Donald Trump's family pulled in more than $1 billion from cryptocurrency ventures during his first year back in the White House, according to financial disclosures that have sparked fresh calls from Democratic lawmakers to restrict crypto dealings by sitting presidents and their relatives.
The profits came from two main sources. World Liberty Financial, a joint venture involving Trump's family and his Middle East envoy Steve Witkoff, generated over $500 million in token sales. A separate entity called CIC Digital LLC brought in more than $600 million through Trump-branded meme coins launched just before his inauguration.
The 927-page disclosure released Tuesday showed Trump earned $2.2 billion total last year across real estate, golf resorts, merchandise, licensing, and legal settlements. But the crypto figures drew the most pointed reactions.
Elizabeth Warren, the Senate's top Democrat on banking issues, zeroed in on the discrepancy. "The crypto legislation heading to the Senate floor must prevent the President, Vice President, senior administration officials, members of Congress, and their families from profiting off the crypto industry," she said. "If it does not, it will only turbocharge Donald Trump's brazen crypto corruption."
Illinois Lieutenant Governor Juliana Stratton, running as a Democratic Senate candidate, took an even sharper tone. "Donald Trump uses the office of the president to make billions while American families struggle to afford their basic needs," she wrote on social media. "His infinite greed is disgusting."
The White House has maintained Trump's businesses operate independently, run by his adult sons and walled off from official duties. When asked about the disclosures Wednesday, Trump brushed aside concerns. "I made a lot of money before I became president," he told reporters.
Warren and four other senators have escalated their investigation beyond the raw numbers. Her office found that officials tied to the United Arab Emirates invested roughly $500 million in World Liberty Financial four days before Trump's inauguration. Following that investment, the administration has taken at least 10 actions benefiting the UAE, including approvals for AI chip exports. Warren characterized the arrangement as a potential "pay-to-play" scheme.
The crypto ventures have generated other controversies. In June, the Ultimate Fighting Championship announced it would pay fighter bonuses using USD1, a stablecoin issued by World Liberty Financial, at an event held on the White House's south lawn for Trump's birthday. World Liberty was also an official sponsor of the event.
Democratic efforts to block such arrangements have hit resistance. The Senate banking committee voted down an amendment that would have barred the president, vice president, members of Congress, and their families from owning or promoting crypto businesses. The vote split along party lines, though the broader Clarity Act advanced.
Separately, Senator Adam Schiff is leading an inquiry into crypto exchange Binance over reports it evaded U.S. sanctions on Iran, citing Binance's connections to World Liberty Financial.
Author James Rodriguez: "Warren's pushing all the right buttons here, but without GOP support in the Senate, a real ban on presidential crypto profiteering looks DOA."
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