Trump earns big from crypto in 2025

☀️ Good afternoon, ladies and gents, and congratulations on making it to the long weekend. We’ve got a packed issue to send you off with. First: Europe is in the grip of a brutal heatwave — and we’re asking the obvious question: are we actually any better prepared for this kind of heat than they are?

We also have a review of Annie Ernaux’s The Years, a Nobel-prizewinning meditation on memory and French history that’s exactly the kind of book a long weekend was made for. And the big one: Egypt face Australia on Friday with a Round of 16 spot up for grabs — beat them, and we might just get the Egypt-Argentina match everyone’s on the lookout for.

** A QUICK PROGRAMMING NOTE- EnterprisePM is taking a publication holiday tomorrow in observance of the 30 June Revolution and will be back in your inboxes Sunday afternoon.

Up first, the news…

THE BIG STORY ABROAD-

🌐 It’s another afternoon with a hodge-podge of stories in the news cycle. Top billing, however, goes to US President Donald Trump’s earnings from crypto ventures — a story front and center everywhere. A mandatory financial disclosure showed that Trump earned at least USD 1 bn from crypto and crypto-related ventures in 2025 — and as much as USD 1.4 bn, depending on which income streams are counted. The bulk came from two sources: some USD 635 mn in royalties from his “meme coin” business, and over USD 550 mn from World Liberty Financial, a firm co-founded by Trump, his sons, and Steve Witkoff.

The disclosure reignited conflict-of-interest concerns that have haunted Trump’s crypto dealings since he took office. The White House claims no conflict is at play, with deputy press secretary Anna Kelly saying that “neither the president nor his family has ever engaged — or will ever engage — in conflicts of interest.” Former chief White House ethics lawyer Richard Painter disagrees, however, telling the BBC: “Of course it’s a conflict of interest.”

^^Read more on the Associated Press, Reuters, Financial Times, the Guardian, Bloomberg, and the BBC.

IN AI NEWS- The US Commerce Department lifted its export ban on Anthropic’s Claude Fable 5 and Mythos 5, with Anthropic announcing it would begin restoring access from today. The ban had been in place since 12 June, and was triggered by concerns that the powerful models could exploit security vulnerabilities. It’s worth noting that the relationship between Anthropic and the Trump administration has been tumultuous.

^^Read more on Financial Times, CNN, and the BBC.

MEANWHILE- On the US-Iran front, officials are holding indirect lower-level technical talks today in Doha with Qatari and Pakistani mediators, focused on implementing the MoU and building on existing progress.

^^Read more on CNN and the BBC.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• The House gave final approval to amendments to how the Universal Health Ins. system’s solidarity contribution gets collected and channeled. Proceeds from the 0.25% healthcare levy will now be treated as tax revenue. The Egyptian Tax Authority will audit and collect the payments from covered companies and individuals for the state treasury;
• French logistics group Africa Global Logistics submitted an indicative non-binding offer to acquire up to 100% of EGX-listed Egytrans Nosco — with a floor of 75%. At a provisional range of EGP 11.25-12.25 per share, the high end of the offer would value the company at EGP 2.76 bn, by our math;
• The government is moving to carve out its financial and business districts from the domestic regulatory framework. A new draft law currently before the House Economic Affairs Committee aims to turn these zones into independent, outward-facing regional service hubs.

☀️ TOMORROW’S WEATHER- It’s another hot day in Cairo, with the mercury set to peak at 38°C, with a low of 23°C. Our friends up north will be in for relatively cooler conditions, with a high of 31°C and a low of 24°C, according to our favorite weather app.