Top Democrats bash Trump over cryptocurrency income

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Top Senate Democrats slammed President Trump on Friday over the more than $1 billion in cryptocurrency-related income he reported last year, calling for investigations into the national security ramifications of the president’s digital asset holdings.

The administration released Trump’s financial disclosures last week, showing he made about $594 million from World Liberty Financial, the crypto venture he launched with his sons in 2024, and another $635 million in connection with his meme coin.

Sens. Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.), Gary Peters (D-Mich.), Dick Durbin (D-Ill.) and Ron Wyden (D-Ore.) pointed to this income, as well as unspecified “third parties” that own 25 percent of World Liberty Financial, as a source of concern.

“The disclosures heighten concerns about the President pushing Congress to pass crypto legislation in favor of the very industry he’s cashing in on, the Administration’s moves to exempt cryptocurrencies and service providers from existing financial services regulations, and its steps to weaken enforcement, including by disbanding the Department of Justice’s National Cryptocurrency Enforcement Team,” the senators said in a statement.

Trump is urging lawmakers to get a crypto bill known as the Clarity Act across the finish line. The legislation would set up a regulatory framework for the industry, splitting oversight between two financial regulators.

He signed the GENIUS Act, another crypto measure, into law last July. But it only covered one narrow portion of the digital asset market known as stablecoins, which are digital tokens tied to stable assets like the U.S. dollar.

“We call on our respective Committees to hold hearings to investigate the national security implications of President Trump’s cryptocurrency holdings, including the influence of the UAE or unknown third parties on President Trump’s actions,” the senators added.

They serve as the top Democrats on the Senate Banking Committee, Senate Homeland Security Committee, Permanent Subcommittee on Investigations, Senate Judiciary Committee and Senate Finance Committee.

The United Arab Emirates’ involvement with World Liberty Financial has also previously faced scrutiny, after The Wall Street Journal reported in January that an Emirati royal quietly purchased a 49 percent stake in the company shortly before Trump’s inauguration last year.

In the face of pushback related to the president’s financial disclosures, the White House suggested in a statement to The Hill last week that Democrats were trying to distract voters.

“Democrats will do anything to distract from their clear record of incompetence and proven agenda of failure, from Joe Biden’s inflation crisis to his dumpster fire of a southern border to a lunatic obsession with transgenderism,” the administration wrote. “The American people, fortunately, know better.”

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CLARITY Act

cryptocurrency

Dick Durbin

Donald Trump

Elizabeth Warren

Gary Peters

GENIUS ACT

Joe Biden

Richard Blumenthal

Ron Wyden

Senate Democrats

Trump administration

Trump financial disclosures

UAE

World Liberty Financial

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