As Donald Trump celebrates the launch of his new “America First” exchange-traded funds (ETFs) on the New York Stock Exchange, questions are being raised about the potential conflicts of interest that may arise from the former president’s deep financial stakes in a growing slate of media and technology ventures.
The Trump Media and Technology Group, which owns the former president’s social media platform Truth Social, has expanded rapidly in recent years, branching out into streaming, energy, and financial services. The new ETFs, which are being marketed as patriotic alternatives to “woke” environmental, social, and governance (ESG) funds, are just the latest in a series of financial products tied to Trump’s businesses.
While the former president has placed his Trump Media shares in a revocable trust headed by his eldest son, Donald Trump Jr., ethics experts warn that this arrangement may not be enough to prevent conflicts of interest. With Trump’s return to the White House, his growing business empire has raised concerns among government watchdogs about the potential for the president to use his position to benefit his own financial interests.
The launch of the new ETFs coincides with the approval of a bank charter for World Liberty Financial, Trump Media’s digital asset company, which is seeking to become a regulated crypto bank. In a letter to the US Treasury, Democratic Senator Elizabeth Warren has requested a delay in the review of this charter, arguing that for the first time in history, the president of the United States would be in charge of overseeing his own financial company.
The situation has also raised questions about Trump’s relationships with leaders in the cryptocurrency industry. The former president has pardoned the former Binance CEO, who has invested $2 billion in World Liberty Financial, and the SEC has paused an investigation into another crypto billionaire who purchased $200 million worth of Trump’s crypto token.
As the Trump administration navigates these uncharted waters, ethics watchdogs remain concerned that the lack of strong ethical norms and mechanisms to ensure presidential compliance could lead to a situation where individuals or companies seeking to curry favor with the president can simply invest in one of his businesses.
The White House has maintained that neither the president nor his family have ever engaged, or will ever engage, in conflicts of interest. However, with the rapid expansion of Trump’s financial empire and his return to the Oval Office, the potential for such conflicts to arise remains a pressing concern for those who value the integrity of the presidency.
