U.S. special envoy Steve Witkoff reported nearly $107 million in 2025 income from a holding company tied to World Liberty Financial, days before a decisive Senate crypto vote.
Key Points:
- Witkoff's filing shows roughly triple the income he disclosed from the same entity a year earlier.
- Senators hold a procedural vote on the CLARITY Act on Sept. 15, and it needs 60 votes to advance.
- Seven Senate Democrats say the bill's ethics language still does not go far enough.
Witkoff Filing Details $107M Crypto Income
The disclosure, filed with the Office of Government Ethics and obtained by an ethics watchdog, showed income split between roughly $69 million in cash and about $38 million in digital assets. That figure jumped from the $34 million Witkoff reported from the same holding company a year earlier, roughly a threefold increase.
The filing lists the money as one line and never separates crypto revenue from the resort, golf and residential real estate businesses inside the same corporate structure. Witkoff also reported $120 million from the sale of a stake in his real estate firm, a transaction his filing described as part of divestiture planning. No buyer was identified.
A White House spokesperson said Witkoff has "fully divested from World Liberty Financial" and that his earlier commercial dealings have nothing to do with the peace talks he handles for President Donald Trump in the Middle East.
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CLARITY Act Ethics Fight Splits Democrats
Senators return Monday and vote Tuesday afternoon on whether to open debate on the market structure bill, which cleared the House in July 2025 by 294 to 134. Republicans hold 53 seats, so backers need at least seven Democrats. Prediction markets now put the odds of passage this year near 16%, down from 82% in February.
Seven Democratic senators have said the draft falls short on ethics, consumer protection and illicit finance, and Kirsten Gillibrand will not support it without an enforceable ban on presidents profiting from crypto. The text bars covered officials from issuing digital assets while in office, hands enforcement to the Justice Department alone, and expires on Jan. 20, 2029, the day Trump leaves office.
World Liberty Ties Draw Long Scrutiny
Trump reported an estimated $1.4 billion in crypto income last year, a figure that includes $526 million from token sales through World Liberty. The venture is run by Witkoff's son Zach Witkoff alongside Trump's three sons, and both older men once carried the title of co-founder emeritus. Scrutiny has been building for months.
Regulators granted the firm's trust company preliminary conditional approval on Aug. 14, opening a path toward federal supervision of its USD1 (USD1) stablecoin, now the fourth largest by market value.
A group led by the United Arab Emirates' national security adviser backs a 49% stake in that bank's holding company, while an entity tied to the Trump family owns 38%.
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