Treasury Secretary says Trump’s crypto earnings pose no appearance issue, touts Trump Accounts

Treasury Secretary Scott Bessent told CBS News that the recent disclosure of President Donald Trump’s cryptocurrency earnings, estimated at about $1.4 billion, does not raise an appearance issue for the president. He said, "I don't think there's an appearance problem," in response to questions about the disclosure.

Bessent noted that the earnings stem from a “meme coin” called $TRUMP and from World Liberty Financial, a crypto firm backed by the Trump family. While congressional Democrats have warned of a potential conflict of interest as the administration pursues looser crypto regulations, White House spokesperson Anna Kelly has asserted that no conflicts exist.

The secretary also addressed the economic impact of the Iran-related oil shock, saying the Treasury is working to ease gasoline prices and that he expects average gasoline costs to fall to about $3 per gallon by Labor Day. He added that the recent jobs report showed modest job growth and a steady unemployment rate, but wage growth remains below inflation, describing the gap as a "short-term spike."

Regarding the newly launched “Trump Accounts,” Bessent explained the program allows children under 18 to invest in equities and receive federal contributions. He said more than 6 million accounts have been opened and that the government will begin contributing $1,000 to accounts for children born between 2025 and 2028. He highlighted philanthropic donations, noting Michael and Susan Dell’s pledge of $6.25 billion, and emphasized the goal of improving financial literacy and long-term compounding knowledge among families.