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FollowingFive Democratic senators called for a committee hearing \"to investigate the national security impact of President Trump\'s cryptocurrency holdings,\" as the Senate considered legislation on the structure of digital assets markets.
In an announcement released Friday, top Democratic members of five Senate committees and subcommittees asked lawmakers to focus on President Trump \'s 2025 financial disclosure report, which showed he reported approximately $1.4 billion in revenue through crypto projects such as his memecoin and the family\'s World Liberty Financial platform. Lawmakers said the reports \"fuel concerns about the president\'s push for Congress to pass crypto legislation that benefits industries from which he is profiting,\" referring to the CLARITY Act, which the Senate is expected to vote this month.
Theannouncement said: \"We call on our respective committees to hold hearings to investigate the impact of President Trump\'s cryptocurrency holdings on national security, including the impact of the United Arab Emirates or unknown third parties on the actions of President Trump .\"
Senator Richard Blumenthal, one of the Democrats calling for a hearing on Trump\'s relationship with cryptocurrencies, spoke to CNN\'s Anderson Cooper on Thursday. Source: Richard Blumenthal
As minority members of the Senate and House, Democrats have less power than Republicans to hold their own hearings and oversight. However, Senate rules require 60 votes to end lengthy debate and advance the bill, which means Republicans need to gain the support of some Democrats to pass the CLARITY bill.
Related: Donald Trump says there is \"no problem\" in making a $14 billion crypto windfall while in office
Some Republican senators, such as Cynthia Loomis, continue to push for passage of CLARITY legislation, even as many Democrats say they will not support it without a clear ethics clause. Republican Rep. French Hill, chairman of the House Financial Services Committee, who helped pass the bill through the House in 2025, said Trump\'s connection made the bill\'s passage \"more complicated.\"
Central bank digital currency ban becomes law after Trump refused to sign bill
Just hours after Democrats issued an announcement, a bill banning the Federal Reserve from issuing or creating central bank digital currencies before December 31, 2030 is expected to become law on Saturday. Trump canceled the signing ceremony of a bipartisan housing bill that included a central bank ban on digital currencies and failed to issue a veto on the bill, making the measure automatically become law 10 days later.
Magazine: Cryptocurrency CLARITY bill faces partisan battle over ethics issues in Senate
