Trump Cashes In on Crypto as Lawmakers Prepare to Tackle Legislation

US lawmakers are poised to tackle legislation on cryptocurrency, but it's not just about setting regulatory ground rules. President Trump has cashed in on crypto, earning over $500 million from a firm run by his sons and a Trump aide. The latest financial disclosure shows the president's transactions with this firm, World Liberty Financial, which was approved for a banking charter last month.

The Senate is set to take up legislation on cryptocurrency when they return in mid-September. This comes after Congress passed a crypto bill into law in 2025, which Trump signed. However, the U.S. politics around cryptocurrency have shifted since then, with Democrats pushing for congressional hearings into the Trump family's financial ties with cryptocurrency businesses.

The Office of the Comptroller of the Currency approved a banking charter for World Liberty Financial on August 14, but it was done on a conditional basis. The firm has been linked to the United Arab Emirates national security officials purchasing a financial stake in the company. Senate Democrats have demanded an investigation into this arrangement.

Crypto companies have lobbied for years to be regulated by the Commodities and Futures Trading Commission, which is seen as a 'much smaller, less well-resourced agency with a much narrower investor protection mandate' compared to the SEC. However, critics argue that this would allow loopholes for fraud and corruption.