Democrats rail against corruption after Trump financial disclosure

Democrats are accusing President Trump of improperly profiting from his and his family’s cryptocurrency ventures after he reported more than $1 billion in income tied to the industry.

In his annual financial disclosure released Tuesday, Trump revealed about $594 million in income from World Liberty Financial, the crypto business he launched with his sons in fall 2024, and another $635 million that appears to be linked to the president’s meme coin.

“Trump made $1+ billion from his crypto ventures while in office,” Rep. Jason Crow (D-Colo.) wrote in a social media post Wednesday.

“Today he’s taking his first flight on his illegal $400 million gift from a foreign government,” he added, referring to the new jet gifted to the president by Qatar. “This grift and corruption is staggering. Accountability is coming.”

Sen. Adam Schiff (D-Calif.) suggested that Trump has made more money in the first year of his presidency “than in the rest of his life combined,” with The New York Times reporting he raked in a total of $2.2 billion last year.

“Meanwhile, most Americans worked hard to just break even. This is the cost of corruption,” Schiff wrote on social media late Tuesday.

Trump has repeatedly faced scrutiny in his second term, as he and his family have become increasingly involved in the crypto industry.

His administration has taken a more industry-friendly approach toward regulating digital assets, rolling back investigations and dismissing cases against crypto companies. Trump also signed the first major crypto legislation, known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, into law last year.

However, another key crypto bill remains in limbo. The Digital Asset Market Clarity Act, also known as the CLARITY Act, seeks to establish a regulatory framework for the vast majority of the industry but is currently stuck in the Senate, where lawmakers have been locked in negotiations for nearly a year.

One of the remaining sticking points is ethics, as Democrats have pushed for a provision restricting the ability of the president and other elected officials to profit from the industry.

“The crypto legislation heading to the Senate floor must stop the President and his family from continuing to profit off crypto,” Sen. Elizabeth Warren (D-Mass.) wrote in a social media post on Tuesday.

Rep. Seth Magaziner (D-R.I.) also raised concerns about “who bought all the Trump crypto and put $1 billion into his pocket,” adding that when Democrats are in the majority, “we are going to ban this bulls—.”

When asked about his crypto-related profits Wednesday, Trump told reporters, “I don’t get involved in my personal, we have funds that run my money,” adding that he “made a lot of money” before he became president.

“They invest my money. I don’t talk to them. I don’t even speak to them,” he said. “So, I have many people, I don’t know what they call them, closed accounts or something, you put their money and that’s it. I don’t talk to them. They’re big institutions, and they run it.”