclosure

On Face the Nation this morning, Margaret Brennan cited two polls: a Fox ballot by which six in ten Individuals mentioned they had been extraordinarily involved about authorities corruption, and an AP ballot by which six in ten mentioned they imagine the president is illegally cashing in on the presidency. Her visitor’s reply was that Congress has pushed again.

Whether or not any of it’s unlawful is a query for courts and for Congress. What is just not a matter of notion is what the president’s own paperwork says. Right here it’s, line by line.

The shape

On June 30, 2026, the Workplace of Authorities Ethics launched the president’s annual financial disclosure, 847 pages by the type’s own footers. A lot of the protection reported a single quantity, roughly $1.2 to $1.4 billion in crypto-linked revenue for 2025. That vary comes from analysts including up the submitting; no such line seems on the type. The lines that do seem are these:

• $635,068,835 in royalties underneath what the type calls a “license settlement with Celebration Cash,” the licensee of the $TRUMP memecoin.
• $526,810,321 in web proceeds from World Liberty Financial token gross sales, throughout ten separate lines.
• $262,500,000 from the sale of World Liberty pursuits: $65,625,000 for fairness in the WLF holding firm and $196,875,000 in web proceeds from a stablecoin holding firm.

The shape reviews quantities and ranges, not audited revenue, and a few of these figures might not safely be added collectively. So I received’t add them. Each stands on its own.

The coin

The memecoin launched on January 17, 2025, three days earlier than the oath of workplace, with 80 % of its provide retained by Trump-affiliated entities. In Could 2025 its prime 220 holders had been invited to a black-tie dinner with the president, ranked on a printed leaderboard that consumers might climb by shopping for extra.

The licensee

The $635 million line is the strangest one on the type. NBC Information might discover no digital footprint for “Celebration Cash.” Its identify is near that of Celebration Playing cards, a Wyoming-registered firm that a letter from Senate Democrats, as NBC reported, described as the proprietor of Struggle Struggle Struggle LLC, one in all the memecoin’s two proudly owning entities. Past that, no submitting or press account I might discover describes the licensee’s workers, operations or possession, and the White Home has not defined it.

That isn’t proof the firm doesn’t exist. It’s greater than half a billion {dollars} of presidential revenue attributed to a counterparty the public file can’t meaningfully describe.

The customer

The memecoin dinner’s prime holder was Justin Solar. He paid $30 million for World Liberty tokens in November 2024 and introduced his complete to $75 million by January 2025. On February 26, 2025, the SEC and Solar collectively requested a courtroom to pause the company’s pending fraud case towards him. It was later resolved: the claims towards Solar personally had been dismissed with prejudice, and a $10 million civil penalty was ordered paid by a company defendant, with out admitting or denying the allegations.

The general public file doesn’t set up that the purchases and the consequence had been linked. It establishes the sequence, and the sequence is the battle.

The associate no person noticed

In early 2026 the Wall Avenue Journal reported that 4 days earlier than the inauguration, an entity backed by Sheikh Tahnoun bin Zayed, the UAE’s nationwide safety adviser, had purchased 49 % of World Liberty Financial for roughly half a billion {dollars}, with $187 million of the upfront fee reportedly going to Trump household entities. The stake was not publicly identified for about a yr. In the months after the buy, the administration agreed to a framework letting the UAE purchase as much as 500,000 superior AI chips a yr. World Liberty referred to as any suggestion of a connection “completely false,” and no communication linking the two has surfaced. However a battle of curiosity doesn’t require a confirmed alternate. It requires an undisclosed half-billion-dollar associate sitting on one aspect of a choice.

What the ballot is measuring

Six in ten Individuals might or is probably not proper about illegality. They don’t seem to be imagining the cash. It’s on a federal type, signed by the filer, and anybody can learn it.

Disclosure: I’m the creator of THE RECORD: Lies, Self-Dealing, and the Abuse of Energy in Trump’s America, the place that is documented with sources (Chapter 17 and Deep File 7). The Kindle version is free by way of Tuesday, Oct. 20.

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