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Senator Gillibrand Seeks to Ban Trump, Elected Officials From Launching Meme Coins
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- DeepHorus
New York Senator Kirsten Gillibrand is renewing calls to ban elected officials and their spouses from issuing or promoting crypto assets, including meme coins, following President Donald Trump's disclosure that he earned over $1.2 billion from crypto last year. The push, announced in a statement, targets self-dealing by public officials and aims to strengthen ethics in government. Gillibrand's proposal would prohibit politicians like Trump from personally profiting from digital assets while in office.
President Trump's financial disclosure, released this week, revealed that he earned more than $635 million from his Solana-based meme coin alone. His wife, First Lady Melania Trump, also benefited from a similar token. These figures highlight the potential for conflicts of interest when public figures launch speculative cryptocurrencies, which can be influenced by their political positions.
Gillibrand, one of the most pro-crypto Democratic senators, has long championed ethical reforms. Earlier this year, she led a bipartisan effort to ban members of Congress from betting on prediction markets, citing insider trading risks. She has also advocated for prohibiting stock trading by public officials while they serve. The new crypto ban extends this broader ethics campaign.
“This is a commonsense requirement that should get broad bipartisan support—public officials and their spouses should not be issuing meme coins,” Gillibrand said. She added that self-dealing undermines efforts to strengthen consumer protections, crack down on illicit finance, and expand economic opportunity. Her statement emphasizes the need for immediate action.
The ethics provision has become a stumbling block for key crypto legislation, such as the Clarity Act market structure bill. In May, Gillibrand stated the bill would not pass without ethics rules covering President Trump. Although the bill advanced through a key Senate vote, an agreement on ethical guardrails remains incomplete. Galaxy researchers now estimate the bill's passage odds at around 50-50 this year, citing a lack of time rather than content.
Reactions to Gillibrand's proposal have been mixed. Pro-ethics groups support the ban as a necessary check on executive power, while crypto advocates worry it could stifle innovation. Some Republicans have criticized the move as targeting Trump specifically, but Gillibrand insists it applies to all officials. The debate highlights growing scrutiny of politicians' financial activities in the digital asset space.
Looking ahead, Gillibrand's bill faces an uncertain path in a divided Congress. With the 2024 election approaching, ethics reform may gain traction among voters concerned about conflicts of interest. However, strong opposition from pro-crypto lawmakers and industry lobbyists could delay progress. The outcome will likely influence future regulations on politician-owned crypto ventures.
