Democrats Call for Senate Hearings on Trump’s Massive Crypto Profits

Democratic senators are calling for congressional hearings on President Donald Trump’s crypto assets after new financial disclosures showed they generated more than $1.2 billion in revenue for him last year.

Five Senate Democrats — Elizabeth Warren (D-MA), Richard Blumenthal (D-CT), Gary Peters (D-MI), Dick Durbin (D-IL) and Ron Wyden (D-OR) — said the revelations raised concerns about potential conflicts of interest, foreign influence and Trump’s role in shaping crypto policy while profiting from the industry.

“The revelations heighten concerns about the president pushing Congress to pass crypto legislation to benefit the industry he makes money from, the administration’s moves to exempt cryptocurrencies and service providers from existing financial services regulations, and its moves to weaken enforcement, including by disbanding the Department of Justice’s National Cryptocurrency Enforcement Team,” lawmakers said in a statement Friday.

The senators who signed today’s letter are the top Democrats on the Senate Banking, Investigations, Homeland Security, Judiciary and Finance committees, respectively. They have requested that all these agencies hold hearings on the president’s crypto transactions.

The group specifically highlighted how Trump’s revelations showed that unknown “third parties” own a stake in his family’s crypto business. World freedom financial. UAE royals bought one 49% interest joined the company last year.

The request for hearings comes as the Trump administration pushes Congress to pass the Clarity Act, a landmark bill that would formally legalize most crypto activities in the United States. The legislation has been stalled over numerous issues, chief among them disagreements over 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 made more than $1.2 billion from crypto-related ventures, including more than $635 million from his own Trump meme coin and more than $588 million from token sales associated with World Liberty Financial. The revelations also showed that Trump has tens of millions of dollars in his possession Bitcoin And Ethereum.

The Clarity Act advanced out of the Senate Banking Committee in May after two Democrats split from their party to advance the bill — though lawmakers warned that an agreement on ethics language remained necessary to earn their votes in the Senate.

The legislation’s proponents argue that Congress must get approval before August to become law this year, given the looming midterm elections in November.