Top Senate Democrats call for probes into Trump crypto earnings

Cristiano Lima-Strong, Bloomberg News on Jul 10, 2026

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WASHINGTON — A group of high-ranking Senate Democrats Friday called on their Republican counterparts to investigate whether President Donald Trump’s crypto ventures pose national security risks.

Democrats sharply criticized Trump’s financial disclosure last week showing he generated at least $1.4 billion from crypto ventures, and accused the president of engaging in corruption by unduly profiting off his position. But Friday’s joint statement marked an escalation in scrutiny as the ranking members of several powerful Senate committees called for formal probes.

“The disclosures heighten concerns about the President pushing Congress to pass crypto legislation in favor of the very industry he’s cashing in on, the Administration’s moves to exempt cryptocurrencies and service providers from existing financial services regulations, and its steps to weaken enforcement, including by disbanding the Department of Justice’s National Cryptocurrency Enforcement Team,” said Sens. Elizabeth Warren, D-Mass., Richard Blumenthal, (D-Conn., Gary Peters, D-Mich., Dick Durbin, D-Ill., and Ron Wyden, D-Ore.

The lawmakers together serve as the top Democrats for the Senate panels on banking, investigations, homeland security, the judiciary, and finance, respectively.

White House spokesperson Anna Kelly called the joint statement “the same, tired narrative that Democrats have pushed against President Trump, his family, and his administration for a decade.” Kelly added: “There are no conflicts of interest.”

A spokesperson for the Senate Judiciary Committee referred a question about an investigation to a letter dated July 9 in which Chair Chuck Grassley, R-Iowa, said he has “consistently held the same approach to my oversight during administrations of both political parties” and criticized Democrats for not scrutinizing former President Joe Biden and his family’s dealings more closely. Spokespeople for the chairs of the other committees didn’t immediately respond to requests for comment.

The Democratic lawmakers said the investigations should look into the influence of the United Arab Emirates “or unknown third parties” on the president’s actions.

The statement arrives as lawmakers continue negotiations over a landmark proposal to regulate cryptocurrency known as the CLARITY Act (H.R. 3633) that is broadly backed by the White House and congressional Republicans. Some Democrats, including Warren, say the bill caters to the industry’s interests.

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