US President Donald Trump declared in his latest financial statement submitted to the Office of Government Ethics that his $TRUMP memecoin-related income exceeded $600 million in 2025. The notification also brought to the agenda the weight of earnings from crypto assets in Trump’s total income.
The size of crypto revenues sparked controversy
Trump’s total crypto-related income reached $1.4 billion last year, according to figures included in the financial disclosure. This amount accounts for more than half of the $2.2 billion in total revenue reported for 2025. Items include $635 million in memecoin royalty income, $527 million from token sales distributed through World Liberty Financial, a decentralized finance project affiliated with the Trump family, and approximately $263 million from shares in holdings affiliated with this structure.
Mini dictionary: DeFi, or decentralized finance, refers to financial applications that work with smart contracts on the blockchain instead of intermediary institutions. Stablecoin, on the other hand, is a digital asset whose value attempts to be fixed to an asset, usually the dollar.
| income item | Amount |
|---|---|
| $TRUMP memecoin royalty income | $635 million |
| World Liberty Financial token sales | $527 million |
| WLF-related holding shares | Approximately 263 million dollars |
| Total crypto-related revenue | $1.4 billion |
Former White House ethics attorney Richard Painter told NPR that similar actions could be blocked by federal conflict of interest rules for other executive branch officials.
Richard Painter argued that Trump is the only person who, as president, has a financial conflict of interest on this scale.
The White House denied allegations of financial conflict of interest. Spokesperson Anna Kelly said that Trump has turned the United States into the “crypto capital of the world” and expressed the view that the president’s investments are managed by outside institutions without his involvement.
Gillibrand wants to tighten ethics rules
New York Senator Kirsten Gillibrand reiterated her call for stronger ethical provisions in crypto regulations, which are expected to come to the Senate agenda. Gillibrand, one of the prominent figures in the CLARITY Act negotiations, stated that the president wants articles that limit members of Congress and their families from profiting from digital assets.
Kirsten Gillibrand emphasized that members of Congress, senior administration officials, presidents and vice presidents cannot be allowed to enrich themselves from these industries thanks to their insider access.
Gillibrand is also among the supporters of the End Crypto Corruption Act bill introduced by Senator Jeff Merkley and supported by 19 Democratic senators. The proposal aims to ban senior public officials and their families from issuing, supporting or promoting cryptocurrencies, memecoins, tokens, NFTs and stablecoins.
The real knot in the Senate was gathered in the ethics articles
The Senate Banking Committee advanced the package of amendments to the market structure bill by a vote of 15-9 on May 14. Democratic senators Ruben Gallego and Angela Alsobrooks, who supported the bill, warned that their support at the plenary stage would depend on the addition of ethical protections.
Senator Elizabeth Warren also argued that the bill in its current form could exacerbate the problems. While Republican Senator Tim Scott wants a full Senate vote this month, House Financial Services Committee Chairman French Hill said the Senate should complete its work before the August break.
On the other hand, it will be necessary to reach a compromise between the Senate text and the market structure bill previously accepted by the House of Representatives. A Republican Senate aide acknowledged that tensions between the two wings remain, but said discussions are ongoing on ethics language, anti-money laundering provisions and oversight of decentralized financial networks.
Gillibrand also faced conflict of interest questions
Ethical debates did not remain only on the Trump front. In its news dated July 2, Politico wrote that Ripple co-founder Chris Larsen invested in American Perpetuals Exchange Corp, a derivatives startup founded by Gillibrand’s 22-year-old son Theodore. Ripple is known as one of the most effective lobbying actors in the crypto space in Washington and is a direct stakeholder in the CLARITY Act negotiated by Gillibrand.
Gillibrand’s office said her son was an adult who started an independent business and that the senator had nothing to do with the venture. Although no allegations of illegality have been made, the consensus on ethics clauses is expected to be decisive in the future of crypto regulations in the Senate.
