Former President Donald Trump is facing renewed scrutiny over potential conflicts of interest as he prepares for a possible return to the White House, with a growing business empire and high-profile investments intertwined with his political promises.

Among the most eye-catching recent developments is the involvement of Chinese crypto entrepreneur Justin Sun, who has been charged with fraud in the U.S. Sun made headlines after consuming a $6.2 million banana from an art installation and investing $30 million into the cryptocurrency firm World Liberty Financial. This investment came at a pivotal moment, enabling the firm to meet a threshold that allows Trump and his family to profit significantly—potentially upwards of $20 million.

Trump, a staunch advocate for the cryptocurrency industry, has promised policies favorable to the sector, including regulatory rollbacks and the creation of a national Bitcoin reserve. Critics argue these positions could significantly bolster his personal wealth, raising ethical red flags.

Business Expansion and Ethics Concerns

Trump’s business interests have expanded since his first presidential term, including a publicly traded social media company, a crypto venture, and ties to a Saudi-backed golf league. These ventures, critics say, provide more avenues for foreign governments and businesses to influence U.S. policy through financial interactions with Trump-affiliated entities.

“During his presidency, the Trump International Hotel symbolized how his business empire could indirectly profit from his office,” said Richard Painter, former ethics lawyer for George W. Bush. “Now, the scale and ease of influence have grown substantially.”

Ethics experts warn that Trump’s ownership stake in Trump Media, which runs Truth Social, makes it possible for market manipulation to benefit him directly. For example, ad purchases or stock market speculation tied to the firm could amplify Trump’s wealth without explicit transparency.

Crypto and Regulatory Shifts

Trump’s increasing involvement in cryptocurrency underscores the ethical complexities. He recently announced his intention to nominate Paul Atkins, a crypto industry ally, to head the Securities and Exchange Commission (SEC). This move is expected to ease enforcement on crypto-related activities, which could directly benefit Trump-affiliated ventures.

Justin Sun’s recent investment in World Liberty Financial exemplifies how Trump’s crypto advocacy intersects with his financial interests. Sun, who faces fraud charges from the SEC, publicly praised Trump’s stance on cryptocurrency, signaling alignment with Trump’s policies.

“The conflicts of interest are stark,” said Virginia Canter, chief ethics counsel at Citizens for Responsibility and Ethics in Washington. “Trump’s dual roles as a crypto advocate and a business stakeholder create significant risks to government impartiality.”

Few Guardrails for Presidential Conflicts

Unlike other government officials, U.S. presidents are not bound by strict conflict-of-interest laws. The Constitution prohibits accepting gifts from foreign entities, but enforcement mechanisms have proven limited. Two lawsuits concerning Trump’s business dealings during his first term were dismissed, and the Supreme Court has affirmed broad presidential immunity.

Trump has shown little indication he plans to address these concerns if reelected. Instead, he has continued to expand his ventures, including maintaining his stake in Trump Media and promoting ventures like World Liberty Financial.

Future Implications

Ethics experts warn that Trump’s approach sets a troubling precedent. “Future presidents may feel emboldened to blend their business interests with their public duties,” Painter said.

While Trump argues that his business suffered during his presidency due to severed partnerships and controversies, his ongoing ventures suggest he is doubling down on opportunities to profit from his public profile.

The intertwining of Trump’s political agenda with his business interests raises complex ethical questions that are likely to persist as he eyes a second term in the White House.