Senate Democrats Seek Hearing on Trump Crypto Holdings

Democratic senators are calling for hearings into potential conflicts of interest tied to President Donald Trump’s cryptocurrency holdings.

Cointelegraph reported on July 10 that the top Democrats on five US Senate committees and subcommittees sent a letter urging Congress to formally review Trump’s financial disclosure from last year. The filing showed Trump reported about $1.4 billion in income from crypto ventures, including his memecoin and the family-run World Liberty Financial platform.

In the letter, the lawmakers wrote that concerns are growing that the president is pressing Congress to advance legislation that would benefit an industry from which he personally profits. They said each committee should hold hearings on the national security implications of Trump’s crypto holdings. The inquiry should also examine whether the United Arab Emirates, or unidentified third parties, may have influenced Trump’s actions, they added.

The request comes as the Senate prepares to vote this month on the Clarity Act. Republicans hold a majority in the chamber. But the bill will need 60 votes to overcome a filibuster, meaning it will require support from at least some Democrats.

Republican Senator Cynthia Lummis and others continue to push for the bill’s passage. Many Democrats, however, say they will withhold support unless it includes clear ethics provisions.