On his show Last Week Tonight, John Oliver recently criticized Donald Trump’s growing involvement with cryptocurrency. Oliver argued that Trump’s business interests in crypto create conflicts of interest and damage public trust.
In a recent discussion, Oliver labeled Donald Trump as the nation’s “first crypto president,” suggesting his support for digital currencies followed substantial financial contributions from the cryptocurrency industry to fund his return to politics. Oliver also claimed that cryptocurrency-related businesses are now the Trump family’s primary source of income and allege this creates an appearance of significant corruption and conflict of interest.
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Memecoin fallout and access dinners
During the show, Oliver spent a lot of time discussing Donald Trump’s new cryptocurrency. He explained that these types of coins – often starting as online jokes – are digital investments where the price goes up or down based solely on what people are willing to pay.
He explained that these types of tokens can often act like “pump-and-dump” scams – prices quickly rise, then fall when those involved start selling at the highest point. Donald Trump launched his own memecoin just days before his second inauguration, and soon after, a token associated with his wife, Melania Trump, appeared.
Oliver reports that the cryptocurrency linked to Donald Trump initially peaked at around $50 billion in value before plummeting about 92% by December. While its value dropped, Oliver estimates Trump himself profited roughly $636 million from the coin, while almost a million investors lost money.
Oliver disapproved of Trump holding a private dinner for the owners of a significant amount of a certain digital token, arguing it appeared to be selling access to the White House in return for investing in one of Trump’s cryptocurrency projects. The announcement did cause the token’s value to jump around 30%, but Oliver pointed out there’s no proof that Trump or anyone with inside information sold their tokens while the price went up.
“It clearly doesn’t look good for a president to be involved in something like that,” he said.
World Liberty Financial and capital outflows
Oliver also pointed out World Liberty Financial, a cryptocurrency company that Donald Trump started with his sons just before the 2024 election. He noted that it’s now the Trump family’s most profitable business.
The show raised concerns that investors might have used the platform to try and improperly influence the government. Host John Oliver highlighted Justin Sun, a crypto entrepreneur, who spent $75 million on tokens related to World Liberty Financial and an additional $37.7 million on cryptocurrencies connected to Donald Trump – all while being investigated by the Securities and Exchange Commission (SEC).
The SEC temporarily stopped pursuing its case before reaching a settlement. Oliver pointed out that both Sun and the regulators involved have stated there was no agreement for favors or exchange of benefits.
He also mentioned reports showing a company connected to the United Arab Emirates made significant investments in World Liberty Financial around the same time the UAE was trying to gain access to advanced U.S. computer chip technology that had been previously unavailable. Oliver emphasized there’s no proof the two events were directly connected, but he noted the timing was very unusual.
Crypto policy influence
Oliver pointed out that Trump’s approach to cryptocurrency has actually helped the industry grow, in addition to any business deals involved.
Gary Gensler, the previous head of the SEC known for strict crypto regulations that the industry often opposed, stepped down the day Donald Trump returned to the presidency. His replacement, Paul Atkins, has taken a more supportive approach to crypto, and Oliver reports that around 60% of enforcement actions related to crypto have been reduced or softened since the change in leadership.
Oliver also disapproved of Trump’s backing of the CLARITY Act, explaining that moving crypto regulation primarily from the SEC to the CFTC could reduce safeguards for investors and complicate future rule-making.
According to Oliver, Donald Trump’s significant connections to cryptocurrency companies, alongside his actions as president impacting the crypto world, suggest a clear pattern of corruption and undue influence.
These statements fuel the ongoing discussion about whether politicians should be allowed to own significant investments in cryptocurrency companies while also creating rules for the crypto market. This topic will likely continue to be a key point of contention as Congress works on new laws and regulations for this quickly growing industry.
2026-07-28 14:32