Sen. Elizabeth Warren, Democrat from Massachusetts and ranking member of the Senate Banking, Housing, and Urban Affairs Committee, speaks to members of the media following a confirmation hearing in Washington, June 25, 2026.
Graeme Sloan | Bloomberg | Getty Images
The five top Democrats in the Senate on Friday renewed calls for hearings on President Donald Trump’s cryptocurrency holdings, citing his new financial disclosures and questions about foreign and unknown investors in his family’s crypto business.
Democrats have asked the Republican-controlled committees where they serve as ranking members to investigate any national security implications raised by Trump’s 2025 disclosures, which became public on June 30.
“President Trump’s new financial disclosures reveal that the Trump family’s businesses generated a large portion of his income — nearly $1.4 billion in the first year of his second term alone,” the officials said in the letter.
Senators Sen. Elizabeth Warren of Massachusetts; Richard Blumenthal of Connecticut; Gary Peters of Michigan; Dick Durbin of Illinois; and Ron Wyden of Oregon.
Their concerns center on World Liberty Financial, the Trump family’s crypto business that has made hundreds of millions of dollars for the president.
A group tied to Sheikh Tahnoon bin Zayed Al Nahyan, the national security adviser of the United Arab Emirates, has reportedly bought a 49% stake in the company. The senators’ letter referred to that report.
The letter also pointed to Trump’s disclosures to an anonymous list of “Third Parties” and called for an investigation into whether the UAE or other financial backers influenced his administration’s policy.
The White House and Liberty World did not immediately respond to requests for comment on the letter.
The lawyers’ push for a trial comes days before senators return to Washington.
A CNBC analysis of Trump’s 927-page annual financial disclosures found he reported at least $2.24 billion in 2025.
The filing showed more than $580 million in crypto-related revenue, including about $515 million from the World Liberty token sale and $65 million from the sale of equity in its holding company. Trump also reported $635 million in royalties from “Celebration Coins,” linked to his meme coin business.
Trump defended his job in a CNBC White House interview last week, saying there was nothing “illegal” or “wrong” about it.
“I tell my kids, keep them as far apart as possible, but they’re healthy too,” Trump said.
Trump said his son Eric Trump oversees his assets and that foreign firms control his investments.
The White House has repeatedly said that Trump’s assets are held in a trust held by his children and that his business interests do not cause conflicts.
The Democrats’ move on Friday centers on the party’s previous efforts to investigate Liberty World’s relations with other countries.
Rep. Ro Khanna, D-Calif., launched a House investigation in February into the reported UAE investment, seeking records about the work and whether it was linked to changes in US restrictions on advanced AI chip exports.
World Liberty at the time dismissed Khanna’s investigation as politically motivated.
Democratic senators in June demanded a hearing on reports that UAE officials paid $218 million to organizations linked to the Trump family and the family of Steve Witkoff, the US special envoy to the Middle East.
They also questioned whether the deal influenced subsequent administration decisions involving AI chips and arms sales to the UAE.
Republicans, who control the Senate and the House, did not schedule a hearing in response to Democrats’ requests.
