WASHINGTON, July 2 -- In the year Donald Trump returned to the White House and bent American crypto policy toward an industry that had backed his campaign heavily, his personal financial accounts registered gains that even the most aggressive crypto investors would struggle to replicate.

His 2025 financial disclosure, filed this week with the Office of Government Ethics, shows the president earned over $1 billion from crypto in a single calendar year. The figure is not an anomaly in an otherwise varied portfolio. The disclosure reads less like a financial statement than a record of what happens when the industry being regulated and the person doing the regulating operate from the same set of financial interests.

The bulk of the money ca...