New Delhi, July 3 -- WASHINGTON - While the Senate was negotiating the most sweeping cryptocurrency legislation in American history, the president who would sign it into law was already collecting royalties from the same industry. Donald Trump's annual financial disclosure, filed Wednesday with the federal Office of Government Ethics, showed more than $1.4 billion in cryptocurrency income for 2025 - a figure that transformed what had been an abstract conflict-of-interest argument into a documented financial fact at the precise moment Congress was trying to write the rules.

The breakdown in the disclosure is specific. Royalties from Celebration Coins, the company behind the TRUMP and MELANIA meme tokens that Trump endorsed days before his...