Five influential Senate Democrats formally requested congressional hearings into President Donald Trump’s cryptocurrency holdings on Friday, following new financial disclosures revealing over $1.2 billion in crypto-related income from the past year.
The lawmakers—Elizabeth Warren (D-MA), Richard Blumenthal (D-CT), Gary Peters (D-MI), Dick Durbin (D-IL), and Ron Wyden (D-OR)—sit atop the Senate Banking, Investigations, Homeland Security, Judiciary, and Finance committees respectively. In a joint statement, they argued that the disclosures raise serious conflicts of interest and foreign influence concerns, especially given Trump’s active role in shaping digital asset policy.
“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 senators wrote. They pointed to the administration’s efforts to exempt cryptocurrencies from existing financial regulations and its disbanding of the Department of Justice’s National Cryptocurrency Enforcement Team.
The call for hearings intensifies as the Clarity Act, a landmark bill that would formally legalize most U.S. crypto activity, remains stalled. Its progress has been blocked primarily by disagreements over ethics provisions aimed at limiting the president’s ability to issue and promote digital assets while in office. The bill cleared the Senate Banking Committee in May only after two Democrats broke ranks, but they warned that a deal on ethics language was still needed for final passage. Supporters say the legislation must be approved by August to become law before the November midterms.
Trump’s financial disclosure, released last month, showed his crypto income included over $635 million tied to his own meme coin and more than $588 million from token sales connected to World Liberty Financial, his family’s crypto company. A 49% stake in that firm was sold to UAE royals last year. The filings also revealed that Trump personally holds tens of millions of dollars worth of Bitcoin and Ethereum.
The senators specifically requested that all five committees hold hearings to investigate these dealings, underscoring the opacity around third-party ownership in World Liberty Financial and the broader implications for regulatory integrity.
