{"id":496,"date":"2026-07-06T11:41:00","date_gmt":"2026-07-06T11:41:00","guid":{"rendered":"https:\/\/americanindustryreview.com\/?p=496"},"modified":"2026-07-06T11:41:00","modified_gmt":"2026-07-06T11:41:00","slug":"trump-ethics-disclosure-throws-curveball-at-senate-crypto-talks","status":"publish","type":"post","link":"https:\/\/americanindustryreview.com\/?p=496","title":{"rendered":"Trump ethics disclosure throws curveball at Senate crypto talks"},"content":{"rendered":"
\n

The newly disclosed scale of President Donald Trump\u2019s personal cryptocurrency-related profits since taking office last year comes right at a sensitive moment for Senate negotiations on a major digital assets bill that GOP leaders want to bring to the floor this month.<\/p>\n

Read more At the Races: Red, white and blues<\/a><\/p>\n

Trump\u2019s potential crypto conflicts have been a sticking point in negotiations over a crypto market structure bill that is pending in the Senate.<\/p>\n

Democrats want an ethics provision to curb the ability of public officials to profit from sponsoring or endorsing cryptocurrencies, and the two sides have been squabbling over how to word the language without losing the Trump administration\u2019s otherwise strong support for the bill.\u00a0<\/p>\n

Meanwhile, the news broke that Trump made more than $1.4 billion from his family\u2019s crypto ventures last year, according to his \u00a0filed with the Office of Government Ethics.<\/p>\n

That total includes $635 million in royalties related to \u201cCelebration Coins\u201d tied to Trump\u2019s memecoin business; $527 million in proceeds from sales of tokens distributed by World Liberty Financial, the crypto firm owned by the Trump family; and about $263 million related to stakes in holding companies that own WLF and its stablecoin business.<\/p>\n

Trump\u2019s crypto haul represented more than half of his total $2.2 billion income in 2025.<\/p>\n

The Senate Banking Committee adopted\u00a0a substitute amendment to the market structure bill, 15-9, in a May 14 vote that included two Democrats in support, Sens. Ruben Gallego of Arizona and Angela Alsobrooks of Maryland.<\/p>\n

Both Gallego and Alsobrooks said their markup votes did not guarantee they would support the bill on the Senate floor unless further changes were made, arguing an ethics provision in particular is crucial.<\/p>\n

Alsobrooks expressed concern about the Trump financial disclosure in a statement Wednesday. She said Trump and his family \u201care the most corrupt we\u2019ve ever seen in the White House,\u201d citing \u201cplanes, pardons, falsifying business records, and now crypto.\u201d<\/p>\n

She indicated ethics is still a negotiating point on the crypto bill.<\/p>\n

\u201cWe desperately need legislation that includes an agreement on ethics \u2014 that would apply to the president, vice president, and all of us,\u201d Alsobrooks said.<\/p>\n

Gallego also reacted negatively to Trump\u2019s financial disclosure.<\/p>\n

\u201cTrump is using the presidency to profit off the American people,\u201d Gallego wrote Wednesday in a post on X. \u201cI\u2019ll keep doing everything I can to crack down on his corrupt crypto dealings.\u201d<\/p>\n

Read more Sean Astin on being a leader during a time of upheaval<\/a><\/p>\n

Gallego fumed\u00a0last month about ethics negotiations, saying the White House backed away from a potential agreement.<\/p>\n

Senate Banking Committee ranking member Elizabeth Warren, D-Mass., is one of the leading opponents of the crypto market structure bill. She said the bill could exacerbate Trump\u2019s crypto conflicts.<\/p>\n

\u201cThe crypto legislation heading to the Senate floor must prevent the president, vice president, senior administration officials, members of Congress, and their families from profiting off the crypto industry,\u201d Warren said.\u00a0<\/p>\n

A White House spokesperson did not immediately respond to a request for comment.<\/p>\n

The Banking Committee has been working for almost a year on a crypto market structure bill, which would set rules for the operations and oversight of digital asset markets. The measure is priority for the crypto industry, which says it needs a clear set of \u201crules of road\u201d to continue to grow.<\/p>\n

Banking Chairman Tim Scott, R-S.C., said\u00a0earlier this week that he\u2019s seeking a vote by the full Senate this month.<\/p>\n

House Financial Services Committee Chairman French Hill, R-Ark., later added his encouragement.\u00a0<\/p>\n

\u201cI would hope the Senate can complete their work before the August recess,\u201d Hill told reporters on Tuesday. \u201cI think in an election year that\u2019s very, very important.\u201d<\/p>\n

The House passed\u00a0its market structure bill a year ago this month.<\/p>\n

The Senate Banking bill would have to be melded with a similar substitute amendment\u00a0from the Senate Agriculture Committee, which shares jurisdiction.\u00a0That Senate would have to pass that combined bill, which would then have to be reconciled with the House measure.<\/p>\n

It\u2019s a lot to accomplish with the number of legislative days dwindling and lawmakers still negotiating over ethics and other provisions of the Banking bill, such as anti-money laundering and oversight of decentralized financial networks. But there\u2019s a growing desire to forge ahead and hammer out any disputes during floor debate and amendments.<\/p>\n

\u201cWe want to give these bipartisan negotiations a chance to play out, but if they\u2019re going to drag on forever, we will try to bring [the market structure bill] to the floor and get it moving,\u201d a Senate Republican aide said.<\/p>\n

Read more America\u2019s July 2 birthday, Philadelphia style<\/a><\/p>\n

Ryan Kelly contributed to this report.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The newly disclosed scale of President Donald Trump’s personal cryptocurrency-related profits since taking office last year comes right at a sensitive moment for Senate negotiations on a major digital assets bill that GOP leaders want to bring to the floor this month. 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