If Democrats secure a majority in the House of Representatives in the November midterm elections, the immediate priority is expected to be summoning President Donald Trump to testify about his finances and cryptocurrency dealings.
Meanwhile, the crypto industry's market structure bill, the CLARITY Act, may remain under consideration far longer than stakeholders would like.
What Would a Democratic House Majority Mean for Trump?
Representative Jamie Raskin of Maryland, the leading Democrat on the House Judiciary Committee, is expected to assume the chairmanship if Democrats win in November. He views the corruption surrounding presidential power as a “civil emergency” and stated that a Democratic majority would allow his party to “hold hearings, question witnesses, use subpoenas to compel witness appearances.”
A long list of potential targets for Raskin includes Attorney General Pam Bondi, whom he has already threatened with a subpoena regarding the Justice Department's handling of Jeffrey Epstein cases. He will also seek answers regarding the $1.8 billion "anti-gun use" fund for Trump allies and alleged violations of the foreign emoluments clause.
Trump reported cryptocurrency earnings exceeding $1 billion for 2025. His 927-page financial disclosure filed with the U.S. Office of Government Ethics shows he earned approximately $635 million in royalties from "Celebration Coins" related to his memecoin business $TRUMP.
Reportedly, over $500 million came from sales at the cryptocurrency company World Liberty Financial, co-founded by members of his family.
Representative Yassamin Ansari, a Democrat from Arizona, has already petitioned the House Oversight Committee to subpoena the president's 20-year-old son, Barron, regarding the family's ties to imprisoned influencers Andrew and Tristan Tate. Ansari stated on a podcast that “Barron Trump is an adult wielding significant influence over the White House.”
Barron is a co-founder of World Liberty Financial, and his cryptocurrency holdings are estimated at around $150 million. The request to subpoena him is currently stalled while Republicans control the process.
Why Has the CLARITY Act Stalled?
The CLARITY Act, which crypto companies have lobbied for all year, is stuck in the Senate. Senate Majority Leader John Thune confirmed the chamber will not vote on the bill before the August recess, delaying consideration until at least September 14, Cryptopolitan reports.
Republicans hold 53 seats in the Senate, fewer than the 60 needed to overcome a filibuster, meaning significant Democratic support is needed to advance the bill.
However, Democrats have refused to support the bill until it addresses conflict of interest concerns related to Trump's cryptocurrency assets. A group of roughly a dozen Democrats has expressed willingness to back the bill, but they insist on including an ethics provision that would restrict Trump's ability to profit from his family's crypto business.
Senator Thom Tillis, the retiring Republican from North Carolina, and Senator Ruben Gallego, a Democrat from Arizona, have teamed up to put forward a counter-proposal that includes requiring Trump to divest from fossil fuel investments, but it is unclear whether the White House and other Republicans will accept it.
Senators Elizabeth Warren and Richard Blumenthal have petitioned the Securities and Exchange Commission to investigate whether the $TRUMP memecoin is an “illegal grift” and potential “fraud scheme,” noting that nearly a million investors have lost over $3.8 billion on the coin, while Trump himself made $636 million.
According to Data for Progress, cryptocurrency companies, AI firms, and big tech giants have collectively spent $294 million on campaign efforts this cycle, accounting for over half of all corporate spending on nonpartisan activities.
Polymarket estimates the odds of the CLARITY Act passing this year at about 38%, down from a previous high above 80%. The odds for the Kal'sh Act passing are even lower, at around 20% in 2026.
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