By Mari Hansen Over the past few weeks, a strange silence has descended upon the Senate Banking Committee—the kind of silence that typically indicates an impending crisis. Redlined drafts are carried by employees as they move between Dirksen’s third-floor offices. Not too long ago, the crypto lobbyists thought they had won, but now they are pacing the corridors once more. Beneath all of this is a question that no one wants to voice: how can a comprehensive cryptocurrency bill be written when the president and his sons are in charge of one of the most profitable cryptocurrency companies in the nation?
The easy part was supposed to be the bill itself. The industry thought the more difficult task—stablecoin regulation—was already behind them after the GENIUS Act passed the Senate in June of last year by a vote of 68 to 30. The market-structure component, which would divide supervision of cryptocurrency trading between the SEC and the CFTC, is still pending. This type of plumbing legislation is typically implemented covertly and receives little public notice. However, the Trump family’s name is linked to about $1 billion worth of digital assets in this one, which completely alters the situation.
| Topic Snapshot | Details |
|---|---|
| Subject | The Trump family’s crypto holdings and the pending Senate digital-asset legislation |
| Estimated family crypto wealth | More than $1 billion, with some reports placing holdings as high as $11.6 billion |
| Flagship ventures | World Liberty Financial, $TRUMP memecoin, USD1 stablecoin |
| Bill in question | Senate digital-asset market structure legislation (follow-up to the GENIUS Act signed in 2025) |
| Key Democratic negotiators | Sen. Adam Schiff (CA), Sen. Ruben Gallego (AZ) |
| Key Republican voices | Sen. Cynthia Lummis (WY), Sen. Bernie Moreno (OH), Sen. Thom Tillis (NC, retiring) |
| Central sticking point | An ethics provision restricting executive-branch officials, including the president, from sponsoring or profiting from digital assets |
| Reported income from crypto sales (H1 2025) | More than $800 million, per the House Judiciary Committee’s November 2025 staff report |
For over a year, Democrats have been following the family’s cryptocurrency endeavors. The president and his sons co-founded World Liberty Financial, which introduced USD1, a stablecoin. A promotion last spring offered top holders of the $TRUMP memecoin, which is largely controlled by the Trump Organization and its affiliates, a dinner with the president at his golf club in Virginia. Sen. Richard Blumenthal of Connecticut referred to this series of events as a pay-for-play scheme in a now-public letter. The promotion alone caused the token price to rise after weeks of decline.
The Republicans might just force the bill through. On paper, they have the votes. However, they don’t actually have the math. They need Democrats to get past sixty in the Senate, and Democrats have at last discovered a piece of leverage that works. In late April, Arizona Democrat Senator Ruben Gallego, who has generally been supportive of the industry, stated unequivocally: “No ethics provision, no deal.” The surprise then arrived. The same thing was stated by Thom Tillis, the retiring Republican from North Carolina who has been silently criticizing White House nominees for the past year: the bill must include ethics language or he will vote against it.
It’s difficult to ignore that part. When a senior Republican on banking begins to use the word “must,” something has changed. Tillis is not going to run once more. His coworkers are aware that he has nothing left to lose.
It is still unclear what the ethics language would actually entail. Schiff has discussed prohibiting the president and other federal employees from endorsing, sponsoring, or issuing digital assets. The White House has, predictably, claimed that the president has no conflicts of interest because his children manage his assets in a trust. However, this defense seems to be getting weaker every time it is brought up, considering that the same children are the ones creating the businesses.
Alongside Lummis and Moreno, Patrick Witt, the White House’s crypto policy adviser, is allegedly in charge of the administration’s negotiations. Moreno has referred to the discussions as “common sense.” It remains to be seen if common sense can coexist with an eleven-figure family business.
Everyone involved seems to be aware that the window is closing as they watch this play out. The market-structure dream is long gone if the GOP loses either chamber in November. The cryptocurrency sector is aware of this. The Trump family is aware of this. Finally, it appears that the Democrats are aware of this as well.