The minority staff of the U.S. Senate Committee on Banking, Housing and Urban Affairs, led by Ranking Member Elizabeth Warren, published an analysis of new crypto market structure legislative text arguing that its ethics provisions would not stop President Donald Trump from continuing to profit from cryptocurrency activities. The analysis says the latest draft leaves gaps that would permit profits through intermediaries, licensing arrangements, existing ventures such as World Liberty Financial, continued memecoin-related activity, and new crypto ventures structured through family members or affiliated entities. It also says the bill would still allow Trump to hold, trade and invest in unlimited amounts of digital assets while taking official actions on digital asset policy and regulation. The analysis argues that the draft explicitly protects continued use of Trump’s name, image or likeness by existing crypto issuers or sponsors, which it says would allow additional sales of the $TRUMP memecoin after the law takes effect. It also points to Trump’s reported crypto-related earnings and holdings, citing USD 799 million from World Liberty Financial, USD 636 million from the $TRUMP memecoin in 2025, and at least USD 100 million in Bitcoin and Ethereum. On enforcement, the staff says the bill would make the Department of Justice the sole enforcer during Trump’s presidency, bar state attorneys general and private parties from bringing cases, and prevent a future Department of Justice from pursuing violations committed while Trump was in office. Warren’s accompanying statement says the bill should be rejected, arguing that beyond the ethics provisions it still fails to adequately protect investors, the financial system and national security.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-07-22
U.S. Senate Committee on Banking, Housing and Urban Affairs minority staff publishes analysis alleging crypto bill leaves ethics loopholes around Trump crypto profits
The minority staff of the U.S. Senate Committee on Banking, Housing and Urban Affairs released an analysis arguing that new crypto bill text leaves major ethics loopholes and would not prevent President Donald Trump from profiting from crypto ventures. It says the draft would still allow profits through existing and new structures, continued memecoin-related income, and unlimited personal crypto holdings while shaping digital asset policy. The analysis also argues enforcement would be ineffective because only the Department of Justice could act during Trump’s term and future enforcement would be cut off after he leaves office.