Ethics experts sounded the alarm Wednesday after new financial disclosure reports revealed that President Donald Trump’s income ballooned to $2.2 billion in 2025, with $1.4 billion coming from various new cryptocurrency-related businesses.

“It’s bribery. It’s graft. It’s exploitation of public power for private financial gain,” said Kathleen Clark, a law professor at Washington University and an expert in government ethics. “Trump has — with the acquiescence of a somnolent, GOP-controlled Congress and the active assistance of John Roberts’ Supreme Court — transformed the presidency into a massive corruption racket.”

Trump reported income of over $600 million in 2024. But after he entered the White House in 2025, he reported that his income had soared to more than $2.2 billion.

The 2025 annual disclosure report filed with the Office of Government Ethics shows that Trump ramped up his real estate business in countries across the globe, particularly in the Middle East, at a time when his government was negotiating over vital issues of military aid and economic tariffs. The president also expanded his dealings in the relatively new realm of cryptocurrency.

According to the 927-page report, Trump made $635 million in royalties from Celebration Coins and more than $500 million from his World Liberty Financial crypto firm. He drew in millions from a raft of Trump-branded merchandise including God Bless the USA Bibles and sneakers depicting him with his hand raised in a fist. He also brought in $10.4 million from a property in the United Arab Emirates and $9 million from a property in Saudi Arabia.

Noah Bookbinder, an ethics expert and former president of Citizens for Responsibility and Ethics, a nonprofit watchdog group in Washington, described Trump’s business dealings while in the White House as “entirely unprecedented, certainly in modern history, but I think by most ways of measuring, in all of American history.”

“This is corruption,” Bookbinder said. “You have a president who has been quite transparently using the presidency in ways that benefit his business interests and intertwining the presidency and business interests.”

But the president and the White House brushed aside ethics concerns about the money Trump is making.

Trump told reporters Wednesday that he made a lot of money before he came to the White House, he had “big institutions” run his money, and that he had benefited, like every other American, as the stock market went up.

“We’re all profiting,” he said. “I’m profiting because I have a lot of money and a lot of cash.”

In a statement, White House spokesperson Anna Kelly said: “Neither the President nor his family has ever engaged — or will ever engage — in conflicts of interest. ... All actions by President Trump and his administration are taken in the best interest of the American people.”

Although the report does not show exactly how much Trump is earning — it provides details of revenue, rather than profit — the scale of the president’s cryptocurrency dealings elevated ethics watchdogs’ long-standing concerns.

Jordan Libowitz, a vice president at Citizens for Responsibility and Ethics, said the most concerning detail of the new report is the hundreds of millions of dollars coming in from various crypto ventures partnered with companies that the American public knows little about.

“At a time when his own administration itself is setting regulation for these types of companies,” Libowitz said, “there’s just this massive opportunity for corruption when foreign governments and foreign nationals can pour tens of millions of dollars into the president’s pocket.”

As a real estate mogul, Trump has long invested in hotels, condominiums and golf courses. But cryptocurrency, Libowitz said, offers vastly more potential for corruption.

“There’s only so many hotel rooms you can book, so many rounds of golf, but there’s no limit with crypto,” Libowitz said. “You can just buy his meme coin and he gets a cut, so you kind of take out the middleman, but also the cap or the amount of money you can funnel to the president.”

Libowitz said it was also problematic for Trump to expand his real estate empire in foreign countries, particularly in the Middle East.

“Now it seems that almost all his new developments are in foreign countries, and that opens up, if you’re building this giant resort, you’re going to need help from the local government, whether it’s tax breaks or utility issues, or building a road, or speeding up permits,” Libowitz said. “These are ways that foreign governments can do favors for the American president.”

In the half a century before Trump was elected, ethics experts say, presidents from Richard Nixon to Barack Obama publicly released their tax returns, sold properties or put the proceeds in a blind trust managed by someone they did not know.

“They weren’t doing it because they legally had to, but because they thought it was the right thing to do,” Libowitz said.

Ever since Trump was first elected in 2016 and opted to not sell his businesses or put them in blind trusts, ethics experts have urged Congress to impose more aggressive financial oversight over money in politics.

“Congress needs to update the law, and basically, mandate blind trusts and sale of assets and disclosure of tax returns,” Libowitz said.

Noting that the Constitution’s Emoluments Clause explicitly states that the president cannot accept things of value from foreign or domestic governments, ethics experts say Trump is flouting the law and Congress has chosen to not enforce it.

Richard Painter, a law professor at the University of Minnesota and former White House ethics lawyer under President George W. Bush, said Congress needed to close loopholes that exempt presidents from federal conflict of interest laws as well as enforce the Foreign Emoluments Clause.

“Nobody holding a position of trust with the United States government can accept emoluments, profits and benefits from foreign governments, and that is flatly prohibited under the United States Constitution,” Painter said. “Now, if the United Arab Emirates put money into Liberty Financial, as I understand they did ... and then Trump makes money off Liberty Financial, that’s a Foreign Emoluments Clause problem.”

Congress, he said, should empower an independent prosecutor to investigate such conflicts.

“The problem with the Foreign Emoluments Clause is how do we enforce it?” Painter said. “The founders and head of the Congress enforced it by impeaching anybody who took a bunch of foreign government money, but I guess that system’s not working. That’s a serious problem.”

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