Five of the Senate’s most senior Democrats called on Friday for congressional hearings into President Donald Trump‘s cryptocurrency holdings, after financial disclosures showed his family’s crypto ventures generated roughly $1.4 billion during the first year of his second term.

The lawmakers, Elizabeth Warren of Massachusetts, Richard Blumenthal of Connecticut, Gary Peters of Michigan, Dick Durbin of Illinois and Ron Wyden of Oregon, are the ranking members of the Banking, Investigations, Homeland Security, Judiciary, and Finance committees, respectively. In a joint statement, they said the filings revealed that unknown “third parties” hold a stake in World Liberty Financial, the Trump family crypto venture, and pointed to reports that a UAE royal purchased a 49% stake in the firm.

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The demand escalates a conflict-of-interest fight that has shadowed crypto policy all year. The same five senators demanded hearings in June over the reported $500 million UAE investment. Their concern is that Trump has pressed Congress to pass crypto legislation favoring an industry he profits from, while his administration has moved to weaken oversight, including by disbanding the Justice Department’s National Cryptocurrency Enforcement Team.

The filing, released July 1 by the Office of Government Ethics, showed roughly $636 million in royalties from Trump’s memecoin, about $594 million from World Liberty Financial token sales, and close to $197 million from a stablecoin venture linked to Abu Dhabi’s Sheikh Tahnoon bin Zayed Al Nahyan. Trump also holds tens of millions of dollars in Bitcoin and Ethereum.

The renewed scrutiny arrives at a sensitive moment for the industry’s top legislative priority. The CLARITY Act, the crypto market structure bill, short on time to pass this year has stalled, in part over provisions targeting the president’s ability to issue and endorse digital assets while in office.

AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.

Senate Democrats Demand Hearings Into Trump’s Crypto Income After Disclosures Reveal $1.4 Billion in Earnings

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