Five Senate Democrats have called for congressional hearings into President Donald Trump's crypto holdings, citing new financial disclosures showing he earned over $1.2 billion from crypto-related ventures last year. The lawmakers, led by Elizabeth Warren (D-MA), argue the profits create conflicts of interest as Trump pushes crypto-friendly policies.
Conflict of Interest Concerns
The senators—including Richard Blumenthal (D-CT), Gary Peters (D-MI), Dick Durbin (D-IL), and Ron Wyden (D-OR)—said the disclosures raise alarms about foreign influence and Trump's role in shaping crypto regulation while personally benefiting. They pointed to his family's crypto firm, World Liberty Financial, where unknown third parties, including UAE royals, hold a 49% stake.
In a joint statement Friday, the lawmakers highlighted Trump's efforts to pass the Clarity Act, a bill that would legalize most crypto activity in the U.S., while his administration weakens enforcement and exempts crypto from financial regulations. The Clarity Act remains stalled over ethics provisions targeting Trump's ability to issue digital assets.
Massive Crypto Income Details
Trump's financial disclosure report, released last month, revealed over $1.2 billion in crypto-related income, including more than $635 million from his Trump meme coin and over $588 million from World Liberty Financial token sales. The report also showed Trump holds tens of millions in Bitcoin and Ethereum.
The Clarity Act advanced out of the Senate Banking Committee in May with bipartisan support, but two Democrats who backed it warned that ethics language is needed for final passage. Supporters aim to pass the bill by August before the midterm elections.