Senator Kirsten Gillibrand has renewed her name for a meme coin ban protecting the president, members of Congress, and their spouses. The push responds to new filings displaying Donald Trump earned $636 million from his TRUMP token in 2025.
The New York Democrat desires Congress to make it unlawful for elected officers and their spouses to challenge or sponsor digital belongings. Her demand lands as her son’s crypto startup faces rising scrutiny in Washington.
Trump’s Windfall Revives the Memecoin Ban Struggle
Trump’s 927-page disclosure, launched Tuesday by the Workplace of Authorities Ethics, reported greater than $1.4 billion in crypto revenue for 2025. The most important single merchandise was $636 million from CIC Digital LLC, linked to the Official Trump (TRUMP) meme coin license.
The president has since defended his crypto fortune. In the meantime, TRUMP trades close to $1.80, down greater than 97% from its $73.43 peak set days after its January 2025 launch.
First Girl Melania Trump additionally issued a meme coin and reported $6 million from NFTs and digital collectibles.
Criticism of the president’s token exercise has grown louder. Economist Peter Schiff this week known as the tokens authorized bribes, arguing that patrons pay for entry to the president.
In the identical tone, Gillibrand shared her renewed demand in an electronic mail shared with BeInCrypto.
“This can be a commonsense requirement that ought to get broad bipartisan assist – public officers and their spouses shouldn’t be issuing memecoins… The time to behave is now — and that should embody ethics reforms that prohibit members of Congress, the president, and their spouses from cashing in on their workplace.”
Gillibrand cosponsors the Finish Crypto Corruption Act, launched by Senator Jeff Merkley in Might 2025. The proposal would bar presidents, lawmakers, senior officers, and their households from issuing or endorsing digital belongings, together with meme cash and stablecoins.
Son’s $300 Million Enterprise Checks Her Ethics Message
The senator faces questions of her personal. Fortune reported in June that her son, Theodore Gillibrand, raised $30 million in a spherical led by Lux Capital.
The 22-year-old’s startup, American Perpetuals Change Corp, carries a $300 million valuation. It plans to hunt approval from the Commodity Futures Buying and selling Fee (CFTC) to record perpetual futures on shares and indexes.
Gillibrand, a longtime advocate of banning inventory buying and selling by lawmakers, says her son runs an impartial enterprise with out her involvement.
Nevertheless, critics argue the elevate complicates her anti-self-dealing message whereas she negotiates crypto laws.
“Gillibrand’s son graduated from undergrad on Sunday. By the next week it’s reported that he’s obtained $30 million in enterprise capital funding to launch a derivatives alternate. His mother sat on the Senate Agriculture committee, which has jurisdiction over derivatives, till this previous 12 months,” one consumer acknowledged.
Crypto companies have spent $189 million on 2026 races, roughly 37% of company election spending, elevating the stakes of the ethics debate.
With Republicans controlling each chambers, the approaching weeks could reveal whether or not ethics language enters market construction negotiations.
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