Regulation

Trump's 28,700 Trades and the HONEST Act: What the Filings Show

Bloomberg counted about 28,700 trades in Trump's accounts. What the filings show, how the House bill and Hawley's HONEST Act differ, and what it means for crypto.

Video: Trump's 28,700 Trades and the HONEST Act: What the Filings Show

Key takeaways

  • Bloomberg's count of about 28,700 securities trades comes from Trump's own Office of Government Ethics disclosures, which report each trade as a value range, not an exact amount.
  • The $1.86 billion figure is the top of a $600 million to $1.86 billion range of total 2025 trading activity across eight accounts. It is not profit.
  • Two different bills are in play. The House bill Trump backs, H.R. 7008, leaves the president out. Hawley's Senate HONEST Act covers the president only after his current term.
  • The White House says outside firms manage the portfolio. The trade-and-contract timing the video highlights is not, on its own, evidence of wrongdoing.
  • Self-custody changes who holds your keys. It does not stop crypto prices from reacting to political news.

Bloomberg reviewed Donald Trump’s financial disclosures and counted roughly 28,700 securities trades in his accounts between January 20, 2025 and the end of June 2026, more than the roughly 22,200 trades logged by all 535 members of Congress combined. The report comes as Congress weighs stock-trading bans, including a House-passed bill that leaves the president out. The filings show trading activity. They do not show who chose the trades or why.

For crypto holders, the story matters for two reasons. It feeds an old argument about who gets to trade on information before everyone else, and a Bullrunners video uses it to make a case for holding crypto in self-custody. This article separates what the filings show from the video’s interpretation, sorts out which bill does what, and looks at what the crypto argument does and does not solve.

What did Bloomberg find in Trump’s disclosures?

Bloomberg found about 28,700 securities trades in the president’s accounts over roughly 17 months. Bloomberg uses “securities” because the count includes some trades that are not stocks. The data comes from forms filed with the Office of Government Ethics, the agency that handles financial disclosures for executive-branch officials. These are official filings from the president’s own team, not leaks or rumors.

The main reported figures:

  • About 28,700 trades from inauguration day, January 20, 2025, to the end of June 2026.
  • About 22,200 trades by every member of Congress combined over the same window. The president’s accounts logged about 6,500 more, or close to 30% more.
  • About 80 trades per market day, per Bloomberg’s breakdown.
  • 1,156 trades in July 2026, valued between $79 million and $270 million. The video works this out to roughly one trade every seven and a half minutes the market was open.
  • Eight accounts with total trading activity in 2025 of between $600 million and $1.86 billion, covering about 21,000 trades that year.

A Morning Joe segment shown in the video put the pace at “nearly 60 stock trades a day, every day” since the president took office. That does not conflict with Bloomberg’s figure. Spread across every calendar day, the count works out to about 54 a day. Counting only days the market is open gives about 79.

Did Trump make $1.86 billion?

No. The video’s opening says Trump “made” $1.86 billion in stock trades. But $1.86 billion is the upper end of total trading activity in 2025, meaning buys and sells added together. That is not profit.

The ranges exist because ethics disclosures list each trade within a value band rather than as an exact dollar amount. A trade listed as $250,001 to $500,000 could be anywhere in that band. Totals built from these bands are ranges too, which is why Bloomberg reports 2025 activity as somewhere between $600 million and $1.86 billion.

What does the White House say?

The White House says the president does not pick the trades himself. The video says a statement described the portfolio as managed by third-party firms with sole authority over trading decisions, with no one directing the trades.

The host is skeptical of that explanation and points to timing. The video also says plainly that it is not claiming the president is guilty of anything a court would prove. That distinction matters. The filings show activity, not intent or the use of private information.

Which trades fell on the same days as federal contracts?

The video highlights three June 2026 trades that it says came on the same days the companies received federal contracts.

Date (2026) Company Reported trade Same-day contract
June 18 Boeing $250,001 to $500,000 $880 million US Navy contract
June 23 SpaceX Up to $50,000 (per the video) Government contract, amount not stated (per the video)
June 24 Palantir Up to $250,000 (per the video) $45 million contract (per the video)

The video dates the Boeing trade to June 16 and calls this “three trades in nine days.” The Boeing trade was on June 18, so the three trades fall within seven days. The video also says the trades sat alongside close to a billion dollars of federal contract flow. That is the video’s figure, and it includes a SpaceX contract whose value it does not give.

