Senate Democrats demand hearings on Trump’s $1.2B crypto income

Five Senate Democrats filed a request on Friday asking multiple congressional committees to hold hearings after financial disclosures showed President Donald Trump earned more than $1.2 billion from crypto-related ventures last year. The lawmakers cited potential conflicts of interest and foreign influence as reasons for the review.

The disclosures break down to more than $635 million tied to a Trump-branded meme coin and over $588 million from token sales connected to World Liberty Financial. The filings also list holdings worth tens of millions of dollars in Bitcoin and Ethereum.

The documents indicate unidentified third parties own equity in World Liberty Financial, and separate filings show members of the United Arab Emirates’ royal family bought a 49% stake in the firm last year.

The request was submitted by Senators Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.), Gary Peters (D-Mich.), Dick Durbin (D-Ill.) and Ron Wyden (D-Ore.). They are the top Democrats on the Senate Banking, Investigations, Homeland Security, Judiciary and Finance committees, respectively. The senators asked those panels to examine the president’s crypto holdings, payments tied to token sales and any overlap between his financial interests and administration policy.

The letter cites recent administration actions related to cryptocurrency, including regulatory rollbacks and the disbanding of the Department of Justice’s National Cryptocurrency Enforcement Team, and asks committees to consider how those policies have interacted with the president’s personal crypto income.

The request comes as Congress considers the Clarity Act, legislation that would formalize much of the U.S. approach to digital assets. The bill advanced out of the Senate Banking Committee in May after two Democrats split from their party to move it forward, but it is stalled on the Senate floor amid disputes over ethics language aimed at limiting a sitting president’s ability to issue, endorse or profit from digital assets. Backers of the legislation say they want to pass the measure by August to allow time for enactment before the November elections.

The senators asked investigators to scrutinize the transactions and relationships disclosed, and to assess whether current disclosure rules and enforcement structures are adequate given the scale of the reported crypto income.