Democrats are calling for Senate hearings on Trump’s massive cryptocurrency profits

Democratic senators are calling for congressional hearings on President Donald Trump’s cryptocurrency holdings after new financial disclosures revealed that they generated more than $1.2 billion in income for him last year.

Five Senate Democrats — Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.), Gary Peters (D-Mich.), Dick Durbin (D-Ill.), and Ron Wyden (D-Oregon) — said the disclosures raise concerns about potential conflicts of interest, foreign influence, and Trump’s role in shaping cryptocurrency policy while benefiting the industry.

“The disclosures heighten concerns about the President’s push for Congress to pass cryptocurrency legislation to benefit the very industry he benefits from, the administration’s moves to exempt cryptocurrencies and service providers from existing financial services regulations, and its steps to weaken enforcement, including by dissolving the Department of Justice’s National Cryptocurrency Enforcement Team,” the lawmakers said in a statement on 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 of these bodies hold hearings on the president’s cryptocurrency dealings.

The group specifically emphasized how Trump’s disclosures showed that unknown “third parties” own a stake in his family’s cryptocurrency company, Global financial freedom. Members of the Emirati royal family bought a 49% share In the company last year.

The request for the hearings comes as the Trump administration is pressing Congress to pass the Clarity Act, a landmark bill that would formally legalize most cryptocurrency activities in the United States. The legislation has been stalled by several issues, most notably disagreements over ethics provisions targeting the president’s ability to issue and approve digital assets while in office.

Trump’s financial disclosure report, released last month, Show He has earned more than $1.2 billion from cryptocurrency-related projects, including more than $635 million tied to his company. Trump coin meme and more than $588 million in token sales associated with World Liberty Financial. The disclosures also showed that Trump owned tens of millions of dollars worth Bitcoin and Ethereum.

The law of clarity advanced He left the Senate Banking Committee in May after two Democrats defected from their party to support moving the bill forward — though lawmakers warned that reaching agreement on ethics language was still necessary to win their votes on the Senate floor.

Supporters of the legislation say it needs to be approved by Congress by August to become law this year, given the approaching midterm elections in November.