US Treasury Secretary Bessent Defends Trump's Crypto Profits Amid Conflict of Interest Concerns

US Treasury Secretary Scott Bessent has asserted that President Donald Trump’s latest financial disclosures, which reveal massive earnings from the cryptocurrency sector, do not pose any ethical issues or conflicts of interest. In an exclusive interview with CBS News on Thursday, Bessent defended the surge in income as part of an era of innovation. According to financial reports released earlier this week, Trump recorded approximately $1.4 billion in revenue from various crypto business lines since beginning his second term. The income includes the $TRUMP meme coin and profits from World Liberty Financial, a crypto company backed by the president’s family. “I don’t see a problem there,” Bessent told MoneyWatch correspondent Kelly O’Grady. He added that the current administration is focused on the technology ecosystem, from digital access to artificial intelligence, which he claimed benefits all Americans. Bessent’s remarks come amid sharp criticism from Democratic lawmakers in Congress, who argue that the substantial crypto profits create a clear conflict of interest given the administration’s efforts to loosen regulations on digital assets. White House spokesperson Anna Kelly stated on Tuesday that there was no violation in the disclosures. Beyond the crypto issue, Bessent discussed the US economic condition impacted by the Iran war since late February. Disruptions in the Strait of Hormuz, which handles 20 percent of the world’s oil supply, triggered a spike in fuel prices and pushed annual inflation to 4.2 percent in May. Bessent expressed optimism that economic pressures will soon ease. “My message to American families feeling the pinch at the grocery store and the petrol pump is that we will get through this,” he said. He is targeting an average petrol price of $3 per gallon by Labour Day on 5 September, contingent on ongoing ceasefire negotiations. Bessent also promoted the Trump Accounts programme, which will begin accepting contributions on 4 July. This federal programme is designed to help children under 18 invest in the stock market from an early age. The federal government will provide an initial contribution of $1,000 for children born between 1 January 2025 and 31 December 2028. To date, more than 6 million accounts have been opened out of a total of 70 million eligible children in the US. “We want everyone to share in the prosperity of the US capital markets. We want them to understand the power of long-term compound interest,” Bessent concluded.