If U.S. Democrats win a House majority in November's midterm elections, launching investigations into U.S. President Donald Trump's finances and cryptocurrency business is expected to rise as Congress' top priority.

On Aug. 8 local time, blockchain outlet Cryptopolitan reported that the market-structure bill known as the Clarity bill, which the crypto industry has pushed throughout the year, could drift for longer amid that political landscape.

A key issue is that Democrats are making potential conflicts of interest between the Trump family's crypto business and the presidency a precondition for moving the bill. There is also speculation that demands for subpoenas and hearings that were put on hold while Republicans held the House could be restarted at once if the majority changes.

Jamie Raskin (제이미 래스킨), the top Democrat on the House Judiciary Committee from Maryland, said Democrats could use hearings, deposition transcripts and subpoenas if they retake the House. He called corruption issues surrounding the president a "national emergency". Targets include Attorney General Pam Bondi, an anti-weaponisation fund worth $1.8 billion for Trump associates and suspected violations of the foreign emoluments clause.

Trump's disclosed crypto-related income for 2025 is also at issue. A 927-page financial disclosure filed with the U.S. Office of Government Ethics shows Trump reported more than $1 billion in related income. About $635 million of that was royalty income from "Celebration Coin" tied to the TRUMP memecoin business. More than $500 million was reported as sales income from World Liberty Financial (WLFI), a cryptocurrency company co-founded by family members.

Democratic Representative Yassamin Ansari (야사민 안사리) of Arizona has already asked the House Oversight Committee to subpoena Barron Trump. Barron Trump, a co-founder of World Liberty Financial, is estimated to hold about $150 million in crypto assets. The subpoena request is currently frozen while Republicans hold the House gavel.

Consideration of the Clarity bill has also effectively stopped. Senate Republican leader John Thune confirmed he will not bring the bill to a vote before the August recess, delaying Senate debate until after Sept. 14. Because 60 votes are needed to overcome a filibuster, Democratic cooperation is unavoidable for passage.

Democrats say they will not support the bill unless it reflects conflicts of interest related to Trump's crypto holdings. About 12 Democratic lawmakers have left open the possibility of backing it, but they are calling for ethics provisions that limit how the Trump family profits from crypto businesses. Republican Senator Thom Tillis (톰 틸리스) of North Carolina and Democratic Senator Ruben Gallego (루벤 가예고) of Arizona jointly proposed an amendment requiring Trump to divest assets, but it is unclear whether the White House and other Republicans will accept it.

Hardline views are also growing among Senate Democrats. In early August, Senators Elizabeth Warren and Richard Blumenthal asked the U.S. Securities and Exchange Commission to investigate whether the TRUMP memecoin amounts to a so-called "rug pull" crime. The two senators said up to 1 million investors lost more than $3.8 billion on the coin, while Trump himself earned $636 million.

Markets are also quickly lowering expectations the bill will pass. Prediction market Polymarket put the odds of the Clarity bill passing this year at about 38 percent, down sharply from more than 80 percent previously. On Kalshi, the odds of passage in 2026 are seen at about 20 percent.

The issue shows that discussions on crypto regulation are not driven only by an industry-promotion frame, and that they have become directly intertwined with presidential conflict-of-interest questions through the presidential and midterm elections. As a result, depending on the outcome of the November midterms, U.S. congressional priorities are more likely to tilt toward scrutinising the Trump family's crypto business than toward overhauling market structure.