Key takeaways
- U.S. Senator Gillibrand is urging Congress to ban elected officials and spouses from issuing or sponsoring digital assets.
- The proposal gained momentum after revelations showed Donald Trump earned $636 million from a memecoin in 2025.
- Congress has yet to pass the ethics measure, leaving the role of public officials in crypto up for debate.
Why Trump’s crypto earnings have intensified the ethical debate
US Senator Kirsten Gillibrand (Democrat of New York) renewed her push on July 3, 2026 to prohibit elected officials and their spouses from issuing or sponsoring digital assets. This renewed effort follows new reports on President Donald Trump’s financial disclosures, which list $636 million from a memecoin as its largest source of income in 2025.
Gillibrand’s proposal would apply to the president, members of Congress and their spouses, making it illegal for them to issue or sponsor digital assets, including memecoins. The revelations also indicate that First Lady Melania Trump posted hers memecoin and separately earned $6 million from non-fungible tokens ( NFT) and other digital collectibles.
These revelations prompted Gillibrand to assert that ethical standards should accompany any cryptocurrency legislation, specifying:
“This is a common-sense requirement that should have broad bipartisan support – public officials and their spouses should not issue bonds. memecoins.”
How Gillibrand’s ethics campaign evolved
Gillibrand’s latest proposal follows more than a year of efforts to add ethics restrictions to federal laws. cryptocurrency legislation. In May 2025, she joined Sen. Jeff Merkley (D-Ore.) as a co-sponsor of the end Cryptocurrency Corruption Act, which sought to prohibit the president, members of Congress, and their families from issuing or endorsing digital assets, including memecoins And stable coins.
During Senate consideration of Guiding and Establishing National Innovation for the United States Stablecoins (GENIUS) Act in 2025, Gillibrand pushed to keep provisions addressing President Trump’s issues. cryptocurrency businesses. Those provisions were ultimately removed after some senators argued that detailing all of Trump’s potential conflicts would make the legislation too long and complex. Trump then signed the GENIUS Act in July 2025.
The New York senator reiterated her position at the Miami Consensus Conference in May 2026, telling industry participants that the Digital Asset Market Clarity (CLARITY) bill would not pass the Senate without ethics provisions covering the president’s personal responsibilities. cryptocurrency activities. The remarks highlighted his efforts to link ethics standards to broader digital asset legislation.
Will ethics rules be part of crypto legislation?
The senator has long advocated for stricter oversight of the cryptocurrency industry, arguing that the industry lacks adequate consumer protections and increasingly operates beyond the reach of U.S. law. She also led a bipartisan bill targeting newly created prediction markets and supported proposals to prohibit members of Congress and their spouses from owning or trading individual stocks while in office.
The proposed ban on memecoin failed to pass, leaving its future in the hands of Congress. Gillibrand said lawmakers should act quickly, emphasizing:
“The time to act is now – and that must include ethics reforms that prohibit members of Congress, the president and their spouses from profiting from their office.” »
It remains unclear whether these ethical restrictions will be part of future cryptocurrency legislation. Congressional action will determine whether federal officials will ultimately be barred from issuing or sponsoring digital assets while in office.