These are coincidences in timing. On their own, they are not evidence of how or why the trades were made, especially if outside managers control the accounts, as the White House says.

What is the HONEST Act, and does it cover the president?

The HONEST Act (S.1498) is a Senate bill sponsored by Senator Josh Hawley. It would restrict stock trading by members of Congress, their spouses and their children. As reported out of committee, it also covers the president and vice president, but its rules for them would start only after their current terms. It is not the bill the president has been backing.

The video treats two separate bills as one. The bill Trump supports is a House bill, H.R. 7008. It leaves the president out and passed the House in July 2026. Hawley’s HONEST Act is a Senate bill and has been waiting for a vote of the full Senate since December 2025.

The video also presents the fight over the president as recent. It happened in 2025. The sequence, based on the congressional record and news reports:

  1. April 28, 2025: Hawley introduces the bill, first called the PELOSI Act.
  2. July 30, 2025: The Senate Homeland Security committee takes up the bill. An amendment from Senator Rick Scott asking for a report on Nancy Pelosi’s trades fails 7 to 8. A separate amendment to exempt the president and vice president also fails, with Hawley voting with Democrats. The committee advances the bill.
  3. July 30 to 31, 2025: Trump calls Hawley a “second-tier senator” on Truth Social. His stated complaint is Hawley voting with Democrats, including on Scott’s Pelosi amendment.
  4. December 10, 2025: The bill goes on the Senate calendar to wait for a floor vote, where it remains.
  5. July 2026: The House passes H.R. 7008, which leaves the president out.

The video says Scott filed the amendment to exempt the president. In fact, Scott’s own amendment was the one about Pelosi’s trades. The video also plays a clip of Scott calling the effort “an attack against the President.” In a CNBC clip shown in the video, Hawley calls Pelosi “the poster child” for the problem and says she beat almost every hedge fund in the nation in 2024.

Under Hawley’s bill, the president would not be covered until his current term ends in January 2029. A Yahoo Finance clip in the video adds context. In it, reporter Ben Werschkul says a separate House bill with 79 co-sponsors “gets reintroduced every year and kind of never quite makes it to the finish line.” The host’s explanation is that the people voting on these bills are the people they would restrict. His prediction is that Hawley’s bill probably passes while the president stays exempt in practice. That is the host’s view, not a settled outcome.

Does crypto protect you from front-running?

The video argues that crypto held in self-custody is an “escape hatch” from a market where insiders can trade ahead of announcements. Front-running means trading ahead of news or orders you know about before others do. The video’s reasoning is that if you hold coins in your own wallet, no one in Washington or on Wall Street can see your positions or trade against you minutes before a tariff announcement. It also says the HONEST Act bans stock trading but not crypto. Reports on the committee text describe it covering securities, commodities, futures and options, so how crypto would be treated is not clear.

That argument has limits. Self-custody changes who holds the keys to your coins. It does not stop crypto prices from reacting to political news, trade deals or regulatory headlines. Nor does it mean other market participants lack better information or faster tools.

The video’s more practical point is about custody risk. It says what it calls “smart money” is moving coins off exchanges that can freeze accounts. If that concern applies to you, it helps to understand whether an exchange like Coinbase can freeze your crypto. It also helps to know who actually owns XRP held on an exchange, in an ETF or in your own wallet. The video also mentions earning yield through decentralized protocols. Yield products move risk rather than remove it, so it is worth reading up on the risks of lending XRP for yield first.

What to watch next

The most useful things to follow are the documents, not the commentary:

  • The HONEST Act in the Senate. Watch whether S.1498 gets a floor vote, and whether the delayed start date for the president and vice president survives.
  • H.R. 7008 after the House. Watch what the Senate does with the House-passed bill that leaves the president out, and whether the two bills are merged.
  • Future Office of Government Ethics filings. New disclosures will show whether the trading pace continues and whether more trades line up with contract announcements.
  • Any detail from the third-party managers. Information on who controls the accounts would help answer the timing questions the video raises.
  • Whether crypto enters the debate. If lawmakers clearly extend trading limits to digital assets, that would change the picture the video describes.

