Washington DC - Treasury Secretary Scott Bessent played defense for President Donald Trump after financial disclosures revealed the unprecedented amount of money he has gained while in office.

During an interview with CBS News on Thursday, Bessent argued there was nothing wrong with the fact that Trump took in around $1.4 billion from cryptocurrencies since the beginning of his second term.

"I don't think there's an appearance problem," Bessent said, dismissing the idea that the gains present a conflict of interest.

He then went on to parrot the president's defense that everyone is supposedly profiting from the administration's approach to the crypto industry.

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"This is an innovation presidency," Bessent continued. "So whether it's digital access, whether it's AI, whether it's everything that is going on in the tech ecosystem that, you know, all Americans are benefiting from that."

Since beginning his second term, Trump has made efforts to loosen regulations surrounding crypto, and has cozied up with some of the industry's biggest names.

The release of the disclosures has caused backlash, as critics have argued Trump's profits indicate a conflict of interest.

The White House has vehemently denied the allegation, saying Trump has "proudly made the United States the crypto capital of the world."