BitcoinWorld Gillibrand renews push to ban president, lawmakers from issuing digital assets after Trump memecoin disclosure U.S. Senator Kirsten Gillibrand has revived her push for tighter et
BitcoinWorld
Gillibrand renews push to ban president, lawmakers from issuing digital assets after Trump memecoin disclosure
U.S. Senator Kirsten Gillibrand has revived her push for tighter ethics rules around digital assets, following the release of President Donald Trump’s financial disclosure. The filing revealed that the president earned more than $600 million in 2025 from the memecoin TRUMP, a digital token launched earlier this year.
In a statement reported by Eleanor Terrett, host of CryptoInAmerica, on X, Gillibrand re-emphasized the need for legislation that would prohibit the president, members of Congress, and their spouses from issuing or sponsoring digital assets. The senator originally proposed similar measures in 2023, but the latest disclosure has given the issue fresh urgency.
The TRUMP memecoin, which debuted in early 2025, quickly became one of the most traded digital assets by market cap. Critics have raised concerns about conflicts of interest, given the president’s role in shaping financial and technology policy. Gillibrand’s bill aims to close what she describes as a loophole in existing ethics rules that does not explicitly address digital token issuance.
The proposed legislation, titled the Ethics in Digital Assets Act, would apply to the president, vice president, members of Congress, and their immediate family members. It would bar them from creating, sponsoring, or promoting any digital asset, including memecoins and utility tokens. Violations could result in fines or referral to the Office of Congressional Ethics.
Supporters argue the bill is necessary to prevent public officials from leveraging their positions for personal financial gain through novel digital instruments. Opponents, including some cryptocurrency advocacy groups, contend the measure is overly broad and could stifle innovation by discouraging lawmakers from engaging with blockchain technology.
For cryptocurrency investors and the broader public, the debate highlights ongoing tensions between innovation and governance. The TRUMP memecoin’s rapid rise and the president’s substantial earnings from it have amplified questions about whether existing ethics frameworks are adequate for the digital age. Gillibrand’s bill, if passed, would set a precedent for how the U.S. government regulates digital asset ownership and issuance among its highest officials.
The timing is notable: the 2025 financial disclosure comes amid a broader regulatory push in Congress to define how digital assets are classified and taxed. Gillibrand’s proposal adds an ethics dimension to these discussions, potentially influencing how other lawmakers approach the issue.
Senator Gillibrand’s renewed call for an ethics reform bill banning the president and lawmakers from issuing digital assets reflects growing concern over conflicts of interest in the cryptocurrency space. With the TRUMP memecoin generating over $600 million for President Trump, the proposal has gained renewed attention. The outcome of this legislative effort could reshape how public officials interact with digital assets, with implications for both governance and the crypto market.
Q1: What does Senator Gillibrand’s proposed bill do?The Ethics in Digital Assets Act would prohibit the president, members of Congress, and their spouses from issuing or sponsoring any digital asset, including memecoins and tokens.
Q2: Why did Gillibrand renew her call now?President Trump’s 2025 financial disclosure revealed he earned over $600 million from the TRUMP memecoin, raising fresh concerns about conflicts of interest.
Q3: Would the bill affect existing digital asset holdings?The proposed legislation focuses on issuance and sponsorship of new digital assets, not on holding or trading existing ones. However, specific details of the bill are still being finalized.
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