By Katherine Tinsley
2:43am PDT, May 22, 2025
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Donald Trump and his family have found success in cryptocurrency, but the president's rising impact on the industry could be a conflict of interest — a key point that members of his party are starting to admit.
Keep reading for the details…
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Congressman Rich McCormick — a Republican from Georgia — addressed Donald Trump's conflict of interest on The Dan Abrams Show after host Dan Abrams expressed his concerns over the president having his own meme coin.
"The Trump family and its partners have made like $320 million in trading fees alone since the president's meme coin launched. You okay with all this?" Abrams asked McCormick.
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Rich McCormick replied by comparing Donald Trump's role in cryptocurrency to Hunter Biden selling his artwork.
"At least it's an honest conversation this time," McCormick said.
"Before, when people are selling artwork from a son of a certain president for exorbitant amounts, it was considered not really an issue, and I'm not sure why," he continued.
He then admitted, "I think maybe it needs to be addressed."
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Rich McCormick later explained how congress analyzes potential misconduct.
"I look at the strict conversation about what we get compensated for as congressmen and as senators and the conflict of interest [reviews] that we have to do every year to make sure we don't have a conflict of interests," he said. "The presidency has much more. And that's something maybe we as a Congress take a look at."
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Dan Abrams agreed with Rich McCormick that Congress should "take a look" at potential conflicts of interest: "You're saying that, yeah, we may have to look into that. I mean, it seems to me like you definitely have to look into it, right? It seems like it's sort of unambiguous about the potential risks," he said, adding that he would expect "straight shooters" in Congress to look into the president's crypto ties.
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Rich McCormick said the concern is the legality of Donald Trump's meme coin influence, not necessarily the ethics behind it.
"It's not an investigation. It's wide open. It is transparency," he said. "It's not a matter of if it's happening or not."
"That's where the investigation would come," he continued. "We know it's happened. The question is, is it legal? I don't think it's illegal. If it's illegal, it'll be prosecuted because nobody's hiding anything. The question is, should it be illegal? That's the question you're asking."
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Rich McCormick also addressed
the $400 million jet Qatar gifted Donald Trump, which was revealed through a media report.
"I'm pretty sure they wouldn't have been able to hide a gift for $400 million," he said.
"That's true. That's true that eventually it would have become public, but for now, the only reason we know about it is because of a media report," Dan Abrams pointed out.
