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The nonprofit consumer advocacy organization Public Citizen reported that US President Donald Trump “left investors at least an estimated $4.7 billion underwater” since 2022 through his and his family’s digital asset ventures.

According to Public Citizen, investors lost billions of dollars through the Trump family World Liberty Financial governance token, the president’s nonfungible token (NFT) trading cards launched in 2022, his memecoin Official Trump (TRUMP) and Trump Media’s digital asset treasury. 

The bulk of the estimated losses, according to the organization, came from investors in the TRUMP memecoin, with $3.2 billion lost, while buyers of World Liberty Financial‘s USD1 stablecoin “haven’t suffered major losses.” Public Citizen said that in the case of the memecoin, the losses represented “wealth transferred to a small group of early buyers rather than money that simply vanished.”

Estimated losses for investors in Donald Trump’s crypto ventures. Source: Public Citizen

According to Public Citizen, amid the $4.7 billion in investor losses, Trump earned $7.2 million from the NFT licensing fees and royalties, more than $600 million from World Liberty token sales and selling an equity stake, $635 million in licensing fees for his memecoin and $197 million in revenue from capital contributions to World Liberty. This did not reflect the stakes in companies and ventures he continues to hold. Some of the figures were included in the president’s 2025 disclosures, reporting $1.4 billion in earnings tied to crypto.

Related: Most Americans say the Trump family’s crypto investments are not ‘appropriate’: Poll

Cointelegraph reached out to the White House for comment but did not receive an immediate response. Spokesperson Anna Kelly has repeatedly said in response to questions on Trump’s crypto investments that there were “no conflicts of interest.”

Crypto bill still weeks away from potential vote

Amid the crypto ventures and more “potentially on the way” from Trump, the group renewed calls for ethics provisions in a cryptocurrency market structure bill, the Digital Asset Market Clarity (CLARITY) Act, claiming that “the president’s policy choices and personal portfolio cannot be separated” and any legislation should require a US president and his family to divest from projects in the industry.

Trump met with crypto company executives last week, calling for a “fair version” of the CLARITY Act to pass once the Senate returns to session next month. The bill is scheduled for a cloture vote on Sept. 15, which will require votes from at least 60 senators to advance.

Magazine: SEC’s proposed crypto rules probably won’t spark new ICO boom

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

DoorDash has performed 48% better than SpaceX since Elon Musk’s rocketship company launched for public trading at $150 per share on June 12.

While SpaceX, which famously lost $1 trillion of market capitalization for its investors has crashed 6%, DoorDash has increased in value by 42%.

In fact, based on current stock prices, it would have been better to buy any number of restaurant stocks instead of SpaceX on the Nasdaq. Texas Roadhouse has performed 13% better, Flanigan’s has trounced by 35%, and Cracker Barrel has outperformed by 12%.

Measuring the drawdown from SpaceX’s peak is even more embarrassing.

Since June 16, SpaceX has declined 37%. It hit an intraday high of $225.64 that day, and performance has been down-only since.

DoorDash opened for trading at $155.24 per share on June 12, while SpaceX began trading at $150 — $15 higher than its formal IPO price. 

Almost everyone has unrealized losses on SpaceX as a reward for patiently holding their IPO investment through today.

At this point, insiders who bought at the pre-Nasdaq open of $135 per share are the only shareholders who could possibly have an unrealized gain on a position held since SpaceX’s IPO.

Read more: SpaceX crashed too hard for insiders’ bonus unlock

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Better earnings from DoorDash than SpaceX

Both companies reported quarterly results during this comparison period. Management asked investors to process entirely different numbers.

Earlier this month, DoorDash reported 970 million delivery orders for the quarter, $33.1 billion of marketplace gross order value, and a healthy $4.5 billion of revenue.

Orders still grew 17% and revenue grew 24% even after adjusting out a Deliveroo acquisition.

It also generated $944 million of operating cash flow and $742 million of free cash flow. 

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SpaceX filed its own quarterly results this month, revealing that while revenue reached $7.8 billion, the company lost $541 million. The company also disclosed $18.4 billion worth of capital expenditures.

As of this morning, $10,000 invested in DoorDash as of the June 12 open would be worth about $14,200. The same bet on SpaceX would be worth roughly $9,400.

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South Korean financial group Mirae Asset plans to build a 150 trillion won ($109 billion) digital asset business around Digital X, the crypto exchange formerly known as Korbit, according to The Korea Times.

The report said Digital X will focus on crypto, stablecoins, real-world assets and security token offerings, with plans to tokenize physical assets including gold, silver and electricity.

The expansion plans follow Mirae Asset Consulting’s acquisition of a 97.15% stake in Korbit in July for a cumulative 141.4 billion won. The exchange was subsequently rebranded as Digital X, marking the first time an affiliate of a South Korean financial group acquired control of a domestic crypto exchange.

Founded in 2013, Korbit was South Korea’s first cryptocurrency exchange. Despite its long history, the exchange accounted for just 0.5% of South Korea’s cryptocurrency trading market in 2025, according to the country’s Fair Trade Commission.

Mirae Asset founder and chairman Park Hyeon-joo outlined the plans at a Digital X employee event in Seoul on Wednesday. “Our initial goal is to make Digital X a core pillar of ‘Mirae Asset 3.0,’” he said, according to The Korea Times.

On Monday, Digital X began waiving trading fees across all won-denominated assets, with the zero-fee policy set to run through Aug. 24, 2027.

