American Bitcoin, a mining firm associated with the Trump family, has announced its listing through a merger with Gryphon. The President’s sons hold significant shares in American Bitcoin, with Eric Trump serving as the Chief Strategy Officer. Following the completion of the merger in the third quarter, American Bitcoin shareholders are set to own a majority stake in the listed entity, which will adopt the name American Bitcoin.
The merger stems from a recent agreement involving Eric Trump, Donald Trump Jr, and Dominari Holdings to form American Bitcoin in partnership with Hut 8, which provided the necessary mining equipment. Asher Genoot, the CEO of Hut 8 and a Board Member of American Bitcoin, emphasized the strategic importance of taking the firm public to accelerate its growth trajectory.
This move adds to the Trump family’s existing ventures in the crypto space, including the creation of memecoins like $TRUMP and $MELANIA. Notably, $TRUMP holders were offered a chance to dine with the President, raising concerns about potential conflicts of interest and influence peddling, particularly as a significant portion of these holders acquired their coins through foreign exchanges.
Moreover, the Trump family’s involvement extends to World Liberty Financial, which launched its own coin, WLFI, and introduced the USD1 stablecoin. A recent transaction involving USD1 saw a $2 billion investment in Binance by UAE-based firm MGX, chaired by the UAE’s National Security Adviser, further underlining the interconnectedness of crypto ventures and traditional finance.
However, these developments have faced opposition from Democrats, who have criticized the Trump family’s crypto affiliations, leading to proposed legislation aimed at curbing their involvement in digital asset issuance. The proposed “End Crypto Corruption Act of 2025” seeks to restrict high-ranking officials from engaging in memecoin, digital asset, and stablecoin activities to prevent potential conflicts of interest.
These legislative efforts align with existing federal ethics laws that mandate transparent disclosure of financial interests and limit officials from accepting foreign gifts exceeding certain thresholds. The goal is to uphold integrity and prevent the perception of undue influence, especially concerning foreign investments in crypto assets.
While the Trump family navigates the crypto landscape, broader concerns about potential conflicts of interest have emerged, extending beyond digital assets to include gifts like a $400 million jet offered to the Trump administration by Qatar. The proposed use of the jet as Air Force One raises questions about the ethical implications of such gifts and their influence on decision-making.
In the evolving landscape of crypto regulations and political scrutiny, the intersection of high-profile figures, financial interests, and digital assets continues to spark debates about transparency, accountability, and the integrity of the financial system.