Cashing In | Trump's $1.4B Crypto Windfall — July 1, 2026

Summary

The Kinzinger Report

Episode: Cashing In | Trump’s $1.4B Crypto Windfall
Host: Adam Kinzinger
Date: July 1, 2026

---

Episode Overview

This episode focuses on the extraordinary financial gains President Donald Trump has made from cryptocurrency—at least $1.4 billion in 2025, largely from a meme coin with his own face on it. Adam Kinzinger critically examines how Trump’s personal enrichment compares to past presidents and what it reveals about the current political climate. The episode further delves into the actions of House Republicans leaving town early, intra-party gridlock over the SAVE Act, the reappearance of a long-missing congressman, the fallout from the Supreme Court’s birthright citizenship decision, and the mounting Republican desperation in Texas ahead of midterms.

---

Key Discussion Points and Insights

1. Trump’s Billion-Dollar Crypto Windfall

• [00:30–03:01] Trump’s 2025 financial disclosure runs 927 pages—compared to Obama’s 8 pages and Biden’s 11—and reports at least $1.4 billion in crypto profits.
  • Most of the windfall:
    • Over $635 million from a licensing deal tied to a “Trump meme coin.”
    • Over $500 million from World Liberty Financial, his family’s crypto company.
  • Kinzinger critiques the blatant profiteering:
    • “This is the president of the United States getting rich off the presidency and he feels like he’s not even trying to hide it.” ([00:36])
    • “No one who has held this office has ever made anything close to what Trump has made while serving in it.” ([03:16])
• Trump’s flippant response to accusations of profiteering:
  • [02:46] Reporter: “Critics just say you’re profiting off the presidency.”
  • Trump (clip): “Well, you know why I’m profiting? Because the stock Market’s going up, everybody's profiting… How’s your 401k done? It’s about up 85%. Thank you, President Trump.”
  • Kinzinger’s sarcastic reaction: “Seems like the president hadn't been thanked in a while and needed to hear it, so he resorted to thanking himself.” ([03:01])

2. House GOP Leaves Town Early, Tanks Defense Bill

• [03:30–06:29] House Republicans adjourn early for July 4th recess after tanking a procedural vote needed for the annual defense bill and troop pay raise.
  • “14 Republicans tanked a procedural vote… supposed to set up the National Defense Authorization act, the annual must pass defense spending bill. This is $1.15 trillion that funds the Pentagon and includes a pay raise for the troops.” ([04:22])
  • The vote failed as a faction protested leadership’s maneuvering to attach Trump’s SAVE Act to the bill.
  • Kinzinger: “A faction of House Republicans got grumpy, froze the defense bill and a troop pay raise to lobby for a bill they know deep down is going nowhere. But it keeps Daddy Trump happy with them.” ([05:22])
• Congressman Troy Nels’s tone-deaf remarks:
  • [05:44–06:01] Nels: “I’m going to get me a couple big lobster tails… sit in my backyard with my family, my neighbors.”
  • [06:01] Nels: “Maybe the, maybe the 60% of America don't work as hard as I do either. I mean, I don't know.”
  • Kinzinger: “He literally just said maybe the 60% of Americans living paycheck to paycheck don’t work as hard as he does.” ([06:06])

3. Congressman Missing for Months—Finally Reappears

• [06:39–07:26] Congressman Tom Keene resurfaces after missing over 140 votes; reveals he was hospitalized for depression.
  • Keene: “I was given the diagnosis of depression.” ([07:19])
  • Kinzinger applauds his openness but raises accountability concerns:
    • “Keene did the right thing by getting help… But… for most of that time, no explanation at all. Even as he ran for reelection.”
    • Notes Keene kept trading stocks and fundraising during absence, and had voted against paid medical leave while personally benefiting from it.

4. Supreme Court Strikes Down Trump’s Birthright Citizenship Order—GOP Meltdown Ensues

• [07:49–11:21] Supreme Court ruling blocks Trump’s plan to end birthright citizenship.
  • Trump urges Congress to "make it up" with legislation, though the Constitution makes this nearly impossible.
  • Republicans propose increasingly drastic measures:
    • Banning pregnant women from entering the US ([09:44])
    • Stopping all immigration
    • Even “sterilizing all foreign visitors” and “seceding from the United States”—ideas floated in right-wing circles.
    • “Are we banning foreign pregnant women?” ([09:47])
  • DOJ response: Todd Blanche promises to target “pregnant travelers” with federal agents. ([10:59])
  • Kinzinger: “It will just keep getting crazier and crazier until they get exactly what they want or they are crushed.” ([11:21])

