Trump Ethics Disclosure Throws a Curve to Senate Crypto Talks – Roll Call

The newly revealed extent of President Donald Trump’s personal cryptocurrency profits since taking office last year comes at a sensitive time for Senate negotiations over a major digital asset bill that GOP leaders want to introduce this month.

Trump’s potential crypto conflicts have been a sticking point in negotiations over a crypto market structure bill pending in the Senate.

Democrats want an ethics provision to limit the ability of public officials to profit from sponsoring or endorsing cryptocurrencies, and the two sides are arguing over how to craft the language without losing the Trump administration’s otherwise strong support for the bill.

Meanwhile, news broke that Trump earned more than $1.4 billion from his family’s crypto projects last year, according to his annual financial disclosure filed with the Office of Government Ethics.

That total includes $635 million in “Celebration Coin” royalties tied to Trump’s memecoin business; $527 million in proceeds from the sale of tokens distributed by World Liberty Financial, the crypto company owned by the Trump family; and approximately $263 million related to stakes in holding companies that own WLF and its stablecoin business.

Trump’s cryptocurrencies accounted for more than half of his total income of $2.2 billion in 2025.

The Senate Banking Committee passed a substitute amendment to the market structure bill, 15-9, in a May 14 vote that included two Democrats, Senators Ruben Gallego of Arizona and Angela Alsobrooks of Maryland.

Gallego and Alsobrooks said their increased votes did not guarantee they would support the bill in the Senate unless other changes were made, arguing that one ethics provision in particular is crucial.

Alsobrooks expressed concern about Trump’s financial disclosure in a statement Wednesday. She said Trump and his family “are the most corrupt we’ve ever seen in the White House,” citing “planes, pardons, falsification of business records and now cryptography.”

She indicated that ethics was still a negotiating point on the crypto bill.

“We desperately need legislation that includes an ethics agreement – ​​one that would apply to the president, the vice president and all of us,” Alsobrooks said.

Gallego also reacted negatively to Trump’s financial disclosure.

“Trump is using the presidency to take advantage of the American people,” Gallego wrote Wednesday in an article on X. “I will continue to do everything I can to crack down on his corrupt crypto transactions.”

Gallego expressed outrage last month over the ethics negotiations, saying the White House had walked away from a potential deal.

Senate Banking Committee member Elizabeth Warren, D-Mass., is a leading opponent of the crypto market structure bill. She said the bill could exacerbate Trump’s crypto conflicts.

“The crypto legislation coming before the Senate must prevent the president, vice president, senior administration officials, members of Congress and their families from profiting from the crypto industry,” Warren said.

A White House spokesperson did not immediately respond to a request for comment.

The Banking Committee has been working for almost a year on a crypto market structure bill, which would set the rules for the operation and supervision of digital asset markets. The move is a priority for the crypto industry, which says it needs a clear set of “rules of the road” to continue growing.

Banking Chairman Tim Scott, R-S.C., said earlier this week that he was seeking a vote from the full Senate this month.

House Financial Services Committee Chairman French Hill, R-Ark., then added his encouragement.

“I hope the Senate can finish its work before the August recess,” Hill told reporters Tuesday. “I think in an election year, it’s very, very important.”

The House passed its market structure bill a year ago this month.

The Senate banking bill is expected to be merged with a similar substitute amendment from the Senate Agriculture Committee, which shares jurisdiction. This Senate should pass this combined bill, which should then be reconciled with the House measure.

There is much to accomplish as legislative days dwindle and lawmakers still negotiate over ethics and other provisions of the banking bill, such as anti-money laundering and oversight of decentralized financial networks. But there is a growing desire to move forward and resolve any differences during floor debate and amendments.

“We want to give these bipartisan negotiations a chance, but if they drag on, we will try to bring them [the market structure bill] on the floor and get things done,” a Senate Republican aide said.

Ryan Kelly contributed to this report.

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