According to a new report, US President Donald Trump's cryptocurrency dealings have increased his family's wealth by billions

According to a new report, US President Donald Trump's cryptocurrency dealings have increased his family's wealth by billions

The new report from State Democracy Defenders Action, a nonpartisan organization, reveals that President Trump's cryptocurrency assets now account for nearly 40% of his net worth, which is being actively reduced by the administration. This valuation is based on the meme coins $TRUMP and $MELANIA, both linked to the president, as well as a large stake in World Liberty Financial, a crypto exchange linked to the Trump family that was launched in October 2024.

The report highlights that President Trump's net worth is expected to increase even further following World Liberty Financial's announcement of an Abu Dhabi-backed firm investing billions of dollars in a crypto fund linked to the Trump family. Emirates firm MGX will acquire a stablecoin product offered by World Liberty for $2 billion, as stated in a company statement to CBS. This currency, called "USD1," will be used for investment in Binance, one of the world's largest cryptocurrency exchanges.

World Liberty is linked to the president and his sons. The fine print on the company's website mentions that an organization linked to Trump and members of his family owns 60% of the company's shares. Additionally, the family organization owns 22.5 billion $WLF tokens and receives an additional 75% of net income from future token purchases, according to public company reports.

The details of the MGX deal have not been released, leaving it unclear how the Trump family will benefit from the deal. In a statement to CBS News, World Liberty described the deal as the "largest investment in a crypto company in history," setting a "historic precedent." Despite being contacted for comment, the company did not respond to questions about the family's earnings from the investment.

In response to a request for comment, the White House asked CBS News to "report on what really concerns people" and provided links to several administration technology initiatives.

Following President Trump's increased investment in cryptocurrency, the US Securities and Exchange Commission has reportedly suspended investigations into a dozen crypto companies since his inauguration, according to a CBS News analysis. This action is part of the administration's continued easing of the federal government's regulatory approach to the digital currency industry as a whole.