Senate Democrats Push for Hearing on Trump’s Cryptocurrency Holdings
On Friday, several prominent Senate Democrats reiterated their demand for a hearing regarding President Donald Trump’s cryptocurrency investments. This follows recent financial disclosures from the president that have raised questions about foreign and unidentified investors involved in his family’s crypto business.
The letter, which calls on the Republican-controlled committee to examine the national security considerations of President Trump’s 2025 disclosures released on June 30, was signed by Senators Elizabeth Warren from Massachusetts, Richard Blumenthal from Connecticut, Gary Peters from Michigan, Dick Durbin from Illinois, and Ron Wyden from Oregon.
The senators highlighted that Trump’s financial disclosures indicate that his family’s cryptocurrency ventures brought in a notable portion of his income—around $1.4 billion during the first year of his second term, according to the letter.
Central to their concerns is the Trump family’s crypto enterprise, World Liberty Financial, which has reportedly earned hundreds of millions for the president. Notably, a group associated with Sheikh Tahnoun bin Zayed Al Nahyan, the National Security Adviser of the UAE, allegedly acquired 49% of the company’s shares, a point referenced in the senators’ correspondence.
The senators also mentioned a list of unnamed “third parties” released by Trump and urged an investigation to determine whether investors from the UAE and beyond influenced policies during the Trump administration.
Currently, neither the White House nor World Liberty has responded to inquiries about the letter.
The call for a hearing comes just as senators are preparing to return to Washington. A recent CNBC analysis of Trump’s 927 pages of annual financial disclosures revealed that he declared at least $2.24 billion in income for 2025, including over $580 million in revenue tied to cryptocurrency. Specifically, he reported around $515 million from World Liberty token sales and $65 million from holding company stock. Additionally, President Trump stated he received $635 million in royalties from “Celebration Coin,” linked to his meme coin venture.
In a recent White House interview with CNBC, Trump defended his business dealings, stating there was “nothing illegal” and calling criticism “wrong.” He noted that while he advises his children to avoid risky ventures, they live their own lives as well.
Trump indicated that his son Eric manages his assets and that external companies handle their investments, with the White House asserting that Trump’s assets are placed in trusts overseen by his children, minimizing any potential conflicts of interest.
This latest Democratic initiative builds on previous efforts to scrutinize World Liberty’s international connections. In February, Representative Ro Khanna from California initiated a House investigation into claims regarding UAE’s investment, aiming to gather evidence about the transaction’s implications for U.S. export regulations on advanced AI chips.
World Liberty had previously dismissed Khanna’s probe as politically driven. Additionally, in June, Democratic senators called for a hearing following reports that UAE officials paid $218 million to organizations associated with the Trump family and Steve Witkoff, the U.S. special envoy for the Middle East. They raised concerns over whether this arrangement influenced subsequent decisions on AI chip regulations and arms sales to the UAE.
However, no hearings have been scheduled by the Republican majority in Congress in response to the Democrats’ requests.
