Five Democratic senators have called for committee hearings “to investigate the national security implications of President Trump’s cryptocurrency holdings” as the chamber considers digital asset market structure legislation.
In a Friday notice, the Democratic ranking members of five US Senate committees and subcommittees asked lawmakers to address President Donald Trump’s 2025 financial disclosure, in which he reported earning about $1.4 billion connected to crypto ventures like his memecoin and family’s World Liberty Financial platform. The lawmakers said that the reports “heighten concerns about the President pushing Congress to pass crypto legislation in favor of the very industry he’s cashing in on,” referring to the Digital Asset Market Clarity (CLARITY) Act, on which the Senate is expected to vote on this month.
“We call on our respective Committees to hold hearings to investigate the national security implications of President Trump’s cryptocurrency holdings, including the influence of the [United Arab Emirates] or unknown third parties on President Trump’s actions,” said the notice.
Senator Richard Blumenthal, one of the Democrats who called for hearings into Trump’s ties to the crypto, speaks to CNN’s Anderson Cooper on Thursday. Source: Richard Blumenthal
As members of the minority in both the Senate and House of Representatives, Democrats have less authority to hold their own hearings and oversight than Republicans. However, Senate rules require 60 votes to end a filibuster and advance a bill, meaning that Republicans will need support from some Democrats to pass CLARITY.
Related: Donald Trump says ‘nothing wrong’ with $1.4B crypto windfall while in office
Some Senate Republicans, like Cynthia Lummis, continue to push for CLARITY to pass even as many Democrats signal they will withhold support without clear ethics provisions. Representative French Hill, who chairs the House Financial Services Committee and helped the bill pass in the House in 2025, said that Trump’s ties made passing legislation “more complicated.”
CBDC ban to become law after Trump’s refusal to sign bill
The notice from Democrats came just hours before a bill barring the Federal Reserve from issuing or creating a central bank digital currency (CBDC) until Dec. 31, 2030, is expected to become law on Saturday. Trump canceled the signing ceremony for the bipartisan housing bill containing the CBDC ban and did not issue a veto of the legislation, leaving the measure to automatically become law after 10 days.
Magazine: Crypto’s CLARITY Act faces partisan fight over ethics on Senate floor
Be the first to comment