Whatever happens with these bills, self-custody settles who holds the keys to each coin. It does not change the fact that headline-driven moves in stocks or crypto usually reach ordinary holders after they have already happened.

Frequently asked questions

How many trades did Trump's accounts make according to Bloomberg?

Bloomberg counted roughly 28,700 securities trades from January 20, 2025 through the end of June 2026, based on the president's Office of Government Ethics disclosures. That is about 80 trades per market day and more than the roughly 22,200 trades by all members of Congress combined.

Did Trump make $1.86 billion from stock trades?

No. $1.86 billion is the upper end of total trading activity across eight accounts in 2025, meaning buys and sells added together, not profit. Because disclosures list trades as value ranges, Bloomberg's reported total for 2025 is between $600 million and $1.86 billion.

What is the HONEST Act?

The HONEST Act (S.1498) is a Senate bill sponsored by Senator Josh Hawley and first introduced as the PELOSI Act in April 2025. It would restrict stock trading by members of Congress, their spouses and children. As reported out of committee, it also covers the president and vice president.

Does the HONEST Act apply to the president?

As reported out of committee, Hawley's HONEST Act covers the president and vice president, but its rules for them start only after their current terms. A separate House bill that Trump backs, H.R. 7008, leaves the president out.

Does the HONEST Act ban crypto trading?

The video says it does not. Reports on the committee text describe it covering securities, commodities, futures and options, so it is not clear how crypto would be treated.

Full video transcript

From the video's captions, lightly formatted. Captions can mishear names and numbers, so check figures against the article above.

Donald Trump just made 1.86 billion dollars in stock trades this year while your grocery bill doubled, your rent went up, and your paycheck bought less every single month. So, Bloomberg went through his own paperwork and counted 28,700 trades in 17 months. It's more than every single member of Congress combined. That's 80 trades a day out of the Oval Office while you were being told to tighten your belt. But, here's the sick part, right?

The same man who's begging Congress to ban stock trading wrote himself out of his own bill. And when Senator Josh Hawley tried to write him back in, Trump called Hawley a second-tier senator on the Truth Social and killed the amendment in the same afternoon. So, the bill Trump's been pushing bans Congress, but it doesn't ban him. And the stock market you've been told to trust with your retirement is being front-run every single morning by the guy who signs the trade deals that move the price. And when political journalist John Hillman sat on Morning Joe and did the math on what this really means, well, here's the prediction he made live TV.

I've rarely been as confident in a prediction as I am.

So, stick with me all the way through this video because by the end of it you'll see the receipts Bloomberg pulled from his own filings, why the smart money never trusted the stock market to protect the wealth in the first place, and what you need to be doing with your crypto right now so you stop being the exit liquidity for a game that was rigged before you even sat at the table. If you're feeling bullish, like this video. And if you're going to become the first millionaire in your family tree, confirm [clears throat] it right now by subscribing to the channel and commenting 777 below.

[music]

Right bull runners, welcome back to the channel. So, let me lay out exactly what Bloomberg's just found because this is the kind of story that once you've seen the receipts, you can't unsee. They pulled the president's own financial disclosures, the ones filed with the Office of Government Ethics. And these aren't leaks, and they aren't rumors either. They're the official forms his own team filed with the federal government.

So, from the 20th of January 2025, the day he was inaugurated, right through to the end of June 2026, the president's account logged roughly 28,700 trades. Now, every member of Congress combined over that same window logged roughly 22, 200. And that's the entire house and the entire Senate, 535 elected officials all moving stocks together, and one president's portfolio out-traded the lot of them by about 6,500 transactions. So, that's almost 30% more from one man's accounts than every other senator and representative in the country put together. And Bloomberg broke it down to about 80 trades every single market day.

In July alone, the filings show 1,156 trades worth up to 270 million dollars, which is about one trade every 7 and 1/2 minutes the market was open. And every one of those trades sits inside eight different accounts with up to 1.86 billion dollars in total activity in 2025. So, watch this.