Magazine: Bitget CEO isn’t buying the Bitcoin rally — She’s waiting for $50K

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

The UK government is proposing to give the Bank of England a secondary mandate focused on innovation in digital payments, explicitly covering payment systems that rely on “digital settlement assets” such as stablecoins. The move, announced by HM Treasury on Thursday, keeps financial stability as the Bank of England’s primary responsibility while carving out room for experimentation and development of emerging forms of digital money.

According to HM Treasury, the change would apply to the central bank’s oversight of payment infrastructure, with the expectation that the Bank of England will report progress to Parliament each year on how it is advancing the new payments innovation objective. The government plans to embed the mandate through amendments to the Financial Services and Markets Bill, which is set for further debate in the House of Lords on Sept. 7 and 9.

Key takeaways

• The Bank of England would gain a secondary objective to support innovation in payment systems and digital money, while financial stability remains the top priority.
• The mandate is intended to cover systems that use digital settlement assets, including stablecoins, linking UK stablecoin policy more directly to payments development.
• The Bank of England would provide annual updates to Parliament on its innovation work, potentially increasing public accountability for how stablecoin-related rules are implemented.
• The proposal is set to be incorporated through amendments to the Financial Services and Markets Bill, with House of Lords debates scheduled for Sept. 7 and 9.
• Industry reaction may hinge on the practical details of how the Bank of England’s annual reporting is used alongside existing stablecoin requirements.

Why the Bank of England’s “innovation” role matters for stablecoins

The announcement effectively broadens the Bank of England’s remit beyond purely stability-focused oversight. Under the proposal, the Bank of England would extend an existing regulatory approach applied to core market infrastructure—specifically central counterparties (CCPs) and central securities depositories (CSDs)—to also incorporate a payments innovation goal.

The significance for stablecoins is that the mandate is not limited to abstract research or central bank digital money alone. HM Treasury states that the mandate would cover payment systems using digital settlement assets, a phrasing that includes stablecoins and helps clarify that they are part of the UK’s wider payments technology agenda.

For market participants, this matters because regulatory emphasis can shape how quickly new payment rails move from pilot to deployment. A formal “innovation objective,” paired with parliamentary reporting, may also influence how the Bank of England balances caution with experimentation as stablecoin rules and related infrastructure testing develop.

Parliamentary reporting could intensify scrutiny

While the innovation mandate is described as secondary to financial stability, the details of implementation may determine how much room it creates for the stablecoin market to grow under the UK’s framework.

According to Maksym Sakharov, co-founder and CEO of WeFi, the annual reporting requirement could shift the balance toward greater public scrutiny. Sakharov told Cointelegraph that because the innovation objective is “secondary to financial stability,” it “overrides nothing,” but the Bank of England would still have to publish annual accounts of its work on payments innovation and digital money.

He suggested that this publication requirement could matter particularly because it would place additional attention on the stablecoin rules the central bank finalized in June. In other words, even if the innovation mandate cannot dilute stability obligations, the reporting component could increase the visibility of how those obligations are applied in practice.

Existing stablecoin requirements and a key reserve debate

Sakharov focused on specific requirements for “systemic stablecoin issuers,” including a reserve structure that—per his comments—requires issuers to keep at least 30% of their backing assets in non-interest-bearing deposits at the central bank.

He argued that the “reserve split is the first thing to fix,” adding that the requirement could influence whether a stablecoin business is commercially viable. This is a notable point for investors and operators because reserve rules directly affect cost structure, risk management, and the economics of issuance—factors that can shape which issuers can scale while still meeting compliance expectations.

Importantly, the Bank of England’s innovation mandate does not automatically change those reserve mechanics. However, by tying central bank reporting to digital payments innovation, the proposal could create additional pressure—politically and publicly—for regulators to explain how stablecoin market design aligns with broader payments modernization goals.

UK stablecoin momentum: from interoperability tests to cross-border alignment

The new mandate arrives as the UK increases its operational and policy work around stablecoins. In August, a group participating in the Bank of England’s Digital Pound Lab began testing whether a stablecoin could interoperate with a simulated digital British pound for a cross-border trade payment. HM Treasury and project reporting described the experimental platform as not using real customers or money.

Earlier, in mid-July, the UK and US published a joint statement on stablecoins that signaled intent to enable their use in cross-border finance and called for closer alignment between regulatory frameworks. The statement indicates the UK is seeking interoperability not just at the technical level, but also in how rules may converge across jurisdictions.

The UK’s approach also shows a pattern of adjusting earlier constraints. Cointelegraph previously reported that the Bank of England dropped plans to cap individual holdings at 20,000 British pounds and business holdings at 10 million British pounds, replacing those limits with a temporary cap of 40 billion pounds (about $52.9 billion) on issuance for each “systemic stablecoin.” That shift, paired with the July and August policy and testing activity, suggests UK regulators are working toward a structure that emphasizes systemic risk while allowing broader participation than earlier retail- and business-specific limits.

Additionally, the UK government’s direction to expand the Bank of England’s mandate fits within a broader effort to support innovation in tokenized and distributed ledger-based approaches—an idea echoed by City Minister Lucy Rigby, who said tokenisation and DLT could transform financial markets globally.

As lawmakers prepare for House of Lords debates on Sept. 7 and 9, market participants should watch not only whether the mandate is adopted, but also how the Bank of England translates “innovation” into measurable actions—especially in areas like systemic issuer requirements and reserve design that currently influence stablecoin business economics.