US President Donald Trump declared in his latest financial disclosure to the Office of Government Ethics that his income linked to the $TRUMP memecoin exceeded $600 million in 2025. The filing once again spotlighted the substantial share of crypto asset gains within Trump’s overall earnings.
Debate grows over the scale of crypto-related income
According to figures from the disclosure, Trump’s total crypto-related income reached $1.4 billion last year. This represents more than half of the reported $2.2 billion in total income for 2025. Key items include $635 million in memecoin royalty revenue, $527 million from token sales via the Trump family-affiliated decentralized finance initiative World Liberty Financial, and roughly $263 million from stakes in holding companies connected to this structure.
Mini glossary: DeFi, or decentralized finance, refers to financial applications that run on blockchain smart contracts rather than through traditional intermediaries. Stablecoins are digital assets designed to maintain a fixed value, usually pegged to fiat currencies like the dollar.
| Income source | Amount |
|---|---|
| $TRUMP memecoin royalty income | $635 million |
| World Liberty Financial token sales | $527 million |
| Holdings in WLF-linked companies | Approximately $263 million |
| Total crypto-related income | $1.4 billion |
Former White House ethics lawyer Richard Painter told NPR that similar moves by other executive officials could be restricted under federal conflict of interest laws.
Richard Painter argued that Trump is the only president with financial conflicts of interest at this scale.
The White House denied allegations of financial conflicts of interest. Spokesperson Anna Kelly stated that Trump has made the US “the world’s crypto capital,” and clarified that the president’s investments are managed by external entities without his direct involvement.
Gillibrand seeks tougher ethics rules
New York Senator Kirsten Gillibrand reiterated her call for stronger ethical provisions in upcoming crypto legislation before the Senate. As one of the leading voices on CLARITY Act discussions, Gillibrand emphasized her support for measures restricting earnings from digital assets by the president, members of Congress, and their families.
Kirsten Gillibrand stressed that lawmakers, senior officials, presidents, and vice presidents should not be able to use their privileged access to profit from these sectors.
Gillibrand is also backing the End Crypto Corruption Act, introduced by Senator Jeff Merkley and supported by 19 Democratic senators. This bill aims to prohibit senior public officials and their family members from issuing, promoting, or endorsing cryptocurrencies, memecoins, tokens, NFTs, or stablecoins.
Senate gridlock centers on ethics provisions
The Senate Banking Committee advanced a package of amendments to the market structure bill on May 14, approving it by a vote of 15 to 9. Democratic Senators Ruben Gallego and Angela Alsobrooks, both supporters of the bill, warned they would condition their continued support on stronger ethics protections at the full Senate stage.
Senator Elizabeth Warren argued that the current draft could exacerbate existing problems. Republican Senator Tim Scott called for a full Senate vote this month, while House Financial Services Committee Chair French Hill urged the Senate to complete its work before the August recess.
However, consensus must be reached between the Senate version and the market structure bill previously passed by the House. A Republican Senate aide acknowledged that tensions between the two chambers persist, with ongoing talks on ethical language, anti-money laundering provisions, and oversight of decentralized finance networks.
Gillibrand also faces conflict of interest scrutiny
Ethics debates have not been limited to Trump. In a July 2 report, Politico revealed that Chris Larsen, co-founder of Ripple, has invested in the American Perpetuals Exchange Corp, a derivatives startup launched by Gillibrand’s 22-year-old son Theodore. Ripple is recognized as a leading crypto lobbying force in Washington and is a direct stakeholder in the CLARITY Act negotiations led by Gillibrand.
Gillibrand’s office said her son is an independent adult pursuing his own business and that the senator has no involvement in the company. While no legal wrongdoing is alleged, the prospects for Senate crypto legislation are widely seen as hinging on agreement over ethics provisions.
