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Roughly two-thirds of the 1.48 million wallets that bought President Donald Trump’s official memecoin had recorded losses at the end of June.The wallets have combined realized and paper losses of $3.81 billion, according to Nansen data first reported by The New York Times.The analysis landed days after Trump’s annual financial disclosure showed a $636 million payout tied to the token and more than $1.4 billion in total crypto-related income for 2025.Nansen found gains were concentrated among early buyers, with fewer than 500,000 wallets up a combined $4.04 billion.

Nansen said nearly 989,000 TRUMP memecoin wallets lost a combined $3.81 billion by the end of June.Trump’s 2025 financial disclosure reported a $636 million payout from the TRUMP memecoin and at least $1.4 billion in crypto-related income.The disclosure has renewed political scrutiny, with Sen. Kirsten Gillibrand pushing for stricter ethics rules in pending crypto legislation.

Gillibrand wants lawmakers and their spouses barred from issuing or promoting crypto memecoins.Trump’s $1.4 billion crypto income disclosure has intensified the Senate ethics debate.Ethics provisions remain a key sticking point in ongoing CLARITY Act negotiations.

Donald Trump said he was unaware of the at least $1.4 billion in crypto income disclosed in his latest financial filing.The disclosure attributes most of the earnings to licensing deals tied to the TRUMP meme coin and WLFI token sales.Trump renewed his call for U.S. crypto leadership as the CLARITY Act faces political and ethics-related hurdles in Congress.

The president’s annual financial disclosure report was released on Tuesday.

Trump’s 2024 election and embracing of crypto has been largely viewed as a major victory for the digital assets industry, but the president’s personal interests in the space have caused some turmoil.“They don’t want to bite the hand that feeds them,” Mark Hays, a senior policy analyst at Americans for Financial Reform (AFR), told The Block when asked about why some lawmakers have been reluctant to be critical of the Trump family earning money from crypto.

World Liberty Financial accused Justin Sun of running “a scorched-earth pressure campaign” against the Trump-family-backed crypto project after his tokens were frozen.Sun, who poured nearly $200 million into WLFI tokens and the TRUMP memecoin, first sued WLFI in late April, accusing the firm of fraudulently blocking his ability to sell a stash of tokens now worth around $240 million.

The bill, which bans AI tools that generate fake nudity and lets victims sue their creators, will go to Governor Walz for his signature.

“Momentum is building for a markup,” a crypto industry source told The Block, which could come as soon as mid-May.However, ethics has also come more into the picture as midterm elections inch closer and Democrats are likely to bring it up in their campaigns.

Trump delivered a direct warning to bankers at a private Mar-a-Lago gala on April 25, telling attendees he would not allow traditional financial institutions to derail the CLARITY Act.The event drew Tether CEO Paolo Ardoino, ARK Invest’s Cathie Wood, Anchorage Digital CEO Nathan McCauley, billionaire Tim Draper, and boxer Mike Tyson, among the top 297 $TRUMP token holders.The Trump intervention comes as the CLARITY Act missed its April Senate Banking Committee markup deadline and faces a final end-of-May window with approximately four working weeks remaining before the Memorial Day recess.

President Trump confirmed his attendance and delivered a keynote at a Mar-a-Lago gala on April 25 open only to the top 297 TRUMP memecoin holders, with the top 29 receiving a private VIP reception.Eligibility was determined by a time-weighted points system measuring holdings between March 12 and April 10, a structure critics say directly rewards people for purchasing a token that financially benefits the Trump family.Senators Warren, Schiff, and Blumenthal sent a formal letter to event organizer Fight LLC calling the gala an egregious conflict of interest and demanding documents and answers.

Trump has confirmed he will attend and deliver a keynote at a Mar-a-Lago gala for top TRUMP memecoin holders.Entry is limited to the top 297 wallets, with a private reception reserved for the top 29 investors.

Sens. Angela Alsobrooks, D-Md., and Thom Tillis, R-N.C., have been working on language to tackle what has become a main sticking point in getting sweeping digital asset legislation passed into law — stablecoin rewards.“… while we believe we are in a good spot on yield, there are other issues to resolve on illicit finance and ethics,” said a spokesperson for Sen. Alsobrooks.

An investment in President Trump's meme coin allegedly upset members of World Liberty Financial’s team, the lawsuit claims.

Section 702 of the Foreign Intelligence Surveillance Act was set to expire Monday; the Senate’s rare Friday session approved the stopgap, sending the measure to Trump for signature.A 10-day extension was the last resort after the House failed 197-228 on a procedural vote for the 18-month plan, following an earlier collapse of a five-year extension with revisions.Trump had lobbied hard all week for a clean long-term renewal, posting on Truth Social urging Republicans to “UNIFY” and calling FISA vital to the Iran war campaign.

Event disclosures allow for Trump’s absence or even cancellation, with top holders potentially receiving an NFT instead of attending.Organizers insist Trump will attend both events, despite same-day travel from Florida to Washington.