Democrats Demand Crypto Hearings While Trump Counts His $1.4B Bag 🧾

Five Senate Democrats are calling for committee hearings to investigate the national security implications of President Donald Trump's cryptocurrency holdings, citing his 2025 financial disclosure, which reported roughly $1.4 billion in earnings tied to crypto ventures. In a Friday notice, the Democratic ranking members of five Senate committees and subcommittees — Senators Elizabeth Warren of Massachusetts, Richard Blumenthal of Connecticut, Gary Peters of Michigan, Dick Durbin of Illinois, and Ron Wyden of Oregon — urged lawmakers to examine the disclosures, including the influence of the United Arab Emirates or unknown third parties on the president's actions.

The lawmakers said the filings "heighten concerns about the President pushing Congress to pass crypto legislation in favor of the very industry he's cashing in on," pointing to the administration's moves to exempt cryptocurrencies and service providers from existing financial services regulations and to weaken enforcement, including by disbanding the Department of Justice's National Cryptocurrency Enforcement Team. The disclosures showed more than $635 million tied to Trump's meme coin and over $588 million from token sales connected to the family's World Liberty Financial platform, in which UAE royals purchased a 49% stake last year. Trump also reported holdings of tens of millions of dollars worth of $BTC and $ETH.

The hearing requests come as the Senate prepares to release a final draft of the Digital Asset Market Clarity (CLARITY) Act, with a floor vote possible this month. Senate rules require 60 votes to end a filibuster, meaning Republicans will need support from at least seven Democrats to advance the bill. The legislation cleared the Senate Banking Committee in May after two Democrats crossed party lines, though they warned that a deal on ethics provisions targeting the president's ability to issue and endorse digital assets remained necessary. On Monday, Warren urged Senate leadership to ensure the bill bars Trump, Vice President, senior administration officials, members of Congress, and their families from profiting off the crypto industry, saying, "Anything less would be a flagrant giveaway to the president and his family at the expense of the public." On Tuesday, Senators Chris Murphy of Connecticut and Chris Van Hollen of Maryland, both considered possible 2028 presidential contenders, are set to hold a press conference opposing the measure.

Representative French Hill, who chairs the House Financial Services Committee and helped the bill pass the House in 2025, said Trump's crypto ties made passage "more complicated," while Senator Cynthia Lummis, a Republican, continues to push for the bill's advance. Democrats hold less authority to convene hearings as the minority in both chambers, limiting their ability to compel testimony. Separately, a bill barring the Federal Reserve from issuing or creating a central bank digital currency until December 31, 2030, is expected to become law on Saturday after Trump declined to sign the bipartisan housing measure containing the ban and did not issue a veto, allowing it to take effect automatically after 10 days.