President Donald Trump's 2025 financial disclosure shows $1.4 billion in crypto-related income, representing more than half of his total $2.2 billion reported earnings. The single largest source was $635 million in royalties from the $TRUMP memecoin, a digital asset tied to his brand.
DeFi Token Sales and Holdings Add $790M
Beyond memecoin royalties, Trump earned $527 million from token sales via World Liberty Financial (WLF), a decentralized finance initiative linked to the Trump family. Another $263 million came from stakes in holding companies tied to WLF's structure. White House spokesperson Anna Kelly said the president's investments are managed by external entities and that he is not directly involved in day-to-day operations.
Ex-Ethics Lawyer Flags 'Unprecedented' Conflict
Former White House ethics chief Richard Painter told NPR that similar income streams for other executive officials would violate federal conflict-of-interest laws. Painter called Trump "the only president with financial conflicts at this scale." The White House denied any impropriety, touting Trump's role in making the U.S. "the world's crypto capital."
Gillibrand Pushes End Crypto Corruption Act
Senator Kirsten Gillibrand renewed her call for strict ethics provisions in upcoming crypto legislation. She backs the End Crypto Corruption Act, introduced by Senator Jeff Merkley, which would bar the president, vice president, members of Congress, and their families from issuing, promoting, or endorsing cryptocurrencies, memecoins, NFTs, or stablecoins. Gillibrand argued that public officials should not profit from privileged access to these sectors.
Senate Panel Advances Bill as Ethics Stalemate Persists
On May 14, the Senate Banking Committee voted 15-9 to advance a package of amendments to a market structure bill. Democrats Ruben Gallego and Angela Alsobrooks warned they would withhold full-Senate support unless stronger ethics protections are added. Republican Senator Tim Scott urged a floor vote this month, while House Financial Services Chair French Hill pressed the Senate to finish before August recess. Disagreements remain over ethical language, anti-money laundering rules, and DeFi oversight between the two chambers.
Gillibrand's Own Ethics Scrutiny Heats Up
On July 2, Politico reported that Ripple co-founder Chris Larsen invested in American Perpetuals Exchange Corp, a derivatives startup launched by Gillibrand's 22-year-old son Theodore. Ripple is a major crypto lobbying force in Washington and a direct stakeholder in the CLARITY Act negotiations led by Gillibrand. Her office stated that her son is an independent adult and that the senator has no involvement in the company. While no legal violation has been alleged, the episode complicates the already tense negotiations over ethics provisions in Senate crypto legislation.