Trump memecoin transfers spark CLARITY Act debate in US Senate

Donald Trump’s team moved roughly $16.9 million worth of the Official Trump (TRUMP) memecoin to three Fireblocks custody wallets on July 25, 2026. The on‑chain activity involved about 16.84 million TRUMP tokens—around 9.6 % of the total supply and roughly 40 % of the circulating supply—split across three addresses that have previously forwarded tokens to BitGo.

At the time of the transfers the token was trading near $1.55‑$1.57, an 83 % decline from its one‑year high and about a 98 % drop from the $73.43 peak in January 2025. Analysts note that insiders still control about 80 % of the total token supply, with 670 million tokens already unlocked.

The moves coincide with intense Senate negotiations over the Digital Asset Market CLARITY Act, a bill that would set ethics rules for public officials’ crypto holdings. Democrats contend that the bill’s current provisions, which would leave enforcement to the Justice Department, do not adequately prevent Trump and his family from profiting from the $1.4 billion crypto windfall reported for 2025. Senator Angela Alsobrooks called the ethics provisions “the linchpin” of the debate, while Senate Majority Leader John Thune warned the legislation is unlikely to pass before the August recess.

The combination of large token transfers and the stalled legislation highlights the growing entanglement of political oversight and high‑value crypto assets.