Billionaire’s Crypto Empire Deepens Links to US Presidency Amid Ethics Concerns .Chinese crypto billionaire Justin Sun’s growing financial ties to Donald Trump raise fresh questions about political influence, regulatory scrutiny, and the future of America’s crypto landscape.
On a glittering evening at Trump National Golf Club in Virginia last month, some of the world’s wealthiest cryptocurrency investors gathered for an exclusive black-tie affair. The guest list featured the top 220 holders of the $Trump memecoin — a digital token linked directly to the US president himself.
Blockchain analysis suggests that over half the attendees were foreign investors who had collectively poured millions into the token. For critics, the evening symbolised more than a lavish celebration. “What’s happening tonight at Trump’s golf course … is in effect putting a ‘for sale’ sign on the White House,” warned Democratic senator Richard Blumenthal, who described the gathering as “corruption”. The White House firmly rejected those accusations.
Among those in attendance was Justin Sun, the coin’s most significant investor and a 34-year-old Chinese billionaire with an estimated fortune of $8.5 billion amassed through ventures like the Tron blockchain platform. Sun, who reportedly invested $20 million in the memecoin to secure his seat at the dinner, dismissed accusations of influence-buying.
“All the haters need to really pay attention,” Sun told CoinDesk, insisting the crypto industry is experiencing “positive things.” The following day, Sun posted a picture of himself on social media, fist raised before the American flag, sporting a $100,000, 18-carat gold watch. “I was awarded a Trump Golden Tourbillon watch by Trump!” read the caption.
Sun’s relationship with Trump runs deeper than flashy dinners and luxury gifts. He has poured $75 million into the Trump family’s crypto firm, World Liberty Financial (WLF). Notably, just five weeks after Trump returned to the Oval Office, a civil fraud case brought by the US Securities and Exchange Commission (SEC) against Sun was shelved. The case had the potential to cost him millions in penalties.
Since then, Sun’s influence has only expanded. In June, WLF moved its stablecoin — a digital asset pegged to real-world currency — onto Tron’s blockchain, a move poised to generate millions in transaction fees for Sun’s company. Because WLF collects interest on funds backing the stablecoin, the president himself could profit as well.
Reports have also surfaced that Sun is preparing to take Tron public in the US via a merger with Nasdaq-listed SRM Entertainment, brokered by Dominari Securities, a firm linked to Donald Trump Jr. and Eric Trump. Although the Financial Times suggested Eric Trump would hold a position at the new company, Tron Inc, he later denied any “public involvement.”
Ethics experts are alarmed by these developments. “It is a potentially dangerous situation for the US and for the global economy when the government, which should be regulating the crypto industry, is being led by a president who has very close financial ties to individuals in the crypto industry,” said Richard Painter, chief ethics lawyer under President George W. Bush.
Sun’s journey to the upper echelons of American power has been decades in the making. As a teenager in Huizhou, China, he became enamoured with Donald Trump, binge-watching pirated episodes of The Apprentice on BitTorrent — a platform he would later purchase for $140 million. The show’s message of ambition and capitalist success left an indelible mark.
After earning a degree from Peking University, Sun moved to the US in 2011, discovered Bitcoin, and immersed himself in the crypto community. He later joined Ripple Labs to spearhead its expansion into China. In 2013, he launched Peiwo, a popular voice-based dating app that drew regulatory scrutiny and was ultimately shut down for violating China’s “socialist values.” But Sun had already made his millions.
In 2017, he founded Tron. Despite accusations of copying competitors and legal troubles — including SEC allegations of fraud, market manipulation, and undisclosed celebrity endorsements — Sun has maintained his empire, flaunting wealth with Gucci trainers and viral stunts, including purchasing a duct-taped banana artwork for $6.2 million.
While Sun denies any wrongdoing, critics fear regulatory oversight is being undermined by his political connections. “Frankly, I don’t know why the public would have trust in the agency anymore to enforce the law without political favour,” said Amanda Fischer, a former senior counsellor at the SEC.
With Tron preparing to go public through a reverse merger — a process that circumvents the scrutiny of traditional IPOs — concerns over transparency persist. “I am almost at a loss for words,” Fischer added.
Despite mounting ethical questions, Sun appears closer than ever to the seat of American power — a reality reshaping the intersection of crypto, politics, and global influence.
