Senator Gillibrand Seeks to Ban Trump, Elected Officials From Launching Meme Coins

After the revelation this week that President Donald Trump earned more than $1.2 billion Following his crypto efforts last year, New York Senator Kirsten Gillibrand is once again calling for a ban on the issuance and promotion of digital assets for politicians and their spouses.

The ban would also extend to meme coins, which Trump and his wife, First Lady Melania Trump, have both profited from in the past year, with the president reportedly making more than $635 million of his money. Solana-based meme coin only.

“This is a common sense demand that should have broad bipartisan support – government officials and their spouses should not be issuing meme coins,” Gillibrand said in a statement statement.

“We cannot allow self-dealing to destroy the opportunity to strengthen consumer protections, tackle illicit financing and expand economic opportunity for the millions of Americans our financial system has left behind,” she added.

Gillibrand, one of the most pro-crypto Democrat senators, has faced an ethics charge as it relates to the actions of congressional workers. Earlier this year, she led a bipartisan effort to retain her position prevent members of Congress from placing bets on prediction markets amid increasing attention to potential insider trading, including accusations from people close to the White House can unfairly benefit from inside information.

She has been too loudly about the ban on share trading for government officials during their term of office.

“The time to act is now — and that must include ethics reforms that ban members of Congress, the president and their spouses from running for office,” she said.

Ethical provisions have done so has also been a point of discussion as it relates to advancing a key piece of crypto legislation, the Clarity Act market structure bill. In May the The senator said the bill would not pass without an ethics provision that extended to President Trump’s actions.

But when the bill passed in a key vote in the Senate, one came agreement on ethical guardrails for government officials had not yet been completed. Nevertheless, there is a good chance that the bill will be passed this year According to Galaxy researchers, this has dropped to about 50-50which pointed to a lack of time, not substance, to get it done.