[music]

Come on now. This isn't some crypto conspiracy channel telling you the story. This is Morning Joe on MSNBC. So, that's mainstream cable and mainstream audience doing the math live on air, stopping cold when the number came out.

It works out to nearly 60 stock trades a day, every day since he has taken office.

Now, that's crazy, right? So, Joe Scarborough has just admitted on cable telly that he can't process the number. And that reaction matters because the White House already has an answer ready for you. They put out a statement saying the president doesn't sit at his desk pulling up Robinhood and clicking buy. So, his portfolio, managed by third-party firms with sole authority over the trades.

So, nobody's directing anything. It's all automated. So, move along, they say. Watch what happens the second you look at the timing of these trades against the contracts his administration was signing. Now, the president's been publicly demanding that Congress ban stock trading based on private knowledge.

And the bill his party's moving through the House of the Senate right now is called the Honest Act. Bans members of Congress and their spouses and their kids from buying individual stocks. So, it sounds good on paper, but there's just one small problem, isn't there? The bill as it's written doesn't cover the one man calling for it to pass without delay. It covers everyone in Congress, but it doesn't cover the Oval Office.

And Senator Josh Hawley, the guy who actually wrote the original bill, went on CNBC and named the target on live TV. So, listen to what he had to say.

Nancy Pelosi is the poster child for this. I mean, she beat almost every hedge fund in the nation in 2024.

So, Hawley's just named Pelosi on cable news, but Trump ran 28,700 trades, and he gets to walk. And this fight isn't new, either, right? Yahoo Finance has been covering the same file ban attempts year after year. So, Congress keeps introducing this bill, and Congress keeps killing this bill. Even Biden tried to endorse it on his way out the door, and it went nowhere.

Here's Yahoo Finance's Ben Werschkul laying out the pattern.

There's a bill in the House that has 79 co-sponsors that gets reintroduced every year and kind of never quite makes it to the finish line.

That's the whole game, right there. So, the bill fails every single year because the people voting on it are the people it would restrict. And now, here's where it gets really loud. When Hawley tried to close the loophole and write the president into the same restriction, Trump attacked him on Truth Social and called him a second-tier senator in public. So, on the same day, Republican Senator Rick Scott filed an amendment inside Homeland Security Committee to exempt the President and Vice President from the bill entirely.

And here's what Scott said on camera to defend that exemption. Listen to this.

This is an attack against the President. Attack against the Vice President. That's all That's what this is.

You feel that? So, a sitting senator called banning the President from inside a stock trade an attack. And Scott's amendment was defeated the same afternoon. So, on paper, the bill still touches the White House, but in practice, it doesn't kick in till Trump leaves office. So, whatever's happening in those eight accounts right now, well, it keeps happening for the next 3 years untouched.

And every big number this President posts about the economy, every trade deal, every tariff announcement, every friendly word about Nvidia or Apple or Oracle, every strike on Boeing or Palantir, it all moves the stocks his own accounts have been trading. And that's not a conspiracy. That's Bloomberg's own line-by-line breakdown. So, 10 days ago, the filings dropped, and since then, Bloomberg's published receipts every single week. On the 16th of June, his portfolio bought up to $500,000 in Boeing stock, the same day Boeing landed on an $880 million federal contract.

On the 23rd of June, it was up to $50,000 in SpaceX, the same day SpaceX landed government. And on the 24th, up to $250,000 in Palantir, the same day Palantir landed $45 million. So, that's three trades in 9 days, sitting on top of nearly a billion dollars of federal contract flow, and all going to companies his own administration signed the checks to. Now, listen to me carefully. I'm not sitting here telling you the President's guilty of anything a court's going to prove.

I'm not a lawyer, but you already know how this looks to a normal person sitting at home. You know what it feels like when you show up to work every day, you clock in, you clock out, you watch your paycheck buy less every year, and then you find out the guy signing the executive orders is running 80 trades a day out of an account moving nearly $2 billion while yours make zero. So, here's what nobody's telling you though. This isn't new. The stock market's never been the place regular people build wealth.

