U.S. Treasury Secretary Sees No Issue With Trump's Cryptocurrency Gains

U.S. Treasury Secretary Scott Bessent has stated that he sees no issues regarding the controversy surrounding the significant cryptocurrency gains made by President Donald Trump since his return to office.

According to CBS on July 3 (local time), Secretary Bessent said in an interview released the previous day that he does not believe there is any apparent problem with the cryptocurrency profits earned by the President.

Secretary Bessent argued that President Trump is carrying out an "innovative presidency," adding, "Whether it is digital access, artificial intelligence (AI), or everything happening in the tech ecosystem, all Americans are benefiting from it."

President Trump reported to the U.S. Office of Government Ethics (OGE) that he earned 588 million dollars through his family-owned cryptocurrency venture, World Liberty Financial, 636 million dollars through his meme coin, $TRUMP, and 197 million dollars from the sale of his stake in the stablecoin HoldCo.

This has sparked controversy over potential conflicts of interest, as it coincides with the Trump administration's policies to ease cryptocurrency regulations.

Media outlets have also raised concerns about potential conflicts of interest regarding the President's stock trading history, including large-scale purchases made ahead of announcements such as the suspension of reciprocal tariffs.

Secretary Bessent noted that gasoline prices, which had soared due to the war with Iran, are showing signs of stabilization, and expressed his desire for the average U.S. gas price to drop to 3 dollars per gallon by Labor Day (September 1).

According to the American Automobile Association (AAA), the current average gas price is 3.83 dollars per gallon.

"Gas prices tend to be somewhat sticky on the way down," Secretary Bessent said. "We want to let them (gas retailers) know that we are watching."

President Trump ordered an investigation into the matter on June 24, stating that prices "should start coming down much faster," and followed up five days later by reiterating pressure, saying, "Gas stations must lower prices immediately."

Secretary Bessent introduced that more than 6 million "Trump Accounts" have been opened to date.

These tax-deferred savings and investment accounts will receive a 1,000-dollar federal government subsidy on July 4, which marks the 250th anniversary of the nation's founding.

The program is aimed at newborns born between January 1, 2025, and December 31, 2028.

Secretary Bessent explained that these accounts can be transferred to individual retirement accounts once the beneficiaries reach adulthood, adding, "We want them to truly understand the power of long-term compounding."

(Photo: AP, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.