Just after making a bold $6.2m banana artworld purchase, Chinese crypto entrepreneur Justin Sun stunned again by investing $30m into World Liberty Financial. This cryptocurrency firm, launched in October, had faced challenges with investors. But it held an enticing feature - the chance to do business with a firm partnered by none other than Donald Trump. Sun's investment tipped the company over the threshold, allowing Trump and his family to potentially profit around $20m or more. Sun, currently fighting fraud charges in the US related to his own crypto business, didn't respond to questions about his interest in the non-tradable tokens. This episode raised alarms among government ethics experts, who saw it as an indication of easier ways for those influencing US policy to steer money towards Trump. "The conflicts have grown substantially with the scope of his business empire," said Richard Painter, who served as the White House's chief ethics lawyer during the George W Bush administration.

Trump's Team's Response

In a statement to the BBC, Trump's team downplayed the concerns. During his first term, "President Trump removed himself from his multi-billion-dollar real estate empire to run for office and forewent his government salary," said Trump spokeswoman Karoline Leavitt. "Unlike most politicians, President Trump didn't get into politics for profit - he's fighting because he loves the people of this country and wants to make America great again." But Trump has taken little action in response to concerns about potential corruption or its appearance as he prepares to return to the White House.

New Opportunities

Trump has faced questions about conflicts of interest before. During his first term as president, the Trump International Hotel in Washington, DC became a symbol of the issue, as a go-to place for lobbyists, foreign diplomats, and allies to stay and spend. Critics argued that the hotel created a way for Trump to profit indirectly from his office. He faced accusations and lawsuits alleging he violated the US Constitution's ban on presidents receiving foreign emoluments. But experts said the growth of his business empire, which now includes a publicly traded social media company, a cryptocurrency firm, and ties to a Saudi-backed golf league, makes it possible for anyone hoping to curry favour to move money more quietly and in greater sums. "The scale has increased and the ease has increased," said Michael Ohlrogge, a law professor at New York University, who has studied Trump Media, which operates Truth Social and currently represents the bulk of Trump's $6bn fortune. "You can only book so many hotel rooms." On Truth Social, for example, Prof Ohlrogge said a foreign government or business could purchase ads convincing investors the firm was gaining traction, prompting a pop in its share price. Though Trump Media commands a market value of more than $7bn, there has been little sign of such activity so far. The company reported less than $5m in ad sales this year. But given the stock market's "amplifying" effect, Prof Ohlrogge said it would not require a lot of spending to lead to potentially significant gains for Trump, who owns more than half the shares of the company.

His "Pro-Crypto Stance"

Nowhere is the entanglement between Trump's business interests and his public duties as stark as in the crypto industry, where he has deepened his personal involvement while simultaneously promising to champion it while in the White House. His plans include regulatory rollback and ideas such as a national Bitcoin reserve, in which the government would stockpile the cryptocurrency. "One of the most important issues to be determined over the next couple years is how crypto is regulated," said Virginia Canter, chief ethics counsel at the nonpartisan Citizens for Responsibility and Ethics in Washington. "Well now, he's an active player in the crypto market. How it could be regulated [could] affect his personal wealth, what kind of position he takes." Nik Bhatia, founder of Bitcoin Layer, a firm that advocates investments in Bitcoin, said it would be a mistake to dismiss Trump's stance on crypto as driven only by his own financial interests. "I don't see these moves motivated by self-interest - I see them representing the electorate," he said. But still, he said: "I think there probably is a conflict of interest in that his pro-crypto stance will benefit his company."

Fewer Guardrails

There is little in US law that sets limits on conflict-of-interest - presidents are not bound by the same rules that regulate other government employees and cabinet officials. Though the US Constitution in theory bars presidents from taking presents from foreign governments while in office, the Supreme Court has already dismissed two previous lawsuits from Trump's first term involving potential conflicts of interests. Last summer, in a case involving Trump, it also ruled that presidents have broad immunity from criminal prosecution while in office. In the past, Trump has argued that his business was actually hurt by his time in the White House, as partners worried about controversy cut ties, and he faced investigations and lawsuits. Now preparing to enter the White House a second time, Trump has yet to unveil an ethics plan, as is customary, and has given little sign he plans to bow to such concerns. He has vowed to hold onto his Trump Media stake, continues to hawk Trump-branded merchandise and lend his name to ventures like World Liberty Financial. His Mar-a-Lago club remains a place where the wealthy willing to pay for membership can gain access to the president with little to no transparency. Ethics experts worry that Trump has opened a door that will be difficult to close again. "Trump's got the message he can do whatever he wants, because he won," Mr Painter said. "Future presidents are going to look at this and think, 'We can do whatever we want.'"