5. Texas GOP Turmoil and Trump’s Sinking Approval

• [11:21–13:10] Republicans organize an unprecedented midterm convention in Dallas to save vulnerable Texas seats.
  • Texas Senate race unexpectedly competitive; Trump’s handpicked scandal-prone candidate, Ken Paxton, is under fire.
  • Paxton recounts moving states and confesses “leaving California” was hardest—unlikely to endear him to Texas voters. ([12:48])
  • Paxton vacations with an “alleged mistress” during the campaign.
    • Echoes Ted Cruz’s infamous Cancun trip during a crisis; Kinzinger: “At this point, leaving the state behind is practically a MAGA tradition. That’s just what they do.” ([13:22])

---

Notable Quotes & Memorable Moments

• Adam Kinzinger:

  • “No one who has held this office has ever made anything close to what Trump has made while serving in it.” ([03:16])
  • “He literally just said maybe the 60% of Americans living paycheck to paycheck don’t work as hard as he does.” ([06:06])
  • “Compassion for what he went through and honesty about the job he was elected to do are not mutually exclusive things.” ([07:26])
  • “It will just keep getting crazier and crazier until they get exactly what they want or they are crushed.” ([11:21])
  • “At this point, leaving the state behind is practically a MAGA tradition. That’s just what they do.” ([13:22])

• President Trump (clip):

  • “If you have a 401k, how’s your 401k done? It’s about up 85%. Thank you, President Trump.” ([02:48])

• Rep. Troy Nels:

  • “Maybe 60% of America don’t work as hard as I do either. I mean, I don’t know.” ([06:01])

• Rep. Tom Keene:

  • “I was given the diagnosis of depression.” ([07:19])

• Right-wing talking points (various):

  • “Sterilizing all foreign visitors and seceding…” ([10:18])
  • “Are we banning foreign pregnant women?” ([09:47])

---

Important Timestamps

• 00:30 – Introduction to Trump’s $1.4 billion crypto disclosure
• 02:46 – Trump responds to profiteering accusation
• 03:30 – House Republicans leave town, defense bill derailed by internal conflict
• 05:44 – Rep. Nels’s remarks on “affordability” and working hard
• 07:16 – Congressman Tom Keene discloses depression after extended absence
• 07:49 – GOP meltdown after Supreme Court ruling on birthright citizenship
• 10:59 – DOJ pledges action against pregnant travelers, echoing MAGA demands
• 11:21 – Texas GOP’s struggles; Trump calls midterm convention
• 12:48 – Ken Paxton reminisces about leaving California

---

Tone and Style

Adam Kinzinger maintains his signature candid, critical tone—mixing sharp analysis, pointed sarcasm, and moral outrage—especially toward the ethical lapses, political gridlock, and MAGA movement developments dominating the week.

---

For listeners who missed the episode, this summary provides a clear, compelling guide to all critical events and the cutting commentary that defines The Kinzinger Report.

Transcript

[Adam Kinzinger]

I'm Adam Kinzinger, and you're listening to the Kinzinger Report, where I bring you top stories and analysis on current events and the growing threats to our democracy. After serving over a decade in Congress, I help you know what's true and what really matters so that we can all work to save this country that we love so much.

[Ken Paxton]

Foreign

[Podcast Host/Narrator]

Hope you're having a great Wednesday. Welcome back. So our top story today, this isn't going to surprise you. Donald Trump's new financial disclosure. Disclosures show that he pulled in at least $1.4 billion from crypto last year. Ironically, most of it is from a meme coin with his own face stamped on it. Now, why anybody would buy a coin with Trump's face on it, I. I don't know. This is the president of the United States getting rich off the presidency and he feels like he's not even trying to hide it. Now we're also going to get into House Republicans leaving town for a nice two week vacation. The missing congressman that's reappeared in D.C. the scramble on the right to gut birthright citizenship after they lost to the Supreme Court. And a Republican convention in Dallas to save Trump's candidates in a tightening Texas race. So do me a favor like this video. Share it with someone who needs to see it. Subscribe, you never want to miss an episode. It's the best show out there. Let's get to it. We'll start today with the president, who is managing to get extraordinary rich off the office that he holds. On Tuesday, Trump released his annual financial disclosure to the Office of Government ethics. It runs 927 pages. For a little perspective, Barack Obama's disclosure was eight pages. Joe Biden, remember the Biden crime family? That was 11 pages. Even J.D. vance's last one was 17. In 2025, his first year back in office, the president reported at least $1.4 billion in crypto earnings. His total income for that year top topped $2 billion. Most of it came from two places. More than $635 million came from a licensing deal tied to the Trump meme coin. He got another modest 500 million from world Liberty Financial, the crypto company that he runs with his sons. Well, you'd think it's pretty obvious that the president is profiting off the presidency, right? A reporter thought so, too and asked him about it. Take a look at what the president's totally hu reaction was.

