U.S. President Donald Trump sidestepped questions Friday about whether he would divest from his family’s cryptocurrency ventures to ease tensions surrounding major crypto legislation pending in Congress.
During a White House press briefing, a reporter pressed Trump about growing Democratic opposition to advancing bills that could expand the industry’s regulatory clarity, citing concerns over the president’s personal financial stakes.
“Many Democrats have said that they are not going to support crypto bills in Congress only because of you and your family’s personal crypto ventures,” the reporter asked.
Trump declined to answer directly, instead offering a broad defense of the industry’s importance.
“I became a fan of crypto, and to me, it’s an industry,” Trump said. “If we did not have it, China would, or somebody else would, but most likely China would love to. We have created a very powerful industry, and that is much more important than anything that we invest in.”
His remarks come as multiple Democratic lawmakers have suggested that without assurances of divestment or restrictions on personal holdings, they will not back the bipartisan push to finalize stablecoin and market structure legislation this year.
Lawmakers Raise Alarm Over Potential Conflicts of Interest
The tension underscores a widening rift in Congress over the optics of advancing crypto-friendly policies while the president and his family hold billions in governance tokens through their venture, World Liberty Financial.
Since Trump’s re-election, the administration has prioritized positioning the U.S. as the global center for digital asset innovation, including urging lawmakers to fast-track the GENIUS Stablecoin Act and market structure reforms.
But critics argue the president’s financial ties to the sector present a conflict that undermines public trust in the policymaking process.
While Republican leaders insist the president has a right to participate in private business, Democrats have warned that continued inaction to address the perceived conflicts could stall legislative momentum built since 2024.
Democrats Push New Bill to Curb Presidential Crypto Holdings
As part of a broader effort to separate personal enrichment from public policy, California Senator Adam Schiff introduced legislation this week aimed squarely at limiting presidential involvement in the sector.
The Curbing Officials’ Income and Nondisclosure (COIN) Act would prohibit the president, immediate family members, and senior executive branch officials from issuing or endorsing any digital asset while in office.
“Donald Trump and other senior administration officials have made a fortune off of crypto schemes,” Schiff posted on X.
“Today, I am introducing the COIN Act to put a stop to this corruption in plain sight.”
The GENIUS Stablecoin bill passed the Senate last month in a 68–30 vote, but Schiff’s proposed amendments to impose stricter conflict-of-interest rules were excluded from the final version.
With the House yet to schedule a vote and several other bills awaiting markup, the question of whether Trump will divest remains a key obstacle.
Quick Facts
- President Trump defended his crypto ties, declining to commit to divesting holdings in World Liberty Financial.
- Democratic lawmakers have warned the conflict could derail crypto bills, including the GENIUS Stablecoin Act.
- Senator Adam Schiff introduced the COIN Act to bar presidents and top officials from issuing or endorsing digital assets.
- The stablecoin legislation cleared the Senate but still needs House approval amid mounting scrutiny of Trump’s investments.
