Bessent Defends Trump's Crypto Earnings as New Program Raises Tax Concerns

US Treasury Secretary Scott Bessent has defended Donald Trump's crypto earnings of over $1.4 billion since his second term began in January 2025, saying there is no appearance problem.

Bessent was responding to concerns about the President's crypto assets, which include memecoin and a stake in World Liberty Financial, a cryptocurrency firm backed by Trump and his family.

'I don't think there's an appearance problem,' Bessent told CBS News. 'This is an innovation presidency.'

The White House Spokesperson Anna Kelly previously stated that 'there are no conflicts of interest' regarding Trump's crypto earnings.

Bessent also promoted a new federal program, which allows children under 18 to invest in the stock market and build savings through tax-deferred Trump accounts. The program aims to increase financial literacy among Americans, with Bessent citing that '38 per cent of American households have no investment in our great equity markets.'

However, critics warn that the program has a loophole allowing wealthy investors to donate stocks to reduce exposure to federal estate tax and capital gains tax.