Gillibrand seeks to ban Trump, elected officials from issuing memecoins

Posted 3 July 2026 at 2:53 pm

President disclosed $636 million in profit from memecoin in 2025

Screen shot from GetTrumpMemes.com – President Trump made $636 million from cryptocurrency in 2025, with many of his supporters buying a memecoin, $TRUMP.

Press Release, U.S. Sen. Kirsten Gillibrand

WASHINGTON, D.C. – Following new reporting on President Trump’s personal financial disclosures — which show that his single largest source of income in 2025, $636 million, came from issuing a memecoin — U.S. Senator Kirsten Gillibrand renewed her call for Congress to bar all elected officials, and their spouses, from issuing or sponsoring their own digital assets.

Under the proposal Senator Gillibrand has championed alongside a group of colleagues, it would be illegal for President Trump to issue or sponsor any digital asset, including memecoins. The First Lady also issued her own memecoin and separately reported $6 million in income from NFTs and other digital collectibles.

“This is a commonsense requirement that should get broad bipartisan support – public officials and their spouses should not be issuing memecoins. We cannot let 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,” said Senator Gillibrand. “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.”

Earlier this year, speaking from the main stage at a conference of industry insiders, Senator Gillibrand declared that no bill would pass without an ethics provision that captures the president’s own activity. She has spent years working to regulate a crypto industry that today operates with little to no consumer protection and increasingly offshore, beyond the reach of U.S. law.

Earlier this year, she also led a bipartisan bill to crack down on the newly created prediction markets and has been a longtime leader in efforts to ban all members of Congress and their spouses from owning or trading stocks while in office.