The TOI correspondent from Washington: US President Donald Trump’s latest mandatory financial disclosure has confirmed what was once almost unimaginable: the MAGA boss has become one of the world’s richest political beneficiaries of the cryptocurrency boom while in office, with new businesses tied to digital assets — some of it linked to Pakistan — generating more revenue than much of the real estate empire that first made him famous.A 927-page disclosure filed with the US Office of Government Ethics shows Trump earned at least $2 billion in revenue during 2025, including an estimated $1.4 billion from cryptocurrency ventures controlled by trusts benefiting him. The extraordinary windfall has triggered fresh debate in Washington over conflicts of interest while simultaneously opening a geopolitical chapter involving Pakistan that could have adverse implications for India.The figures underline Trump’s transformation from crypto skeptic to the industry’s most influential political champion. During his first presidency, Trump famously declared he was “not a fan” of cryptocurrencies, calling Bitcoin “based on thin air.” Since returning to the White House, however, he has dismantled much of the Biden administration’s regulatory crackdown, signed legislation promoting digital assets, and declared his ambition to make America the “crypto capital of the world.”The financial rewards have been enormous, with the disclosure attributing roughly $799 million in revenue to Trump’s interest in World Liberty Financial (WLF), the decentralized finance company co-founded by Trump (he is listed as the “co-founder emeritus”) and managed by his sons, Donald Trump Jr. and Eric Trump. The filing also records approximately $636 million from the sale of the $TRUMP memecoin, launched just days before his inauguration, together accounting for the overwhelming share of the president’s new wealth. Another $600 million came through CIC Digital LLC from sales of Trump-themed meme coins and collectibles, while smaller but still notable sums flowed from Trump-branded Bibles, watches, sneakers and licensing agreements.The White House insists there is no ethical issue because the president does not directly manage the businesses and that every administration decision is made solely in America’s national interest. But critics argue that unlike previous presidents who divested assets or placed them in blind trusts, Trump remains the beneficiary of trusts run by his sons. The controversy extends beyond ethics into foreign policy as it relates to the sub-continent. WLF has become intertwined with Pakistan’s attempt to reinvent itself as a digital-finance hub after years of strained relations with Washington. Earlier this year, Pakistan’s Ministry of Finance and the Pakistan Virtual Assets Regulatory Authority signed an MOU with an affiliate of WLF to explore integrating the company’s dollar-backed stablecoin, USD1, into Pakistan’s regulated payment infrastructure. The project envisions using the stablecoin to facilitate billions of dollars in remittances and cross-border transactions.The signing ceremony in Islamabad carried symbolism that went far beyond cryptocurrency, with prime minister Shehbaz Sharif, finance minister Muhammad Aurangzeb, Pakistan army chief field marshal Asim Munir and WLF chief executive Zachary Witkoff, son of Trump’s close friend and Middle East envoy Steve Witkoff, in attendance. Bilal Bin Saqib, a British-Pakistani entrepreneur who previously advised WLF before becoming chairman of Pakistan’s crypto regulator, is said to have played a central role in bringing the two sides together.For Islamabad, the partnership represents more than financial innovation. By embracing a venture associated directly with Trump’s family, its policymakers also appear to have pulled off a broader tactical reset with Washington, a remarkable reversal from Trump’s first term. During his presidency from 2017 to 2021, Trump accused Pakistan of giving the US “nothing but lies and deceit,” suspended hundreds of millions of dollars in military assistance, and repeatedly accused Islamabad of sheltering terrorists while accepting American aid.The rhetoric is strikingly different today, with the MAGA boss repeatedly praising Pakistan’s leadership, particularly Field Marshal Asim Munir, describing him in glowing, fanboy terms while highlighting renewed security cooperation and economic engagement. Zachary Witkoff’s engagement with Pakistani leaders, combined with Donald Trump Jr.’s and Eric Trump’s leadership roles in the company, has inevitably raised questions among foreign policy analysts about whether commercial relationships could reinforce geopolitical realignments. These developments would be of concern in New Delhi, which has invested heavily over the past two decades in building a bipartisan strategic partnership with Washington based on defence cooperation, technology, supply-chain resilience and shared concerns over China. While Indian officials say these structural interests remain far deeper than any single commercial relationship, New Delhi’s security establishment is stewing over whether Pakistan’s growing role in Trump’s family-backed crypto ecosystem translates into greater political access or influences US thinking on security issues in the sub-continent.