It's a place regular people fund the wealth of the people who already have it. And that includes Nancy Pelosi. It includes every other congressional trader on the list Hawley named the bill after. And now on record, it includes the president himself. So, this is what the stock market's always been.

And now the mask just fallen off in public on the front page of Bloomberg in the president's own paperwork. So, the question every one of you watching this video should be asking isn't how do I get on the trade before he tweets about it because you can't. You're not in the room, and you're never going to be in the room. So, the question is this, right? How do I hold my money in a system where somebody in Washington can't front run me every single morning.

And that's where crypto stops being a bet on a price and starts being an escape hatch because when you hold Bitcoin, Ethereum, XRP, Solana, hype, you name it in your own self-custody wallet, nobody in Washington gets to see your positions before they move the market. Nobody at Goldman gets to sell to you 3 minutes before the tariff announcement. And nobody at BlackRock front runs the flow because there's no front to run. It's your key, your wallet, your ledger. And that's a part the Honest Act doesn't touch either, by the way.

It bans stock trading, but it doesn't ban crypto because the whole architecture of crypto system was built to sit outside the same pyramid this bill's trying to plaster over. So, the smart money's doing this right now. While retail's arguing about whether the trades are automated or personal, they're moving positions off exchanges that can freeze accounts, moving into self-custody, and setting up yield on the crypto they already hold through decentralized protocols a president can't tweet a stock price into. And they're doing all of this while the rest of retail's still watching CNBC and wondering if this cycle is dead. And you already know what your bag's been doing.

It's been chopping sideways for months while the wallets on the other side of your trade have been quietly moving billions. So, Wall Street front runs the stock market, and the retail investor holding one asset in one exchange finds out about the move 3 weeks later on the news. So, look, this isn't about the president being good or bad, and it isn't about which party you vote for. It's about a system that was rigged before you were born, and now the receipts are on Bloomberg's website, and you get to decide whether you keep playing that game or walk out and build something the pyramid can't touch. So, Hawley's bill probably passes, and the president stays exempt, and Congress stops trading on paper while the rest of the pyramid keeps running.

That's the honest read. But, the way you win from here isn't by getting a seat inside their game. It's by building a system outside of it. So, look, you didn't need Bloomberg to tell you the game's rigged, did you? You've watched it your whole life.

Every time a big move gets announced, you find out 3 weeks later on the news, and then the trade's already happened. So, you're tired of being the last one in the room. You know, I get it. I've been that guy, too, and I'm not going to insult you by pretending it does not sting when you see 80 trades a day come out of one man's account while your portfolio has just been chopping sideways for a year. So, let me tell you about one of our members who did exactly what I'm asking you to consider right now.

His name is Gary, and he was one of the people who stopped waiting for the stock market to save him and he went and built an actual position outside of it. So, Gary plugged into our education. He moved into DeFi through the Accelerators framework and he wrote in to tell us that DeFi has been the least stressful and most successful part of his portfolio with his XRP position averaging around 72 cents and running up around 218% and in his own words the education opened up a lot of avenues towards financial freedom and that's documented in his own words on his own trust review. Now, results aren't typical so don't be typical. So, inside the accelerator right now you've got operators who come from Wall Street, retired guys who are predicting what they building, people who found crypto 3 months ago and are trying to do this right the first time.

So, so the room has weekly calls with the research team, one-on-one coaching and a group chat where the conversation is the actual signal not somebody's screenshots. So, the first link in the description takes you to a 15-minute call with our team and on that call we will actually walk you through your portfolio and tell you honestly if the accelerator is the right move for where you're at right now and if you're already positioned to survive whatever the cycle throws at us, we will tell you that too. But, you don't find out by sitting on the sidelines watching the guy in the Oval Office print himself rich off your labor. You find out by booking the call. Now, crypto carries risk and past performance doesn't guarantee future results.

This is education not financial advice. And look, I'll see you on the next video. I'll see you at the top. As always, you know what to do. Stay bullish.

[music] [music]

Woo!

Education and commentary only, not financial advice. Crypto is volatile and you can lose money. Do your own research and speak to a qualified advisor before making investment decisions. Figures and quotes are as reported in the video on October 19, 2026 and may have changed since.