- Senate Democrats are calling for hearings into President Trump’s crypto holdings after disclosures showed over $1.2 billion in crypto-related income.
- Lawmakers cited potential conflicts of interest, foreign influence, and Trump’s role in shaping crypto policy while profiting from the industry.
- The push comes as the Clarity Act remains stalled over disagreements on ethics provisions targeting Trump’s crypto ventures.
Democratic senators are demanding congressional hearings into President Donald Trump’s crypto holdings after new financial disclosures revealed they generated over $1.2 billion in income for him last year. Five Senate Democrats, including Elizabeth Warren and Dick Durbin, said the disclosures raised concerns about conflicts of interest and foreign influence.
The lawmakers specifically highlighted that unknown third-parties own a stake in Trump’s family crypto company, World Liberty Financial, and UAE royals purchased a 49% stake in the firm last year. “The disclosures heighten concerns about the president pushing Congress to pass crypto legislation in favor of the very industry he’s cashing in on,” the lawmakers said in a statement Friday.
Consequently, the group has requested that the Senate Banking, Investigations, Homeland Security, Judiciary, and Finance committees all hold hearings on the president’s crypto dealings. The request arrives as the Trump administration pushes Congress to pass the Clarity Act, a landmark bill that would formally legalize most crypto activity in the United States.
The legislation has stalled over disagreements on ethics provisions targeting the president’s ability to issue and endorse digital assets while in office. Trump’s financial disclosure report, released last month, showed he earned over $635 million from his Trump meme coin and over $588 million from token sales connected to World Liberty Financial.
The disclosures also showed Trump holds tens of millions of dollars worth of Bitcoin–Ethereum-trump-holdings”>Bitcoin and Ethereum. Meanwhile, the Clarity Act advanced out of the Senate Banking Committee in May after two Democrats split from their party to support moving the bill forward, though they warned a deal on ethics language remained necessary.
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