US President Donald Trump has "left investors at least an estimated $4.7 billion underwater" since 2022 through his and his family's digital asset ventures, according to a report by the nonprofit consumer advocacy organization Public Citizen.

The group attributed the losses to the Trump family's World Liberty Financial governance token, the president's nonfungible token (NFT) trading cards launched in 2022, his memecoin Official Trump (TRUMP), and Trump Media's digital asset treasury. The ventures span the breadth of the crypto industry, from DeFi and stablecoins to NFTs and memecoins, and their growth has coincided with a broader proliferation of political and celebrity-branded token launches — a category that watchdog groups have warned carries heightened conflict-of-interest and consumer-protection risks.

The largest share of the estimated losses came from the TRUMP memecoin, at $3.2 billion, while buyers of World Liberty Financial's USD1 stablecoin "haven't suffered major losses." In the case of the memecoin, Public Citizen said the losses represented "wealth transferred to a small group of early buyers rather than money that simply vanished."

While investors absorbed the $4.7 billion in losses, Public Citizen calculated that Trump earned $7.2 million from NFT licensing fees and royalties, more than $600 million from World Liberty token sales and the sale of an equity stake, $635 million in licensing fees for his memecoin, and $197 million in revenue from capital contributions to World Liberty. These figures do not reflect stakes in companies and ventures he continues to hold. Some of the numbers were included in the president's 2025 disclosures, which reported $1.4 billion in earnings tied to crypto.

Cointelegraph reached out to the White House for comment but did not receive an immediate response. Spokesperson Anna Kelly has repeatedly said, in response to questions about Trump's crypto investments, that there were "no conflicts of interest."

Crypto bill still weeks away from potential vote

With the crypto ventures and more "potentially on the way" from Trump, Public Citizen renewed its calls for ethics provisions in the Digital Asset Market Clarity (CLARITY) Act, a cryptocurrency market structure bill. The group argued that "the president's policy choices and personal portfolio cannot be separated," and said any legislation should require a US president and his family to divest from projects in the industry. The CLARITY Act, which passed the House in July, is part of a broader legislative effort to establish clear jurisdictional boundaries between US market regulators for digital assets, making it the primary vehicle through which such ethics provisions could still be attached.

Trump met with crypto company executives last week, calling for a "fair version" of the CLARITY Act to pass once the Senate returns to session next month. The bill is scheduled for a cloture vote on Sept. 15, which will require votes from at least 60 senators to advance.

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