The president also revealed holdings north of $100 million in various cryptos and a few 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 announcement, saying, “The crypto legislation headed 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. If it only values crypto, Donald Trump will not.”
Similarly, Senator Ruben 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 traders.”
While Gallego was one of two Democrats to vote the bill out of committee, he said during the markup hearing in May that the bill needed “real, enforceable standards” for ethics and that he did not guarantee a Senate vote for the bill.
And while Trump’s disclosure gives Democrats a firm number to point to when calling for an ethics deal, it doesn’t fundamentally change the argument for that provision. Democrats — including Gallego and Sen. Angela Alsobrooks, the only other Democrat to vote for the bill in committee — had already made it clear they wanted a deal that would restrict high-ranking officials like the president from profiting from crypto before agreeing to vote for the bill’s overall passage. Negotiators still have to reach an agreement, and Trump still has to sign it, regardless of the disclosure.
