U.S. Senator Kirsten Gillibrand calls for ban on Trump and elected officials issuing memecoins amid growing crypto ethics debate

New York – U.S. Senator Kirsten Gillibrand is renewing her call for stricter ethics rules that would prohibit elected officials and their spouses from creating or promoting digital assets, following the release of new financial disclosures showing that President Donald Trump’s largest source of income in 2025 came from a memecoin.

The renewed push comes after recently reported financial disclosure documents indicated that Trump earned $636 million from issuing a memecoin, making it his single biggest source of income during the year. The disclosures also showed that First Lady Melania Trump reported an additional $6 million in earnings tied to non-fungible tokens (NFTs) and other digital collectibles after launching her own memecoin.

Gillibrand said the disclosures reinforce the need for Congress to establish clear ethical boundaries around digital assets and prevent public officials from personally profiting through cryptocurrencies while serving in office.

Under legislation that the New York senator has championed alongside several congressional colleagues, elected officials—including the president—as well as their spouses would be prohibited from issuing or sponsoring digital assets. The proposal specifically targets memecoins but would also extend to other forms of cryptocurrencies and similar digital financial products.

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According to Gillibrand, the legislation is designed to prevent conflicts of interest while broader efforts continue to build a regulatory framework for the rapidly evolving cryptocurrency industry.

“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.”

Gillibrand has argued that ethics reforms should be considered alongside broader cryptocurrency legislation rather than treated as a separate issue. Earlier this year, while speaking at a conference attended by leaders from the digital asset industry, she said no crypto bill should move forward unless it includes provisions covering the president’s own involvement in digital assets.

For several years, the senator has been involved in bipartisan efforts to establish federal rules for the cryptocurrency market. She has repeatedly warned that much of the industry continues to operate with limited consumer safeguards and that significant portions of the market remain beyond the direct reach of U.S. regulators because of offshore operations.

Her latest comments reflect a broader effort to balance innovation in digital finance with stronger oversight intended to protect consumers and preserve public confidence in government institutions. Gillibrand has maintained that ethical standards should evolve alongside emerging financial technologies, particularly when elected leaders have the ability to influence policies that could affect the value of assets they own or promote.

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The memecoin proposal is not the only financial ethics measure the senator has backed. Earlier this year, she also led bipartisan legislation aimed at increasing oversight of newly established prediction markets. In addition, she has long supported proposals that would prohibit members of Congress and their spouses from owning or trading individual stocks while serving in office, arguing that such restrictions are necessary to avoid conflicts between public service and personal financial interests.

The latest disclosures surrounding President Trump’s cryptocurrency-related income have added fresh attention to the debate over ethics and digital assets. While Congress continues to consider broader legislation governing cryptocurrencies, Gillibrand is urging lawmakers to include restrictions that would prevent elected officials and their immediate family members from issuing or sponsoring digital assets, saying such measures are essential to maintaining public trust in government and ensuring that public office is not used for personal financial gain.