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Following
USD1 U.S. Special Envoy Witkov disclosed nearly US$107 million in revenue from holding companies affiliated with World Free Finance on the eve of the Senate vote on a key encryption bill.
Core points:
- Witkov's filing shows that he earned about three times the amount disclosed last year from the same entity.
- Senators will hold a procedural vote on September 15 on the CLARITY Act, which requires 60 votes to move forward.
- Seven Democratic senators said the bill's ethics provisions were still insufficient.
Witkov declaration details: $107 million in cryptocurrency revenue
This disclosure document, filed with the Office of Government Ethics and obtained by the Ethics watchdog, shows that the revenue is divided into approximately $69 million in cash and approximately $38 million in digital assets. That's a significant jump from the $34 million Wittkov reported a year ago, about three times.
The filing document lists funds as a single item, and does not separate cryptocurrency income within the same corporate structure from income from casino, golf and residential real estate businesses. Witkov also reported that he earned $120 million in revenue from the sale of shares in real estate companies, a transaction he described in the filing as part of a divestiture plan but did not identify the buyer.
A White House spokesman said Witcoff had "completely stripped of interests related to World Liberty Financial" and that his early business dealings had nothing to do with the peace talks he handled for President Donald Trump in the Middle East.
The Clarity Act sparked ethics controversy, leaving Democrats divided.
Senators returned to Washington on Monday and voted Tuesday afternoon on whether to open debate on the market structure bill. The bill was passed in the House of Representatives by a vote of 294 to 134 in July 2025. Republicans hold 53 seats, so supporters need the support of at least seven Democrats to secure passage. Current forecasts reduce the chance of the bill passing this year to about 16%, well below the 82% seen in February.
Seven Democratic senators said the draft was insufficient in terms of ethics, consumer protection and combating illegal financial activities. Senator Kirsten Gillibrand said she would not support the bill without a binding ban on the president profiting from cryptocurrencies. The text prohibits serving officials from issuing digital assets, hands enforcement powers separately to the Justice Department, and the bill will expire on January 20, 2029, the day Trump leaves office.
The connection with world free finance has attracted long-term attention
Trump reported an estimated $1.4 billion in cryptocurrency revenue last year, including $526 million earned through world free financial token sales. The business is run by Witkoff's son Zach Witkoff and Trump's three sons, the two elderly men once held the title of "Co-Founding Honorary Chairman." Attention has been on for months.
Regulators granted the company's trust company preliminary conditional approval on August 14, paving the way for its stablecoin USD1 (USD1) to move towards federal regulation. Currently, USD1 has become the fourth largest stablecoin by market value.
A group led by the national security adviser of the United Arab Emirates holds a 49% stake in the bank's holding company, while entities linked to the Trump family hold a 38% stake.
