A piece written for The Spectator asks a critical question: Who's funding Trump's crypto empire? John Mac Ghlionn suggests that Trump has effectively created a shadow financial system through his family's involvement in meme coins, crypto exchanges, and most critically, the USD1 stablecoin.

According to Mac Ghlionn, Donald Trump’s venture into cryptocurrency has generated nearly $3 billion for his family in just six months, according to recent estimates. Much of this revenue comes from meme coins like $TRUMP and $MELANIA, digital tokens driven more by branding and online fandom than actual utility. Despite their lack of function, these coins have seen over $140 million in trading volume in just four months.

Simultaneously, the Trump administration has quietly dismantled key regulations meant to govern the crypto sector, cutting Treasury funding, scrapping anti-fraud policies, and even issuing pardons to crypto-related offenders.

At the core of Trump’s financial strategy is World Liberty Financial, a crypto exchange owned 60% by a Trump entity and entitled to 75% of revenue from coin sales. Donald Trump Jr. and Eric Trump are deeply involved in managing the operation. As it stands, the family is entitled to roughly $400 million in platform-related fees, Mac Ghlionn wrote.

The author insinuates that Trump's crypto setup amounts to a "money-printing machine tied directly to the Oval Office", operating for personal and political gain under the guise of populist finance.

USD1 stablecoin: a private currency tied to public office

The most powerful tool in Trump’s crypto arsenal is USD1, a dollar-pegged stablecoin managed by an entity in which the Trump family holds at least a 28% stake, with additional shares hidden in shell companies. USD1’s market cap exceeds $1 billion. Critics argue it functions as a private money-printing machine linked directly to the White House, reported the Spector.

USD1 is overseen by Donald Trump Jr. and Zach Witkoff, whose father was appointed by Trump as a Special Envoy to the Middle East. Their control over the currency raises serious questions about ethics and conflicts of interest, according to the Spector.

Last week, Donald Jr. and Witkoff were in Abu Dhabi, finalizing a deal where Emirati state-run fund MGX agreed to channel $2 billion into Binance using USD1. Binance’s founder, Changpeng Zhao, was convicted last year for violating US laws, including sanctions and anti-money laundering regulations.

Despite his criminal record, Zhao remains a major shareholder and met with Witkoff during the Abu Dhabi trip. Analysts say the Trump-linked parties could reap hundreds of millions in token fees, equity, and other benefits from the Binance partnership, according to the Spector.

Trump, transparency, and the silent regulators

Although World Liberty claims USD1 is backed by US dollars and Treasuries, the ownership of those reserves remains unknown. Arkham, a blockchain analysis firm, recently identified a single anonymous wallet holding over $2 billion in USD1, transferred in just two weeks. No public investigation is underway. The SEC and Treasury have both remained silent.

This opaque structure could allow sanctioned entities to launder funds into the US economy with zero oversight, potentially exchanging monetary favors for regulatory relief or political concessions.

USD1 will soon be integrated into the Tron blockchain, headed by Hong Kong-based crypto entrepreneur Justin Sun. Sun is the largest known investor in World Liberty, having reportedly injected $75 million into the exchange.

According to The Spectator, the Securities and Exchange Commission (SEC) paused a fraud case against Sun earlier this year. He recently moderated a panel in Abu Dhabi alongside Zach Witkoff and Eric Trump.

Mac Ghlionn warns that this system opens dangerous doors: facilitating foreign influence, enabling potential quid pro quo deals, and setting a chilling precedent where future presidents might issue their own currencies without oversight. 

Senators Jeff Merkley and Elizabeth Warren have called for an immediate federal investigation into the MGX deal, citing alarming ethical and constitutional concerns. In their letter to the Office of Government Ethics, they warned of foreign influence and the potential for quid pro quo arrangements that could endanger national security.

What this means for America’s future financial system

Mac Ghlionn frames the entire operation as a threat to national integrity, labeling it “monetary capture”, a process by which public financial systems are subverted to serve elite, opaque, and politically protected interests.

The emergence of USD1 signals a dangerous shift toward a parallel financial system governed by political insiders rather than regulators. If left unchecked, this model could erode long-standing anti-corruption laws and campaign finance norms.

Experts warn that this is not a disruption of Wall Street but a dismantling of democratic oversight. Trump’s crypto empire operates through anonymous wallets, foreign shell companies, and political privilege, posing risks not just to financial stability but to the very principles of public accountability.