[Reporter/Interviewer]

Critics just say you're profiting off the presidency.

[Interviewer/Commentator]

Well, you know why I'm profiting? Because the stock Market's going up, everybody's profiting. If you have a, you have a 401k, how's your 401k done? It's about up 85%. Thank you, President Trump.

[Podcast Host/Narrator]

Wow. Seems like the president hadn't been thanked in a while and needed to hear it, so he resorted to thanking himself. I guess that's one way to cope. If anything, public office is supposed to be a place of debt. You're meant to owe the American people, work for the American people, and ensure your constituents are the ones benefiting from your policies and your time in office. But this president is different. No one who has held this office has ever made anything close to what Trump has made while serving in it. And by the way, people will say, well, he donates his salary, which, first off, we don't actually know that. But even if he did, that's 400 grand anyway. He's profiting off the presidency, plain and simple. It's disgusting and it should outrage both sides of the aisle. Yesterday, House Republicans decided to go home for a nice little vacation a bit early on Tuesday. GOP leaders sent House members home early for the Fourth of July recess. Lawmakers aren't coming back until now, July 13th. And this is the second week in a row that they've left town early. Here's why. 14 Republicans tanked a procedural vote 198 to 224 that was supposed to set up the National Defense Authorization act, the annual must pass defense spending bill. This is $1.15 trillion that funds the Pentagon and includes a pay raise for the troops. But here's the Trump effect moment. They blew it up over the SAVE act, the President's election reform, quote, unquote bill. He keeps holding up everything else hostage because he wants it so bad. Speaker Mike Johnson tried to attach the SAVE act onto the defense bill through a procedural trick. GOP Congresswoman Anna Luna, who is a Russian stooge, called it a procedural head fake and demanded it be written straight into the text. And guess what? Like we've said countless times, none of it even matters because the SAVE act can't get through the Senate. It needs 60 votes that it doesn't have, and it gets stripped out in conference, no matter how, how they attach it or how many times or how hard they attach it. So a faction of House Republicans got grumpy, froze the defense bill and a troop pay raise to lobby for a bill they know deep down is going nowhere. But it keeps Daddy Trump happy with them. And listen to how One Texas Republican Congressman Troy Nels talked about heading back to his district while most of the country is, you know, counting every dollar real quick.

[Interviewer/Commentator]

How do House Republicans make the case that you're fighting for affordability when you go back to your districts?

[Texas Republican Congressman Troy Nels]

Affordability? What are you talking about?

[Interviewer/Commentator]

Well, affordability is the biggest.

[Texas Republican Congressman Troy Nels]

I'm going tomorrow, I'm going to well over the fourth. I'm going to give me a couple big lobster tails. I'm going to get me some nice rib eyes. I'm going to sit in my backyard with my family, my neighbors.

[Congressman Tom Keene]

You think 60% of Americans who are living paycheck to paycheck can afford lobster tails and rib eyes?

[Texas Republican Congressman Troy Nels]

Maybe not. Maybe the, maybe the 60% of America don't work as hard as I do either. I mean, I don't know.

[Podcast Host/Narrator]

He literally just said maybe the 60% of Americans living paycheck to paycheck don't work as hard as he does. That's the answer that Nels and probably most of the Republicans gleefully going home for the week on a Tuesday are going to have to answer to. They couldn't fund the troops. They couldn't do that before the holiday.

[Adam Kinzinger]

The holiday.

[Podcast Host/Narrator]

They got off early, but they made it home in plenty of time for recess. And they'll spend it exactly like Nell's plans to. Well fed, well rested and convinced. The people struggling back home just aren't trying hard enough. And the missing congressman we've talked about a few times actually resurfaced yesterday and we found out why he was gone. On Tuesday, Congressman Tom Keene, Republican from New Jersey, walked back onto the House floor for the first time since March 1st 5th. He had missed more than 140 votes for months. His office would only say he was dealing with a personal medical issue. And the silence had set off all kinds of speculation on the floor. He told everyone where he had been and what the medical issue was. Here's part of what he said.

[Congressman Tom Keene]

I entered the hospital for some testing. I did not believe that this would result in a long term stay. I was given the diagnosis of depression.

