The president also revealed he owns more than $100 million in various cryptocurrencies and some smaller stakes in companies like Corewave.
Sen. Elizabeth Warren, the top Democrat on the Banking Committee, called for an ethics provision in the Clarity Act in a statement after the disclosure, saying: “The crypto legislation that goes to the Senate must prevent the President, Vice President, senior administration officials, members of Congress, and their families from profiting from the crypto industry.”
Similarly, Senator Ruben Gallego said in an article on X after the revelation that he would do “everything I can to suppress [Trump’s] corrupt crypto transactions.
Although Gallego was one of two Democrats to vote for the bill out of committee, he said during the review hearing in May that the bill required “real, enforceable standards” for ethics and did not guarantee a Senate vote for the bill.
And while Trump’s disclosure gives Democrats a specific number they can rely on when calling for an ethics agreement, it doesn’t fundamentally change the argument around this provision. Democrats — including Gallego and Sen. Angela Alsobrooks, the only other Democrat to vote for the bill in committee — had already made it clear that they wanted a deal that prevents high-ranking government officials like the president from profiting from crypto before agreeing to vote for overall passage of the bill. Negotiators have yet to reach a deal and Trump will still have to approve it, regardless of the disclosure.
