New York Senator Kirsten Gillibrand is renewing calls to ban politicians and their spouses from issuing or promoting crypto assets, including meme coins, following this week's disclosure that President Donald Trump earned more than $1.2 billion from crypto last year. The proposed ban would cover meme coins such as Trump's Solana-based token, which reportedly generated over $635 million for the president, and similar assets that benefitted First Lady Melania Trump. Gillibrand described the measure as a "commonsense requirement" aimed at preventing self-dealing while advancing consumer protections and economic opportunity in digital finance. The push is part of Gillibrand's broader ethics campaign, which has also targeted congressional trading on prediction markets and stocks amid concerns about insider trading and conflicts of interest.
Trump Disclosed $1.2 Billion Crypto Earnings
President Donald Trump disclosed this week that he earned more than $1.2 billion from his crypto endeavors last year, with over $635 million coming from his Solana-based meme coin alone. First Lady Melania Trump also benefitted from meme coins during the same period. Gillibrand stated that "public officials and their spouses should not be issuing meme coins" and warned against letting "self-dealing destroy an opportunity to strengthen consumer protections, crack down on illicit finance, and expand economic opportunity for the millions of Americans our financial system has left behind."
Gillibrand Led Bipartisan Ethics Efforts on Congressional Trading
Gillibrand, among the most pro-crypto Democratic senators, has led multiple ethics initiatives targeting congressional workers. Earlier this year, she led a bipartisan effort to prohibit members of Congress from placing wagers on prediction markets amid growing scrutiny of potential insider trading, including allegations that individuals near the White House may be unfairly profiting from inside information. She has also advocated for banning stock trading for public officials while they are in office. "The time to act is now—and that must include ethics reforms that prohibit members of Congress, the president, and their spouses from cashing in on their office," Gillibrand said.
Clarity Act Advanced Without Completed Ethics Agreement
Ethical provisions have become a point of contention in advancing the Clarity Act market structure bill. In May, Gillibrand said the bill would not pass without an ethics provision extending to President Trump's actions. However, when the bill advanced through a key senate vote, an agreement regarding ethical guardrails for public officials had not yet been completed. Galaxy researchers estimate the bill's odds of passing this year at around 50-50, attributing the uncertainty to a lack of time rather than content issues.
FAQ
What did Senator Gillibrand propose this week regarding politicians and crypto?
Senator Kirsten Gillibrand renewed calls to ban politicians and their spouses from issuing or promoting crypto assets, including meme coins, following President Trump's disclosure that he earned over $1.2 billion from crypto last year.
How much did President Trump earn from his Solana meme coin?
President Trump disclosed that he earned more than $635 million from his Solana-based meme coin alone, as part of total crypto earnings exceeding $1.2 billion last year.
What is the current status of the Clarity Act?
The Clarity Act advanced through a key senate vote without a completed ethics agreement for public officials. Galaxy researchers estimate 50-50 odds for the bill passing this year due to time constraints.
