Democrats want Trump crypto disclosure hearings

Five top Senate Democrats on Friday renewed calls for hearings into President Donald Trump’s cryptocurrency holdings, citing his new financial disclosure and questions about foreign and unidentified investors in his family’s crypto business.

The Democrats called on the Republican-controlled committees where they serve as ranking members to investigate any national security implications raised by Trump’s disclosure for 2025, which became public on June 30.

“President Trump’s new financial disclosures reveal the Trump family crypto ventures generated the vast majority of his income — about $1.4 billion in the first year of his second term alone,” the senators said in a letter.

The senators are Sens. Elizabeth Warren of Massachusetts; Richard Blumenthal of Connecticut; Gary Peters of Michigan; Dick Durbin of Illinois; and Ron Wyden of Oregon.

Their concerns center on World Liberty Financial, the Trump family crypto venture that generated hundreds of millions of dollars in income for the president.

A group tied to Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser, reportedly bought a 49% stake in the company. The senators’ letter referenced that reporting.

The letter also pointed to Trump’s disclosure listing unidentified “Third Parties” and called for an examination of whether the UAE or other financial backers influenced his administration’s policy. 

The White House and World Liberty did not immediately respond to requests for comment on the letter.

The lawmakers’ push for hearings comes days before senators are set to return to Washington.

CNBC’s analysis of Trump’s 927-page annual financial disclosure found that he reported at least $2.24 billion in revenue in 2025.

The filing showed more than $580 million in crypto-related income, including about $515 million from World Liberty token sales and $65 million from sales of equity in its holding company. Trump also reported $635 million in royalties from “Celebration Coins,” which have been linked to his meme coin business.

Trump defended his ventures in a CNBC interview at the White House last week, saying there was “nothing illegal” or “wrong” with it.

“I tell my kids, stay away from as much as you can stay away from, but they also have a life,” Trump said.

Trump said his son Eric Trump oversees his assets and that outside firms manage his investments.

The White House has repeatedly said that Trump’s assets are held in a trust managed by his children and that his business interests do not create conflicts.

The 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 inquiry in February into the reported UAE investment, seeking records about the transaction and whether it was connected to changes in U.S. restrictions on advanced AI chip exports.

World Liberty at the time dismissed Khanna’s inquiry as politically motivated.

Democratic senators in June sought hearings about reports that UAE officials paid $218 million to entities tied to the Trump family and to the family of Steve Witkoff, the U.S. special envoy to the Middle East.

They also questioned whether the deal influenced subsequent administration decisions involving AI chips and arms sales to the UAE.

Republicans, who hold majorities in the Senate and House, did not schedule any hearings in response to the Democrats’ requests.