John Oliver calls Trump crypto deals flagrantly corrupt
John Oliver returned to Last Week Tonight calling Donald Trump "the first crypto president" and branding the family's crypto ventures "flagrantly corrupt and compromised." He said Trump's first-year income topped $2.2bn, with about $1.4bn from family crypto deals that now dominate the business empire.
Key Takeaways
- John Oliver said Trump's family crypto businesses brought in about $1.4bn in the first year back in office.
- He labeled Trump memecoins "pump and dump schemes" after a peak near $50bn and a later 92% crash.
- World Liberty Financial drew big foreign investments amid influence questions Oliver highlighted.
- Oliver warned a push to lock in lighter crypto rules, including via a Clarity Act, should worry the public.
What did John Oliver say about Trump's crypto dealings?
On his return to HBO's Last Week Tonight, John Oliver focused on what he called the "shady shit" around presidential crypto activity. He noted Trump once called bitcoin "a scam," then had a "pretty significant change of heart" after seeing an industry "willing to spend a shitload helping him get elected."
According to Oliver, crypto has become the family's most dominant business interest, with a "truly absurd number" of related ventures. For more coverage of digital-asset flashpoints, see BlasterPost's Fintech & Crypto Alerts hub.
Why do the Trump memecoins matter?
Oliver said Trump announced a memecoin on social media, with Melania's $MELANIA following on the eve of the inauguration. He joked the Melania ticker can read as "Smelania," and called the tokens novelty assets that behave like "pump and dump schemes."
Valuations initially soared so high that for a few hours the Trumps and partners were sitting on at least $50bn worth. Trump's coin later crashed—down 92% from its peak—while Melania's fell about 99%. Oliver said Trump still walked away with a $636m payout, and more than 1 million buyers lost money.
He also cited a White House dinner pitched to juice the coin's value; even though the event was "a bust" for attendees, the coin jumped 30%. "It clearly doesn't look good for a president to be involved in something like that," Oliver said.
How is World Liberty Financial tied to influence concerns?
Oliver said World Liberty Financial, co-founded with Trump's sons and announced weeks before the 2024 election, has become worth more than any other family business. He highlighted Justin Sun's $75m in company tokens and $37.7m in memecoins while Sun faced an SEC fraud probe; the SEC later paused the case and settled. Both sides denied any quid pro quo.
He also described heavy UAE-linked investment—about 49% tied to a royal nicknamed the "spy sheikh"—alongside a later approval for advanced US chips sought by the UAE. After HBO's lawyers contacted the White House, an email said Trump "only acts in the best interests of the American public," which Oliver quipped would be "huge for this country if true."
Oliver argued Trump looks "flagrantly corrupt and compromised," noting Gary Gensler left the SEC on day one, pro-crypto Paul Atkins took over, and about 60% of related cases were eased—changes he said a Clarity Act push could lock in.