Crypto Disclosure Prompts Democratic Calls for Ethics Reforms in Trump Backed Legislation

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The president revealed holdings exceeding $100 million in cryptocurrencies, along with minor investments in companies such as Corewave.

Senator Elizabeth Warren, the most senior Democrat on the Banking Committee, advocated for ethics provisions in the Clarity Act following the revelation, stating, “Crypto legislation heading to the Senate floor must prevent the president, vice president, senior administration officials, members of Congress, and their families from profiting from the crypto industry. If it does not, it will only turbocharge Donald Trump’s brazen crypto corruption.”

Senator Ruben Gallego, in a post on X after the disclosure, pledged to “do everything I can to crack down on [Trump’s] corrupt crypto dealings.”

Gallego, one of two Democrats who voted to advance the bill from committee, noted during the May markup hearing that the legislation required “real, enforceable standards” on ethics and clarified he was not guaranteeing a Senate floor vote.

Trump’s disclosure provides Democrats with a concrete figure to emphasize their demand for ethics reforms, though it does not alter the fundamental debate over such provisions. Democrats, including Gallego and Senator Angela Alsobrooks—who voted for the bill in committee—had already signaled their insistence on restrictions preventing high-ranking officials from profiting from crypto before supporting the bill’s broader passage. Negotiators must still reach an agreement, and Trump must approve it, regardless of the disclosure.

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