Trump Released His 2025 Financial Disclosure. Now Democrats Want An Investigation Into His Crypto Holdings
A group of five senior Senate Democrats is renewing the push for congressional hearings into President Donald Trump‘s cryptocurrency business interests, arguing that newly released financial disclosures raise fresh questions about potential national security risks and the role of foreign investors in the Trump family’s expanding digital asset ventures.
In a letter sent to Republican committee leaders, the lawmakers called for investigations into Trump’s cryptocurrency holdings following the public release of his 2025 financial disclosure on June 30. They contend that the filing underscores the need for congressional oversight, particularly as the president’s crypto-related earnings have become a dominant source of his reported income.
The letter was signed by Sens. Elizabeth Warren of Massachusetts, Richard Blumenthal of Connecticut, Gary Peters of Michigan, Dick Durbin of Illinois, and Ron Wyden of Oregon, all of whom serve as ranking Democrats on key Senate committees.
“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 wrote.
Their concerns focus primarily on World Liberty Financial, the Trump family’s cryptocurrency venture, which generated hundreds of millions of dollars in reported income during the year. According to CNBC’s analysis of Trump’s 927-page annual financial disclosure, the president reported at least $2.24 billion in total revenue in 2025.
The filing included more than $580 million in crypto-related income, including approximately $515 million from World Liberty token sales and another $65 million from the sale of equity in the company’s holding entity. Trump also disclosed roughly $635 million in royalties tied to “Celebration Coins,” which have been associated with his meme coin business.
The Democratic senators are asking committee leaders to examine whether foreign financial backing of the Trump family’s crypto ventures could create conflicts of interest or national security concerns.
Their letter specifically references reports that a group linked to Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser, acquired a 49% stake in World Liberty Financial.
The lawmakers also pointed to references in Trump’s financial disclosure to unidentified “Third Parties,” saying Congress should determine whether investors from the UAE or other countries may have influenced U.S. policy decisions.
Trump has previously defended his family’s cryptocurrency activities, arguing they comply with the law and do not interfere with his presidential responsibilities.
During a recent CNBC interview at the White House, Trump said there was “nothing illegal” or “wrong” with the ventures. “I tell my kids, stay away from as much as you can stay away from, but they also have a life,” Trump said. The president added that his son Eric Trump oversees his assets while outside firms manage his investments.
The White House has repeatedly maintained that Trump’s assets are held in a trust managed by his children and that the arrangement eliminates any conflicts between his official duties and private business interests. Friday’s request builds on a broader Democratic effort to scrutinize the Trump family’s cryptocurrency operations and their international connections.
Earlier this year, Rep. Ro Khanna, D-Calif., launched a House inquiry into the reported UAE investment in World Liberty Financial. His investigation sought records related to the transaction and whether it coincided with changes in U.S. policy governing exports of advanced artificial intelligence chips to the UAE. At the time, World Liberty dismissed Khanna’s inquiry as politically motivated.
Democratic senators also requested hearings in June after reports that UAE officials paid $218 million to entities connected to both the Trump family and the family of Steve Witkoff, the U.S. special envoy to the Middle East. Those lawmakers questioned whether the financial arrangements may have influenced subsequent administration decisions involving AI chip exports and arms sales to the UAE.
Despite repeated requests from Democrats, Republicans, who control both the Senate and the House, have not scheduled hearings into the Trump family’s cryptocurrency business or its foreign financial relationships.
