Senator Kirsten Gillibrand renewed her call to ban coins that include the president, members of Congress and their spouses. This push responds to new filings showing that Donald Trump earned $636 million from his TRUMP token in 2025.
The New York Democrat wants Congress to make it illegal for elected officials and their spouses to issue or sponsor digital assets. Demand for it has fallen as her son’s startup cryptocurrency company faces increasing scrutiny in Washington.
Trump Windfall Revives Memecoin Ban Fight
Trump’s 927-page report, published Tuesday by the Office of Government Ethics, said More than $1.4 billion in cryptocurrency income for 2025. The largest single item was $636 million from CIC Digital LLC, associated with the licensing of Trump’s official meme coin (TRUMP).
The president has since risen He defended his crypto wealth. Meanwhile, Trump It is trading near $1.80down more than 97% from its peak of $73.43 days after its launch in January 2025.
And First Lady Melania Trump, too Issued Meme Coin has generated $6 million in NFTs and digital collectibles.
Criticism of the president’s symbolic activity has increased. Economist Peter Schiff called this week Legal bribes symbolsUnder the pretext that buyers are paying for access to the president.
In the same tone, Gillibrand shared her renewed request in an email shared with BeInCrypto.
“This is a common-sense demand that should have broad, bipartisan support – public employees and their spouses should not issue Memocoins… The time for action is now – and this should include ethics reforms that prevent members of Congress, the president, and their spouses from taking advantage of their positions.”
Gillibrand is sponsoring the Ending Cryptocurrency Corruption Act, introduced by Senator Jeff Merkley in May 2025. an offer It would prohibit presidents, lawmakers, senior officials and their families from issuing or endorsing digital assets, including memes and stablecoins.
Son’s $300 million project tests its moral message
The senator faces questions of her own. luck I mentioned In June, her son, Theodore Gillibrand, raised $30 million in a round led by Lux Capital.
The 22-year-old American startup American Perpetuals Exchange Corp is valued at $300 million. It plans to seek approval from the Commodity Futures Trading Commission (CFTC) to list perpetual futures contracts on stocks and indices.
Gillibrand, who has long advocated against stock trading bans by lawmakers, says her son runs an independent company without her involvement.
However, critics say the increase complicates her anti-self-dealing message as she negotiates cryptocurrency legislation.
“Gillibrand’s son graduated from college on Sunday. By the next week, he had reportedly received $30 million in venture capital funding to launch a derivatives exchange. His mother was a member of the Senate Agriculture Committee, which has jurisdiction over financial derivatives, until last year,” one user said. male.
Cryptocurrency companies spent $189 million on the 2026 races, roughly 37% of them. Corporate spending on electionswhich increases the risks of ethical debate.
With Republicans in control of both chambers, the coming weeks may reveal whether moral language enters market structure negotiations.
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