Scott Bessent downplays Trump's $1.4B crypto earnings concerns: 'This is an innovation presidency’

WASHINGTON, DC: Treasury Secretary Scott Bessent dismissed concerns over over President Donald Trump's reported $1.4 billion in crypto earnings, saying, "I don't think there's an appearance problem."

Congressional Democrats have argued Trump's crypto profits create a conflict of interest as his administration moves to loosen cryptocurrency regulations. Bessent's remarks reinforced the White House's defense of the president after the latest financial disclosure brought renewed scrutiny to Trump's crypto ventures.

Bessent defends Trump's crypto earnings

Speaking to CBS News anchor and MoneyWatch correspondent Kelly O'Grady on Thursday, July 2, Bessent rejected suggestions that Trump's crypto income creates an appearance issue.

"I don't think there's an appearance problem," Bessent said when asked about the president's earnings.

A financial disclosure released earlier this week showed Trump has earned about $1.4 billion from crypto ventures since beginning his second term.

The disclosure includes revenue tied to his $TRUMP meme coin and World Liberty Financial, a cryptocurrency company backed by Trump and members of his family.

Democrats have criticized the president's crypto windfall, arguing it presents a conflict of interest because the administration has pursued a lighter regulatory approach toward digital assets.

Bessent pushed back by framing cryptocurrency as part of a broader economic agenda.

"This is an innovation presidency," he said. "So whether it's digital access, whether it's AI, whether it's everything that is going on in the tech ecosystem that, you know, all Americans are benefiting from that."

His comments echoed a statement issued earlier this week by White House spokesperson Anna Kelly, who told CBS News there "are no conflicts of interest" related to Trump's financial disclosure.

Treasury Secretary predicts relief for consumers

During the interview, Bessent also addressed concerns over rising costs tied to the Iran war, telling Americans struggling with higher grocery and fuel prices that "we're going to get to the other side of this."

He said he hopes average gasoline prices will fall to $3 per gallon by Labor Day after retreating from peaks above $4.50 earlier in the conflict.

"Gasoline prices are a little stickier on the way down," Bessent said. "We're trying to give the gasoline retailers a little bit of a nudge. We're telling them we're watching them."

Bessent also acknowledged that wage growth has recently trailed inflation but described it as a "short-term spike."

"I would expect, perhaps, as soon as this month, we're going to see real wage gains," he said.

Asked whether Wall Street or consumers better reflect the economy, Bessent argued the market points toward improvement.

"The stock market lives in the future," he said. "So what the stock market is telling us is, presumably, what I am saying today, that we'll get to the other side of this."

Trump Accounts rollout gets Bessent's backing

Bessent also highlighted the administration's new Trump Accounts program, which opens to contributions beginning July 4.

According to Bessent, more than 6 million accounts have already been opened for eligible children. He said the program is intended to expand investing and improve financial literacy.

"We want them to really understand the power of long-term compounding," Bessent said. "What does a piece of the action feel like?"