Democratic senators have renewed calls for Senate hearings into President Donald Trump’s cryptocurrency business interests after his latest financial disclosure reported about $1.4 billion in crypto-related income as lawmakers prepare to vote on the CLARITY Act.
Summary
- Democratic senators have renewed calls for hearings into President Trump’s crypto holdings ahead of the Senate vote on the CLARITY Act.
- Lawmakers said Trump’s latest financial disclosure has raised fresh concerns over potential conflicts of interest in crypto legislation.
- A separate bill banning a U.S. central bank digital currency until the end of 2030 is set to become law without Trump’s signature.
A notice released on July 10 by the Democratic ranking members of five U.S. Senate committees and subcommittees called for congressional hearings to examine what they described as the national security implications of Trump’s cryptocurrency holdings.
The lawmakers said the president’s 2025 financial disclosure, which reported roughly $1.4 billion in earnings linked to ventures including his memecoin and the Trump family-backed World Liberty Financial platform, has intensified concerns over Congress advancing digital asset legislation while Trump maintains significant financial interests in the sector.
“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 wrote in the notice.
The statement comes as the Senate prepares to consider the Digital Asset Market Clarity (CLARITY) Act later this month. The legislation is expected to establish a regulatory framework for the U.S. crypto market, though negotiations over its final language are still underway.
Ethics concerns continue to shape CLARITY debate
Among the signatories were Senators Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin, and Ron Wyden, who have previously argued that Trump’s crypto businesses create potential conflicts as Congress debates legislation affecting the industry.
Earlier this month, the same group pointed to Trump’s financial disclosure and said unidentified third parties continued to hold interests in the Trump family’s World Liberty Financial project. They argued those business ties should receive additional scrutiny before lawmakers approve the CLARITY Act.
Separately, Warren has urged Senate negotiators to add ethics provisions that would bar the president, vice president, members of Congress, senior administration officials and their immediate families from profiting from cryptocurrency ventures while in office. She has previously described Trump’s crypto businesses as a conflict of interest that Congress should address through the legislation.
Republicans hold the Senate majority, leaving Democrats unable to convene hearings without Republican support. Still, Senate rules require 60 votes to overcome a filibuster, giving Democratic lawmakers leverage as Republicans seek enough bipartisan backing to advance the CLARITY Act.
Some Republicans continue to press ahead despite the criticism. Senator Cynthia Lummis has maintained support for moving the legislation forward, while Representative French Hill, who chairs the House Financial Services Committee and helped advance the bill through the House in 2025, has acknowledged that Trump’s crypto ties have made the legislative process more difficult.
The Senate is expected to take up a consolidated version of the bill that combines proposals from the Banking and Agriculture committees. Previous reporting has indicated the updated draft includes stronger consumer protection measures, while disputes over ethics rules, decentralized finance provisions and protections for non-custodial blockchain developers remain unresolved.
CBDC ban set to take effect without Trump’s signature
Hours after the Democratic notice was released, a separate crypto-related measure was expected to become law without presidential approval.
The 21st Century ROAD to Housing Act, which contains a provision prohibiting the Federal Reserve from issuing or creating a U.S. central bank digital currency until Dec. 31, 2030, is set to take effect automatically after Trump declined to sign the legislation and did not issue a veto.
Trump previously said on Truth Social that he was withholding his signature because the Senate had not yet passed the Save America Act, an election bill he has repeatedly urged lawmakers to approve. A White House official had also confirmed earlier that the president did not intend to veto the housing legislation, allowing it to become law once the constitutional review period expired.
The CBDC restriction builds on Trump’s earlier executive order directing federal agencies not to pursue the creation of a U.S. central bank digital currency, adding another crypto policy measure as Congress continues debating the CLARITY Act and ethics concerns surrounding the president’s digital asset holdings.
