- The Trump family continues its involvement in the crypto sector through stakeholdings and new digital asset launches.
- Democratic lawmakers are proposing new rules to prevent political figures from directly engaging in the issuance of digital assets and memecoins.
Gryphon, a publicly traded Bitcoin mining company, announced a merger with American Bitcoin (ABTC), a mining firm where the sons of former President Donald Trump are primary shareholders. The deal is expected to be finalized in the third quarter, at which point American Bitcoin shareholders will control 98% of the new company. The merged entity will operate under the name American Bitcoin, and Eric Trump will serve as Chief Strategy Officer.
Six weeks prior to this merger, a company named American Data Centers—also linked to Eric Trump, Donald Trump Jr., and listed firm Dominari Holdings—agreed with Hut 8 to help create American Bitcoin. Hut 8 contributed mining equipment to the project. As noted by Asher Genoot, Board Member of American Bitcoin and CEO of Hut 8, “Taking American Bitcoin public is a critical step toward scaling the business at the pace and magnitude we envision…this transaction enables an efficient path to public markets.”
The Trump family’s involvement in the digital asset world extends beyond this deal. Recent efforts have included the issuance of $TRUMP and $MELANIA memecoins, with select $TRUMP holders given opportunities such as lunch with the former President. According to a Bloomberg analysis, 56% of top coin holders used foreign crypto exchanges, raising concerns about foreign influence and transparency. The Trump family also controls World Liberty Financial, which operates its own digital assets, including the WLFI coin and a new stablecoin named USD1. Recently, the USD1 stablecoin was used for a $2 billion investment in Binance by MGX, a company from the United Arab Emirates, which led to a quick surge in USD1’s issuance.
As the Trump family’s crypto activities expand, political scrutiny has increased. Democratic lawmakers have voiced concerns over conflicts of interest involving the Trump family’s crypto ventures, slowing progress on digital asset legislation. Last week, they introduced the “End Crypto Corruption Act of 2025,” aiming to prevent the President, Vice President, and members of Congress from direct or indirect involvement with memecoin and digital asset projects. Senators Warren, Gillibrand, Alsobrooks, and Kim are among the bill’s supporters.
Existing federal laws—such as the Foreign Gifts and Decorations Act and the STOCK Act—set limits on foreign gifts and require disclosure of financial interests by officials. There are ongoing concerns that memecoins purchased by foreign investors could be seen as a way of gaining influence over U.S. leaders.
Other recent developments include reports that the Trump administration is considering accepting a $400 million private jet from Qatar for temporary use as Air Force One, with plans for its transfer to the Trump presidential library at the end of Trump’s term. Qatar has described the transfer as being under consideration for ‘temporary use’ only.
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