Illustration: Sarah Grillo/Axios
President Trump warned American families this week that they may have to make do with fewer — and more expensive — holiday toys.
- But for Trump's own inner circle, a veritable Golden Age is well underway.
Why it matters: Trump's family has enjoyed a historically lucrative first 100 days, leveraging its proximity to power — and raking in billions — through a flood of ethically murky business ventures.
Most presidents try to avoid even the appearance of using the office or public policy for personal enrichment.
- But Trump has blended official power and personal business in unprecedented ways — and often in plain sight.
What's happening: Trump, his sons and their associates have launched a wave of high-dollar projects monetizing their proximity to the most powerful government in the world.
- World Liberty Financial: The Trump-backed crypto venture, where founders include Trump envoy Steve Witkoff and his sons, has raised more than $550 million by selling tokens to buyers around the world. Trump himself serves as the company's "chief crypto advocate," while his administration pursues policies — including a federal crypto reserve — that have boosted the value of assets held by the firm.
- OFFICIAL TRUMP: The president's meme coin surged more than 60% last week after its website advertised an "intimate private dinner" with Trump for the top 220 coin-holders — plus a "special VIP" reception and White House tour for the top 25. The website later scrubbed references to the "White House."
- The Executive Branch: Donald Trump Jr. and his business partners — including Witkoff's sons, Zach and Alex — are launching an exclusive D.C. club with a $500,000 membership fee, pitched as a private hangout for donors and business moguls to rub shoulders with top Trump officials.
- Foreign deals: At least 19 foreign Trump-branded projects will be in development over the next four years, according to ethics watchdog CREW. Just this week, the Trump Organization announced a deal to build a luxury golf resort in Qatar. Trump, whose first foreign visit will be to Saudi Arabia, also hosted a Saudi-backed LIV golf tournament at his Doral club in Florida last month.
- Merchandise: The Trump Organization is selling "Trump 2028" hats, a nod to the president's musings about an unconstitutional third term. Trump hawked Bibles, sneakers, perfume and trading cards during the 2024 campaign, and his political operation continues to rely on MAGA merchandise to raise funds.
- Corporate boards: Dominari Holdings, a small public financial services company with headquarters in New York's Trump Tower, saw its stock price surge more than 1,200% in about six weeks after Trump Jr. and Eric Trump joined its advisory board and took equity stakes worth millions. Trump Jr. also has been named to the board of a digital firearms retailer, called GrabAGun, that's due to go public this summer.
The other side: Allies note that Don Jr. and Eric Trump have long maintained business careers independent of their father's political office, and say their recent ventures are consistent with that history.
Zoom in: A New York Times investigation found that World Liberty Financial solicited secret multimillion-dollar payments from other crypto startups, offering cross-promotion and perceived proximity to Trump.
- The company marketed these "token swaps," first reported by Blockworks, as "mutual investments." But several executives saw them as thinly veiled endorsements-for-cash.
- World Liberty has denied any impropriety, characterizing the pitches as standard industry practice.
The intrigue: World Liberty's many foreign investors include Justin Sun, a Chinese crypto billionaire who bought $75 million worth of tokens while facing an SEC lawsuit for alleged fraud.
- Sun has denied the charges, and the SEC paused his case in February to consider a potential resolution.
The latest: On Thursday, Zach Witkoff and Eric Trump announced that Emirati state-owned firm MGX will use World Liberty's new stablecoin to complete a $2 billion deal with crypto exchange Binance.
- The investment will formalize ties between the Trump family's crypto venture, a foreign government, and Binance, which pleaded guilty in 2023 to violating U.S. anti-money laundering laws.
- "This is only the beginning," Witkoff declared in Dubai, where 10,000 attendees gathered this week for a major crypto conference.
What to watch: Privately, top Republicans fear that if Democrats win back the House, they'll spend the two years before 2028 holding high-profile hearings on allegations of Trumpworld profiteering.
- That's exactly what the House GOP did when it won the majority in 2022, with an impeachment inquiry that sought to tie President Biden to Hunter Biden's foreign business dealings.
- Few elected Republicans have expressed public concerns about the Trump family's business ventures.
The bottom line: Trump's first term blurred the line between public office and personal gain. His second term has erased it — turning the presidency into a profit engine for his brand and bloodline.