The president also revealed that he has more than $100 million in various cryptocurrencies and some smaller stakes in companies like Corewave.
Senator Elizabeth Warren, the ranking Democrat on the Banking Committee, called for an ethics provision in the Clarity Act in a statement after the disclosure, saying: “Crypto legislation heading to the Senate floor must prevent the president, vice president, senior administration officials, members of Congress and their families from profiting from the crypto industry. Failure to do so will only fuel Donald Trump’s brazen crypto corruption.”
Similarly, Senator Rubén Gallego said in a post on X after the revelation that he would do “everything I can to crack down on [Trump’s] corrupt crypto transactions.”
While Gallego was one of two Democrats to vote the bill out of committee, he said during the review hearing in May that the bill needed “real, enforceable standards” on ethics and did not warrant a full Senate vote on the bill.
And while Trump’s revelation gives Democrats a firm number to which they can point when calling for an ethics agreement, it doesn’t fundamentally change the argument about that provision. Democrats, including Gallego and Sen. Angela Alsobrooks, the only other Democrat to vote for the bill in committee, had already made clear that they wanted an agreement that would prevent top government officials like the president from profiting from cryptocurrencies before agreeing to vote for general passage of the bill. Negotiators have yet to reach a deal and Trump will still have to sign off on it, regardless of the disclosure.
