President Donald Trump earned over $1 billion from royalty agreements and payouts tied to crypto funds championed by his family and businesses, according to his latest financial disclosure. The White House says Trump has done nothing improper and has argued he has taken a financial loss by becoming president rather than remaining in the private sector.
The disclosure, released Tuesday, shows Trump took in nearly $1.2 billion from his crypto businesses last year. The ventures were mere startups when he took the oath of office and have now eclipsed in revenue much of his vast property portfolio that took him decades to accumulate. Billionaire investors and Trump's move to quash a federal crackdown on the crypto industry fueled their rise, while his investors were socked with losses.
RELATED STORY | Trump earned millions from Bibles, watches and sneakers alongside crypto boom
Trump addressed the scrutiny before boarding Air Force One, which the government of Qatar gifted to the United States at a value of $400 million.
"Well, you know why I'm profiting? Because the stock market's going up. Everybody's profiting. Do you have a 401k, how's your 401k done? It's about up 85 percent. Thank you, President Trump. So we're all profiting. I'm profiting because I have a lot of money and a lot of cash," Trump said.
The presidential salary is approximately $400,000 a year.
Democrats say they have major questions about the disclosure. Democratic Sen. Elizabeth Warren listed a number of those concerns when the filing was released Tuesday.
“Today, President Donald Trump disclosed that the Trump family crypto ventures generated the vast majority of his income in the first year of his presidency — more than $1.4 billion. The crypto legislation heading to the Senate floor must prevent the president, vice president, senior administration officials, members of Congress, and their families from profiting off the crypto industry. If it does not, it will only turbocharge Donald Trump’s brazen crypto corruption," Warren said.
Democrats have made more rigorous oversight of the president a central part of their midterm election campaign, arguing Republicans in the majority have not done enough. Without subpoena power, Democrats currently lack the ability to compel administration officials to testify. They are hoping a midterm victory in the House, the Senate, or both would change that.
RELATED STORY | New ethics reports reveal thousands of stock trades made in President Trump’s name so far this year