Fox Business hosts criticized President Donald Trump and his family for holding substantial cryptocurrency investments while the administration supports crypto-friendly legislation. The family's WLFI token began trading publicly, and reports indicated the family owns about a quarter of WLFI, with valuations reported as high as $6 billion shortly after launch. The family cannot currently sell those tokens but may be able to do so later. Hosts linked presidential support for measures like allowing cryptocurrencies in 401(k) plans and other pro-crypto laws to potential personal financial benefit, calling the situation a perceived conflict of interest despite denials.
Fox Business hosts, on Tuesday, called out President Donald Trump and his family for being heavily invested in cryptocurrencies at the same time his administration pushes crypto-friendly legislation, as host Stuart Varney put it. Fox Business reporter Lauren Simonetti commented it appeared to be a clear conflict of interest. Their comments came a day after the Trump family's flagship token WLFI started trading.
Simonetti noted The family holds about a quarter of the tokens out there. They can't sell them, but now that the token has launched on the public markets, we do have a valuation for it. She then pointed to a Wall Street Journal report that said the Trump family's cut of WLFI ran up to $6 billion soon after it started trading.
Varney then took issue with Trump supporting legislation that would make it easier for Americans to include cryptocurrencies like bitcoin in their 401(k) plans, among other pro-crypto laws he has supported. What it amounts to is crypto-friendly legislation coming from the president of the United States. Who is in turn, cashing in from the crypto phase. Personally, his family, Varney said.
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