Newsom Unleashes Fury on Trump’s Crypto Corruption, Claims Billions Lost
Gavin Newsom has unleashed a blistering attack on Donald Trump, accusing him of orchestrating a crypto scheme that cost nearly a million people billions while a select few insiders raked in profits. This comes after it was revealed that Trump pocketed nearly $1.2 billion from his cryptocurrency ventures last year.
Newsom took to X, declaring, “Nearly a million people lost BILLIONS on Trump’s crypto scheme while a handful of insiders made a fortune. This is corruption on a scale our country has never seen.” The staggering $1.2 billion figure emerged from federal filings made public last Tuesday, showcasing Trump's massive earnings amid the financial ruin of his supporters.
The World Liberty token prices have plummeted by 80% since their launch in September. The Trump commemorative coins, which skyrocketed to over $74 shortly after their January 2025 debut, now languish at just $1.68.
What began as fledgling businesses have now eclipsed earnings from Trump's extensive real estate empire built over decades. This explosive growth was fueled by wealthy investors and Trump's strategic decision to halt federal regulatory efforts against the crypto sector.
Through his World Liberty Financial operation, Trump amassed over $500 million by promoting new crypto offerings, including “governance tokens,” as revealed in the mandatory annual disclosure to the Office of Government Ethics. Another crypto venture, CIC Digital LLC, reportedly generated more than $600 million selling commemorative “meme” coins featuring his likeness.
Both the tokens and coins have seen their values crash following their initial sales. The 927-page disclosure document also revealed that Trump earned millions last year from selling Trump-branded merchandise, including Bibles and sneakers, with Trump-branded watches alone raking in $4.7 million.
Despite claiming that his sons manage his finances, this arrangement undermines the conflict-of-interest safeguards established by previous administrations. Forbes estimates Trump's net worth at $6 billion, a significant increase from $2.3 billion in 2024.
Trump asserted that most of his gains last year were due to the stock market, insisting he is merely benefiting alongside everyone else. “We’re all profiting,” he stated. “I’m profiting because I have a lot of money and a lot of cash.”
However, cryptocurrency clearly emerged as the primary revenue source last year, bolstered by Trump's own policies favoring the industry and his rollback of regulatory measures initiated by the Biden administration.
Regulators remain on high alert. Prior to Trump’s World Liberty selling “governance tokens,” they issued warnings about this new type of crypto asset, highlighting that unlike stocks, these tokens do not confer ownership stakes in the issuing company but merely provide voting power on certain corporate policies, complicating their valuation.
The White House maintains that Trump transferred his business interests into a trust managed by his sons and claims he has no involvement in operational decisions, asserting there are no ethical issues to address. Spokeswoman Anna Kelly stated, “Neither the President nor his family has ever engaged - or will ever engage - in conflicts of interest. All actions by President Trump and his administration are taken in the best interest of the American people.”
