Bessent Defends Trump's Crypto Windfall, Says Americans Will Soon See Relief From Higher Prices

Treasury Secretary Scott Bessent pushed back Thursday against criticism surrounding President Donald Trump's multibillion-dollar earnings from cryptocurrency ventures, dismissing concerns that the president's financial gains present an appearance problem even as some Americans continue to grapple with higher living costs.
The comments came after President Trump's latest annual financial disclosure, released Tuesday by the U.S. Office of Government Ethics, revealed that the president more than tripled his income during 2025, the year he returned to the White House. According to the filing, Trump earned more than $2 billion over the course of the year.
A significant share of those earnings came from cryptocurrency-related businesses. The disclosure showed that more than $1 billion of the president's income was tied to crypto ventures.
The filing listed more than $635 million generated through a licensing agreement with Celebration Coins. It also reported roughly $500 million in proceeds from token sales distributed by World Liberty Financial LLC, the Trump family-backed cryptocurrency company launched in 2024.
The sizable earnings have drawn criticism from congressional Democrats, who argue that the financial windfall creates a conflict of interest because the Trump administration has pursued policies aimed at loosening federal oversight of the cryptocurrency industry.
Bessent rejected those concerns during an interview Thursday with CBS News anchor and MoneyWatch correspondent Kelly O'Grady.
"I don't think there's an appearance problem," the Treasury secretary said.
Bessent argued that the administration's policies are part of a broader effort to encourage technological innovation across multiple sectors.
"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."
Earlier the same day, Trump also defended his financial disclosures during an interview with CNBC's Joe Kernen, saying there was "nothing illegal" or "wrong" about his 2025 earnings.
Despite those defenses, the article notes that some working Americans, including some Trump-voting residents of Florida, said they were "frustrated" after the financial disclosures became public.
The concerns come as disruptions to shipping through the Strait of Hormuz following the president's war with Iran in February have contributed to higher oil prices and increased inflation.
During his CBS News interview, Bessent acknowledged that consumers have continued to face elevated gasoline prices but said Americans should expect relief in the months ahead.
"Gasoline prices are a little stickier on the way down," he said. "We're trying to give the gasoline retailers a little bit of a nudge. We're telling them we're watching them. We've had some good uptake from some of the bigger retailers from some of the bigger retailers in terms of what they want to do for consumers."
Bessent also expressed optimism about the broader economy despite a weaker-than-expected June jobs report.
The Treasury secretary predicted that inflation would ease and said workers could begin seeing wages outpace rising prices in the near future.
"I would expect, perhaps, as soon as this month, we're going to see real wage gains," Bessent said.
He added that the stock market's recent performance reflects confidence that the economy will move beyond its current challenges, saying he believes "we'll get to the other side of this."