Trump has launched a slate of crypto-friendly policies since returning to the White House for a second term.

A new government report has shown that United States President Donald Trump made millions from cryptocurrency and settlements with media companies last year, raising questions about possible conflicts of interest.

On Tuesday, the US Office of Government Ethics released annual financial disclosure forms for both Trump and his vice president, JD Vance.

One 927-page document itemises all of Trump’s reported assets and income for 2025. They include more than $1.4bn from his family’s cryptocurrency ventures.

Trump received more than $500m from World Liberty Financial, a crypto venture he and his sons co-founded. The president also reported another $635m from the sale of his $TRUMP meme coins.

The report suggests that investments in digital assets now generate one of the largest tranches of Trump’s income, overtaking even the real estate empire he inherited from his father.

The revelation is likely to intensify scrutiny of Trump’s policies.

Since returning to the White House in January 2025, Trump has launched a slate of crypto-friendly policies as he seeks to make the US the “crypto capital of the world”.

Early in his second term, for instance, the president announced that his government would create a national strategic cryptocurrency reserve to help ensure the stability of certain digital assets.

He also hosted the first-ever White House cryptocurrency summit.

The forum included several technology leaders that had been under investigation during the administration of Trump’s predecessor, Democrat Joe Biden.

But Trump reversed those actions. In February 2025, for instance, the Securities and Exchange Commission announced it would drop charges against Coinbase, the largest US-based cryptocurrency exchange, after it was accused of acting as an unregistered broker.

Other digital currency firms came under suspicion for fraudulent transactions.

Trump has coupled the shift away from government oversight with efforts to champion new legislation, including the GENIUS Act.

The law, passed in Congress in July 2025, created a general regulatory framework that required stablecoin, a type of cryptocurrency, to be backed one-to-one by US dollars. Advocates said the law would help to make cryptocurrency more mainstream.

“The entire crypto community: For years, you were mocked and dismissed and counted out,” Trump said during the law’s signing ceremony. “You were counted out as little as a year and a half ago, but this signing is a massive validation.”

But Trump’s increasingly close ties to the cryptocurrency industry have drawn criticism for its potential for corruption.

Last week, five Democratic senators, including Elizabeth Warren and Richard Blumenthal, called on their Republican colleagues to join them in forcing Trump administration officials to testify under oath about their cryptocurrency dealings.

They pointed to investments from the United Arab Emirates (UAE) in World Liberty Financial, the company the Trump family co-owns with government envoy Steve Witkoff’s sons.

Those investments, they argued, “raise questions about what more the UAE may receive — or may have already received – at the expense of U.S. national security after investing in the Trump family crypto company”.

The five Democrats urged immediate hearings on the matter.