Trump sons' global ventures raise conflict of interest concerns

The New York daily outlines a lengthy list of ventures undertaken by the president's two sons, Eric and Donald Jr., raising questions about potential conflicts of interest and financial gains for the president.

In the last 10 days, Donald Trump Jr. visited Hungary, Romania, Serbia, and Bulgaria as part of a paid speaking tour called "Trump Business Vision 2025," which included meetings with foreign leaders and political candidates. At the same time, Eric Trump traveled to Qatar, the United Arab Emirates, and other Middle Eastern locations to promote the family's real estate and cryptocurrency plans, the newspaper reports.

Among the endeavors during their travels was Donald Jr.'s meeting with the owner of the Bulgarian cryptocurrency platform Nexo, which announced plans to return to the American market after being penalized in 2023 for violating securities laws.

In Serbia, where the Trump family is developing a new hotel on state-owned land, Trump Jr. met with the country's president, Aleksandar Vučić. During this time, Eric Trump was discussing building a hotel in Dubai, a residential building in Jeddah, Saudi Arabia, and a golf course in Qatar.

All three countries were selected by President Trump as destinations for his first foreign trip in his second term. The New York Times reports that entities connected to these countries' governments are involved in the investments.

The Trump family's involvement in the cryptocurrency business is also controversial. Even during his election campaign, Trump announced his cryptocurrency company, World Liberty Financial, and after winning the election but before taking office, he issued a cryptocurrency known as the memecoin $Trump.

According to NYT, Zach Witkoff, the son of a special envoy for the Middle East and one of the founders of World Liberty Financial, announced that a fund supported by the UAE government would invest $2 billion using Trump's cryptocurrency. This could translate into hundreds of millions in revenue for the president's family.

Trump Sr. is planning to organize a special gala for 220 top buyers of his memecoin, providing investors with opportunities to influence the president's decisions. The newspaper mentions the example of the head of a logistics company registered in Mexico, Fr8Tech, who invested $20 million in Trump's cryptocurrency, describing it as an effective way to promote fair, sustainable, and free trade between Mexico and the United States.

The Trump and Witkoff sons also established a new private club in Washington called "Executive Branch," intended as a meeting place for the ruling and business elite. Among the club's founders are cryptocurrency investors Tyler and Cameron Winklevoss, who were under investigation by the Securities and Exchange Commission (SEC). The investigation was dropped after Trump took office. At the club's inaugural event, new SEC Chairman Paul Atkins and Attorney General Pam Bondi were present.

The White House and Trump's sons, however, reject claims that their activities could pose a conflict of interest for the president. The White House asserts that there cannot be an issue since the management of Trump’s wealth and business has been handed over to his sons. Trump Jr. noted that he cannot be expected to "lock myself in a padded room while my father is president and cease doing what I’ve been doing for over 25 years to earn a living and provide for my five children."

"However, if I did do that, I guess I could always take up painting, which I hear can be quite lucrative," added Donald Trump Jr., referencing the ethical controversies surrounding the acquisition of paintings by an anonymous buyer of President Biden's son, Hunter. Critics claimed the transaction might have been an attempt at corrupting the president.