The Trump family has faced ongoing scrutiny for its involvement in cryptocurrency ventures during President Donald Trump’s second term, and now it is expanding into the online betting sector. According to reports, the president’s Truth Social platform is entering the prediction market space, enabling users to place bets on election outcomes, sports events, and other occurrences.
The new platform, called “Truth Predict,” is a collaboration between the Trump Media and Technology Group and Crypto.com, a cryptocurrency trading platform that has previously contributed millions to Trump-related causes. The Financial Times noted that the Trump family has become increasingly connected to the online betting industry, with Donald Trump Jr. serving as an advisor to leading prediction market companies Kalshi and Polymarket. Additionally, Trump Jr.’s venture capital firm has invested in Polymarket, which ceased operations in the U.S. in 2022 after settling allegations of operating an unregistered derivatives trading market.
Journalist Mike Masnick highlighted the potential conflict of interest in the situation, questioning whether the president’s ownership of a prediction market could lead to undue influence over events he has significant control over. He wrote, “Gosh, I’m sure nothing bad will happen.”
This development coincided with a Reuters report revealing how the Trump family has significantly increased its wealth through cryptocurrency ventures. The report indicated that the Trump Organization’s income surged 17-fold to $864 million from $51 million in the previous year, with over 90% of this revenue coming from the Trump-backed cryptocurrency venture. Reuters also noted that the $800 million figure represents actual income, while the organization holds billions in unrealized gains from the crypto business.
Washington University law professor Kathleen Clark, an expert in government ethics, suggested that investors in the Trump crypto venture may be seeking favorable treatment from the government. She stated, “They are not pouring money into coffers of the Trump family business because of the brothers’ acumen. They are doing it because they want freedom from legal constraints and impunity that only the president can deliver.”
Trump has drawn criticism for pardoning cryptocurrency magnate Changpeng Zhao, the founder of Binance, whose company has played a key role in promoting the Trump family’s cryptocurrency projects. The Wall Street Journal reported that Binance facilitated a $2 billion investment in World Liberty’s USD1 cryptocurrency, a move that helped boost the project’s visibility.
In response to concerns about the Trump family’s business dealings, House Committee on Oversight and Accountability Chair James Comer expressed openness to investigating the matter, provided that the activities are transparent. He stated, “As long as you disclose the income and disclose the sources, I think that’s acceptable.” However, critics argue that this approach fails to address potential conflicts of interest and ethical concerns.
Democratic operative David Axelrod criticized the lack of congressional action on the Trump family’s financial activities, noting that the House Oversight Committee has focused on former President Joe Biden’s son, Hunter Biden, rather than the Trump family’s crypto ventures. He argued that investigators should examine who is purchasing Trump’s meme coins, the deals his children are making globally, and the gifted jet from Qatar.
Senators Richard Blumenthal and Chris Murphy have condemned the Trump family’s actions, calling them unprecedented in terms of corruption. Blumenthal accused the family of compromising national security through deals with foreign governments and fraudsters, while Murphy described the White House as a “full-time, 24/7 corruption machine.”
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