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Sen. Gillibrand Says Crypto Bills Need a Strict Ban On Members Issuing Memecoins
Following President Trump’s financial disclosures of about $1.4 billion in crypto income from memecoins in 2025, Sen. Kirsten Gillibrand has called for a ban on Congress members and their spouses promoting or issuing crypto memecoins.
In an interview with Bloomberg at the Solana Accelerate conference in Miami, the New York-based Democrat said stricter ethics laws should be in place before legislators proceed with crypto laws.
Gillibrand Says Ethics Rules Must Be Part of Crypto Bills
However, Gillibrand said that she is hopeful the Clarity Act can proceed through the Senate Banking Committee in the coming two weeks. She added that Democrats are demanding that major issues be addressed before they’re willing to provide more support.
The current discussions are centered on the yields of the stablecoins, the steps that must be taken to prevent illegal financing, and the ethics clause that would bar government officials from creating or promoting cryptocurrencies.
Gillibrand says the conflict-of-interest rules are even more critical now that Trump has made his latest financial disclosure.
She said that the public officials should not have a conflict of interest when it comes to making decisions that impact the crypto industry. The debate has reignited and is now driving current discussions of digital asset laws with a focus on ethics.
Trump’s Memecoin Earnings Denial Draws Fresh Attention
The push comes after President Trump disclosed in his financial report that he had about $1.4 billion in crypto-related income.
Trump launched the $TRUMP memecoin just before his second presidential swearing-in ceremony this past year. The project would go on to become one of the most hyped crypto launches and reportedly rake in hundreds of millions of dollars for the Trumps.
The project was very profitable for the team behind it, but hundreds of people lost millions in their investment, as the memecoin has dropped 97% in the past 18 months.
President Trump recently mentioned to press that those profits were not illegal and says that outside investment organizations manage his investments.
He also defended his income by mentioning the broader stock market rally, in which many investors found themselves benefiting from the rising markets. But the worries about potential conflicts of interest have kept politics in Washington alive with lawmakers divided on the addition of ethical rules in the upcoming Clarity Act bill.