Democrats want Trump crypto disclosure hearings
Sen. Elizabeth Warren, a Democrat from Massachusetts and ranking member of the Senate Banking, Housing and Urban Affairs Committee, speaks with members of the media after her confirmation hearing on June 25, 2026, in Washington.
Graeme Sloan | Bloomberg | Getty Images
Five top Senate Democrats on Friday renewed calls for hearings on President Donald Trump’s cryptocurrency holdings, citing his new financial disclosure and questions about foreign and unidentified investors in his family’s crypto business.
Democrats called on Republican-controlled committees, where they serve as senior members, to investigate the national security implications of Trump’s 2025 statement, which was made public on June 30.
“President Trump’s new financial disclosures reveal that Trump family crypto ventures provide the vast majority of his revenue (approximately $1.4 billion in the first year of his second term alone),” the senators wrote in a letter.
The senators are Senator Elizabeth Warren of Massachusetts; Richard Blumenthal of Connecticut; Gary Peters of Michigan; Dick Durbin of Illinois; and Ron Wyden of Oregon.
Their concerns focus on World Liberty Financial, the Trump family’s crypto venture that generates hundreds of millions of dollars in revenue for the president.
It was reported that a group affiliated with Sheikh Tahnoon bin Zayed Al Nahyan, the national security advisor of the United Arab Emirates, purchased 49 percent of the company’s shares. The senators’ letter referred to this report.
The letter also noted that Trump listed unidentified “Third Parties” and called for an examination of whether the UAE or other financial backers were influencing his administration’s policy.
The White House and World Liberty did not immediately respond to requests for comment on the letter.
Lawmakers’ push for a hearing came days before senators were due to return to Washington.
CNBC’s analysis of Trump’s 927-page annual financial disclosure found that he reported income of at least $2.24 billion in 2025.
The filing revealed more than $580 million in crypto-related revenue, with approximately $515 million from sales of World Liberty tokens and $65 million from sales of shares in the holding company. Trump also reported $635 million in royalties from “Celebration Coins” linked to his meme money business.
Trump defended his initiatives in an interview with CNBC at the White House last week, saying there was “nothing illegal” or “wrong” with it.
“I tell my children to stay as far away as possible, but they have a life too,” Trump said.
Trump said his son Eric Trump oversees his assets and that outside firms manage his investments.
The White House has repeatedly said Trump’s assets are held in a trust managed by his children and that his business interests do not pose a conflict.
Democrats’ move Friday builds on the party’s earlier efforts to investigate World Liberty’s foreign ties.
Rep. Ro Khanna, D-Calif., launched a House investigation into the UAE investment reported in February, investigating records surrounding the transaction and whether it was linked to changes in U.S. restrictions on advanced AI chip exports.
At the time, World Liberty dismissed Khanna’s investigation as politically motivated.
In June, Democratic senators demanded a hearing on reports that UAE officials paid $218 million to organizations linked to the Trump family and the family of Steve Witkoff, the US special envoy for the Middle East.
They also questioned whether the deal influenced management decisions regarding the sale of artificial intelligence chips and arms to the UAE.
Republicans, who hold majorities in the Senate and House of Representatives, have not scheduled any hearings in response to Democrats’ demands.