[Podcast Host/Narrator]

So let's be clear about something. Depression is real. It's a serious illness. Millions of Americans deal with it. Keane did the right thing by getting help and by saying so out loud and telling millions of people that asking for help is something that takes courage. But there's another truth here. Being a member of Congress is not a personal possession. It's a job. He has some 700,000 constituents that for that time had no vote in the House for, like, four months, and for most of that time, no explanation at all. Even as he ran for reelection. When Senator John Fetterman went through the same illness back in 2023, his office told the public within days. Keene's constituents were left guessing for months. It's also important to note that Keenan was still trading stocks while hospitalized, almost $200,000 worth, and his campaign was still fundraising. That's not a good look. Regardless of what he was going through, compassion for what he went through and honesty about the job he was elected to do are not mutually exclusive things. In no other job would somebody have been able to get away with going dark for that long. And don't even get me started on paid medical leave, because Keane has consistently voted against it. But he doesn't play by the same rules as everybody else. And by the way, the whole time he was gone, he got paid. Meanwhile, the rest of the GOP was having a temper tantrum over the Supreme Court loss. Our top story yesterday was Trump's big loss to the Supreme Court as they struck down his order to end birthright citizenship. He reacted about as well as you would expect, complaining that the decision about the decision on truth social telling Republicans, they can, quote, easily make it up in Congress through legislation. But there's a catch. The majority ruled the Constitution itself guarantees birthright citizenship. One Justice Brett Kavanaugh, did leave open that Congress might carve out narrow exceptions by law. So there may be a fight to be had in the margins there. But the sweeping thing Trump is promising, ending it outright through Congress, runs straight smack dab into the Constitution. The rest of the party understood that, so they went looking for other ideas. You could say they got a little creative.

[Reporter/Interviewer]

Are we banning pregnant women from America?

[Podcast Host/Narrator]

Are we banning foreign pregnant women?

[Reporter/Interviewer]

Well, what I'm saying, Jesse, is that you have to now think very carefully about who you let into your country, even on a temporary basis, because the possibility, as you said, for birth tourism. So there's a lot of things we're gonna have to take a hard look at. Jesse.

[Podcast Host/Narrator]

And Miller was not alone. Congresswoman Lauren Boebert wrote that the State Department should immediately cease to give out visas to pregnant applicants. Congressman Chip Roy said the country had no choice but to stop all immigration. And Sean Davis, the CEO of a popular right wing magazine called the Federalist, laid out a perfectly reasonable list of options that included sterilizing all foreign visitors and seceding from the United States. And what is this panic even about? Birthright citizenship has been the law for more than 150 years, as long as anybody currently alive has been alive. It was in the law yesterday, it's in the law today. And all the court did was confirm it will stay that way. Nothing changed. But today, Todd Blanche took the meltdown seriously.

[Todd Blanche]

Everybody should agree that it's a violation of our laws if your intent in coming here if you're pregnant is to have a child to become a United States citizen because of our now laws. And, and so what we have to do as a Department of justice is make sure our agents, or HSI agents that we work with and the FBI are focused on stopping that, and that's what we're going to do. So, yeah.

[Podcast Host/Narrator]

So maga's wish list was not just noise, because now the Justice Department is pointing federal agents at pregnant travelers. And it will just keep getting crazier and crazier until they get exactly what they want or they are crushed. And finally, Republicans are getting desperate in Texas, but their own Senate candidate would rather be somewhere else, with thin majorities in Congress to defend. Trump announced yesterday that Republicans will hold a midterm convention in Dallas this September. It's a first for the party designed to reverse their pattern of underperformance in the years without Trump's name on the ballot. But the president's approval is sinking by the day, and it's showing up in midterm races you wouldn't typically expect. It's no secret why they chose a convention in Texas where no Democrat has won statewide in over 30 years. This year's Senate race should have been a lock for Republicans, but right now it actually looks like a coin flip. Why is it so close? Well, Trump's record is damaging enough on its own, but the scandal played candidate he handpicked over longtime incumbent John Cornyn keeps making it worse. Lately, it doesn't even seem like the nominee Ken Paxton, likes the state of Texas at all.

[Ken Paxton]

So we moved from North Dakota to Florida to North Carolina to New York to California to Oklahoma.

[Podcast Host/Narrator]

Which one was the hardest to leave? As you recall, the hardest for me

[Ken Paxton]

was leaving California because I was a junior in high school. And to move from California to Lawton, Oklahoma, was somewhat of an adjustment.

[Interviewer/Commentator]

No one does that willingly.

[Podcast Host/Narrator]

Texas Republicans excuse a lot from their candidates, but I don't think declaring love for California is going to fly, especially when Paxton decides to vacation in Iceland with his alleged mistress instead of staying on the campaign trail. If a Texas senator skipping out at the worst possible moment sounds familiar, it should. Remember when Ted Cruz flew to Cancun while millions of his constituents sat freezing in the dark. I do. Even though Republicans in Washington desperately want to focus on Texas for November, at this point, leaving the state behind is practically a MAGA tradition. That's just what they do. Well, that's it. That's the show for July 1st. Thanks for being here. Do me a favor. Like, share, subscribe. Somebody needs to see it. Make sure you never miss an episode, because again, you want to be the smartest guy out there. We'll see you tomorrow.

[Interviewer/Commentator]

Take care.