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TRUMP What will happen if Democrats win a majority in the House of Representatives in the midterm elections?
If the Democrats win a majority in the House in the November midterm elections, it is expected that subpoena President Donald Trump's financial and cryptocurrency transactions will become a top priority. At the same time, the Crypto Industry Market Structure Bill, the CLARITY Act, may be on hold longer than stakeholders expect.
What does Democratic control of the House mean for Trump?
Maryland Rep. Jamie Ruskin, the top Democratic member on the House Judiciary Committee, is expected to take charge of the committee if Democrats win the November midterm elections. He regarded corruption around the president as a "citizen emergency" and said a Democratic majority would allow his party to "convene hearings, conduct evidence collection, and use subpoenas to force witnesses to appear in court." Raskin's long list of potential targets includes Attorney General Pam Bondy, who has previously threatened to subpoena her over the Justice Department's handling of Jeffrey Epstein's documents. He will also seek answers about a $1.8 billion "anti-weaponization" fund (used for Trump allies) and alleged violations of foreign pay terms.
The President reported more than $1 billion in crypto-related revenue in 2025. His 927-page financial disclosure filed with the U.S. Federal Ethics Office showed that he received approximately $635 million in royalties from "celebration coins" associated with his $TRUMP minecoin business. The report said more than $500 million came from sales from World Liberty Financial, the crypto company co-founded by his family.
Representative Yasamin Ansari, D-Arizona, has asked the House Oversight Committee to subpoena the president's 20-year-old son, Barron, over his family's connections to imprisoned influencers Andrew Tate and Tristan Tate. "Barron Trump is an adult and exerts considerable influence around the White House," Ansari said in a podcast. Barron is co-founder of World Liberty Financial, whose crypto assets are valued at approximately $150 million. Currently, requests to subpoena him are frozen while Republicans control the speaker's seat.
Why is the CLARITY Act deadlocked?
The CLARITY Act, legislation that crypto companies have been promoting this year, is currently stuck in the Senate. Senate Majority Leader John Thune confirmed that the Senate would not vote on the bill before it adjourns in August, postponing action until as early as September 14. Republicans have 53 seats in the Senate and fall short of the 60 votes needed to overcome a filibuster, meaning the bill needs meaningful Democratic support to move forward. However, Democrats have refused to support the bill unless it resolves conflicts related to the president's crypto asset holdings. About a dozen Democrats have expressed willingness to support the bill, but they are pushing for an ethics clause to limit Trump's ability to profit from his family's crypto business. Retired Republican Sen. Tom Tillis of North Carolina and Democratic Sen. Ruben Gallego of Arizona have joined forces to propose a counter-proposal that includes requiring Trump to divest assets, but it is unclear whether the White House and other Republicans will accept it.
Senators Elizabeth Warren and Richard Blumenthal asked the U.S. Securities and Exchange Commission in early August to investigate whether $TRUMP memin constituted an "illegal scam" and possible "carpet pulling" behavior, pointing out that nearly 1 million investors lost more than $3.8 billion on the coin, while Trump himself made $636 million.
According to Data for Progress, cryptocurrency, artificial intelligence and large technology companies have spent a combined $294 million on campaigns this election cycle, accounting for more than half of all corporate external spending. Polymarket expects the probability of the CLARITY Act being passed during the year to be approximately 38%, down from more than 80% previously. The probability on Kalshi is even lower, with a probability of passing in 2026 of about 20%.
