Aug. 21, 2026, 5:00 a.m. ET
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Washington
One of the most persistent criticisms of President Donald Trump has to do with his vast and growing personal fortune – and that of his family members and associates. Nearly every week, it seems, new Trump money-making ventures come to light, triggering cries of conflict of interest and of profiting off the presidency, even if the ventures are technically legal.
Last week, for example, news broke that a Trump-appointed regulator had granted preliminary approval for the Trump-affiliated cryptocurrency business, World Liberty Financial, to receive a federal charter as a bank.
Earlier this month, the company that runs Mr. Trump’s social media platform, Truth Social, rolled out an up-to-$100,000-a-month subscription service granting early access to the president’s posts, which have the potential to move financial markets. The service faces a federal lawsuit alleging it violates constitutional rights to equal access.
President Donald Trump has asserted that “nobody” cares if he and his family are making big money during his presidency. But some voters in his own party say ethical standards have declined. And midterm elections might allow Democrats to put new scrutiny on the issue.
Even the small stuff counts. From sneakers and fragrances to kitchenware and spa towels, new merchandise in the online Trump Store brings in millions of dollars a year, according to the watchdog group Citizens for Responsibility and Ethics in Washington.
So far, Democrats have had little recourse but to complain over what they see as unethical or at least unseemly presidential profit-making, unlike any in American history. The party controls no branches of government.
But as the November midterm elections fast approach, that could soon change.
With Democrats favored to win a majority in the House and potentially even the Senate, the party stands to gain control of committees and the subpoena power that comes with it. In theory, a Democratic Congress could even impeach Mr. Trump again, though as of now there’s little appetite for that, key House Democrats say. Some believe the last impeachment backfired politically.
Rep. Jamie Raskin of Maryland, the top Democrat on the House Judiciary Committee, told MS NOW recently that a new Democratic majority in Congress would focus on investigating Mr. Trump and allies, “holding them accountable for every grift and rip-off,” using the power of the subpoena. In addition to the crypto ventures, Mr. Raskin cited controversial presidential pardons (and allegations of “pay to play”) and the nearly $1.8 billion federal “weaponization” fund Mr. Trump has tried to create to compensate people claiming to be victims of government overreach.
Crypto, in particular, would likely be a major focus of hearings, with Democrats seeking to compel testimony from witnesses both inside and outside government, as well as access to relevant documents. For Mr. Trump and his allies, the potential danger comes not only in what is said under oath in a congressional hearing room but also any information that could provide legal fodder for accountability outside of Congress.
In 2025 alone, the president earned $1.4 billion just from crypto, out of an overall annual income for the year topping $2 billion, according to the financial disclosure form released July 1. Mr. Trump’s net worth tops $6 billion, Forbes reports, most of it accrued during his second term and the 2024 campaign cycle.
In the upper chamber, Sen. Elizabeth Warren of Massachusetts, the top Democrat on the Senate Banking Committee, is leading the charge against World Liberty Financial’s effort to receive a full charter as a “trust bank” from the Office of the Comptroller of the Currency, the bank regulatory arm of the Treasury Department.
“This is the most brazen act of self-dealing our financial system has ever seen,” Senator Warren wrote on X on Aug. 14. “I’m introducing a bill to stop this kind of unprecedented corruption.”
World Liberty Financial’s management includes the president’s sons and the sons of Trump special envoy Steve Witkoff. The president himself holds the title of “chief crypto advocate.”
