Donald Trump · US Congress · New York · Cointelegraph
US senator calls for ban on elected officials issuing memecoins
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The restriction proposed by Senator Kirsten Gillibrand would bar members of Congress, the US president and their spouses from “issuing or sponsoring their own digital assets.”
Key facts
- During consideration of the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) in 2025, the New York lawmaker said senators had removed provisions specifically targeting
- This week, Trump reported that he earned about $1.4 billion from crypto ventures the same year he took office
- Senator Kirsten Gillibrand, one of the US lawmakers behind negotiations for a digital asset market structure bill in Congress, has proposed barring elected officials and the president from issuing
- She said at the time that the memecoin was likely “illegal based on current law,” but addressing all of Trump’s ethics problems would make for a “long and detailed bill
Summary
The restriction proposed by Senator Kirsten Gillibrand would bar members of Congress, the US president and their spouses from “issuing or sponsoring their own digital assets.” Senator Kirsten Gillibrand, one of the US lawmakers behind negotiations for a digital asset market structure bill in Congress, has proposed barring elected officials and the president from issuing or sponsoring their own tokens, citing President Donald Trump’s and First Lady Melania Trump’s memecoins. In a Friday notice, Gillibrand said that Congress should support measures barring elected officials and their spouses from “issuing or sponsoring their own digital assets.” The New York lawmaker said that the proposed restriction would include any US president and their spouse, but did not specifically mention extending the provision to the office of the vice president or other members of their families. “This is a commonsense requirement that should get broad bipartisan support, public officials and their spouses should not be issuing memecoins,” said Gillibrand.