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“If you have to point to a reason [crypto prediction markets] To be able to come back to the United States, you have to point to the Trump administration,” said Jack Hamilton, founder of crypto startup Sarcophagus, in an interview with Wired. “Donald Trump. I mean, that’s it.”
Even before the arrival of Truth Predicate, the Trump family had a financial interest in the expansion of the prediction market in the United States.
In January, Donald Trump Jr. joined Kalshi Strategic Advisor. Then Polymarket in August Got an investment from 1789 Capital, a venture capital firm where Trump Jr. serves as a partner. As part of the deal, Trump Jr. joined Polymarket’s advisory board.
The relationship between the Trump family and Polymarket, as Polymarket was trying to re-enter the US, has drawn scrutiny from critics who claim the investment may amount to a conflict of interest. The deal creates an opportunity, they allege, for the Trump family to benefit from policy changes pushed by the Trump administration.
“No one is saying that members of the president’s family can’t engage in normal capitalist activities in a capitalist country,” said Jeff Houser, executive director of the Revolving Door Project, an organization that seeks to scrutinize the behavior of elected officials. “But polymarkets are the subject of heated political debate. As such, the investment reflects a significant conflict of interest—and an avoidable one.”
“Neither the president nor his family has ever been or will ever be involved in a conflict of interest,” White House press secretary Carolyn Levitt said in a statement to Wired.
Polymarket, TMTG and 1789 Capital did not immediately respond to requests for comment.
The Truth Predict launch also created a scenario where separate aspects of the Trump family’s business empire could effectively compete against each other.
“From a venture capital perspective, many of us don’t like to invest in competing projects. We try to avoid that,” said Chris Perkins, managing partner at crypto VC firm Coinfund. “We try to identify category winners.”
Meanwhile, the Trump family is managing businesses Competing Bitcoin Treasuries. In June, a Disputes spread upon which corporate entities were allowed to launch “official” Trump-branded crypto wallets.
