Senate staff mapped Trump's $1.4B in reported crypto income against the CLARITY Act's ethics language and concluded licensing deals, third-party issuers, and family entities would remain permissible.
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Senate Banking Committee minority staff released a new analysis July 30 that maps President Donald Trump's reported crypto income against the CLARITY Act's proposed ethics language and concludes the bill's restrictions would leave his major revenue streams untouched. The findings land as Senate leaders weigh scheduling a floor vote and could deepen Democratic resistance to the legislation.
Minority staff calculated roughly $1.4 billion in crypto-related income from Trump's 2025 financial disclosure, then walked each revenue source through the bill's revised ethics provisions. World Liberty Financial accounted for about $799 million of that total, they said. The TRUMP memecoin contributed another $635 million through a licensing agreement with CIC Digital LLC, the staff analysis found.
Trump's disclosure lists $635.1 million in royalties from a Celebration Coins licensing agreement tied to CIC Digital. It also reports bitcoin and ether wallets each valued above $50 million, plus validator rewards from Coinbase staking agreements. World Liberty entries include hundreds of millions from token sales, $65.6 million from an equity sale, and additional wallet-linked proceeds.
The Senate CLARITY Act draft would prohibit covered officials and their spouses from issuing or sponsoring digital assets for compensation during specified periods. It includes provisions for qualified blind trusts, unauthorized third-party activity, continued use of an official's likeness, and ownership of digital assets as investments.
Minority staff argued that each of those carveouts preserves Trump's existing arrangements. Intermediaries, licensing agreements, and third-party issuers could direct proceeds toward Trump without making him the formal issuer or sponsor, the analysis said. The same logic would extend to family-affiliated entities.
"Any updated ethics provision must close these massive loopholes," the minority staff said after reviewing the revised language.
The new analysis expands on earlier Democratic criticism that identified five alleged loopholes in the bill's ethics framework. Seven Democratic senators previously sought stronger provisions covering elected-official ethics, consumer protection, illicit finance, conflicts of interest, and market integrity. The July 30 analysis renews those objections by arguing the revised language leaves the largest financial arrangements structurally unchanged.
Enforcement remains a separate flashpoint. Minority staff objected to exclusive federal authority over crypto enforcement and a provision that would end enforcement after the covered official leaves office. Supporters of the bill maintain that federal enforcement follows existing ethics-law structures. Democrats want additional mechanisms for addressing presidential crypto conflicts and enforcement continuity.
The White House's reported approval of a CLARITY Act ethics package revived the legislation after negotiations stalled over presidential conflict-of-interest provisions and enforcement rules. The new minority staff findings intensify that unresolved dispute, leaving senators to determine whether the current restrictions can attract the cross-party support needed for final passage.
New York Attorney General Letitia James separately urged Congress to strengthen cryptocurrency regulation as the FBI reported more than $11 billion in crypto-related losses last year.
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