Banking and Finance Law Daily Wrap Up, FINANCIAL TECHNOLOGY—Warren presses Senate leaders for crypto market structure conflict curbs, (Jul 14, 2026)
Organizations Mentioned:DT Marks Defi LLC | Office of Government Ethics | WLF Holdco LLC | World Liberty Financial
The request follows a disclosure by the Office of Government Ethics that showed President Trump made roughly $1.4 billion in cryptocurrency-venture income in 2025.
Senator Elizabeth Warren (D-Mass.), the Senate Banking Committee's ranking member, urged Senate Majority Leader John Thune (R-S.D.) and Senate Minority Leader Chuck Schumer (D-N.Y.) to add conflict safeguards to any crypto legislation headed to the Senate floor. In her letter, Warren said the safeguards should prevent the President, Vice President, senior administration officials, members of Congress, and their families from profiting off the crypto industry.
The requested safeguard coverage would apply not only to the President and Vice President but also to senior administration officials, members of Congress, and their families, placing executive-branch and legislative-branch financial interests within the same proposed limit.
Disclosure figures. Warren cited the Office of Government Ethics (OGE) release of Trump’s 2025 financial disclosure, issued June 30, 2026, as the basis for the conflict warning. The disclosure, as she described it, showed roughly $1.4 billion from cryptocurrency ventures in 2025, more than double Trump’s total income in 2024 and more than any publicly traded U.S. crypto company earned last year. The letter also said crypto now accounts for the vast majority of his income. Warren said that allowing crypto legislation to move forward without profit restrictions “would be a flagrant giveaway to the President and his family at the expense of the public.”
In her letter, Warren discussed World Liberty Financial, the cryptocurrency company founded by Trump and his sons, and WLF Holdco LLC, which owns World Liberty Financial’s only membership interest. Warren said Trump family members hold a 30 percent stake in DT Marks Defi LLC, a cryptocurrency venture that includes Coinbase accounts worth more than $100 million and a 38.25 percent ownership interest in WLF Holdco. DT Marks Defi generated more than $590 million in income in 2025, and Warren also cited the disclosure as showing that a reported World Liberty Financial deal generated a $263 million windfall for Trump.
Warren expressed concern that Trump is urging Congress to pass cryptocurrency deregulation legislation that would almost certainly boost the value of his crypto holdings. Warren used the OGE disclosure to argue that the Senate’s crypto market structure debate is now tied to potential conflicts involving senior officials and lawmakers who could profit from the crypto industry.
Senator Warren wrote that Thune has indicated he wants a floor vote on the legislation this month despite flaws in the current draft that she said raises concerns about national security, financial stability, consumer protection, and ethics. She said those concerns have become “even more pressing” after Trump’s 2025 financial disclosure, which she said underscored crypto-related conflicts of interest.
Companies: DT Marks Defi LLC; WLF Holdco LLC; World Liberty Financial
LegislativeActivity: Blockchain DirectorsOfficersEmployers FinTech OversightInvestigations