On July 3, Senator Kirsten Gillibrand issued a press release addressing ethical concerns around President Donald Trump’s cryptocurrency ventures. This followed Trump’s 2025 financial disclosure, which revealed he earned over $1.4 billion from crypto-related activities, with $636 million from the Official Trump ($TRUMP) memecoin through CIC Digital LLC. First Lady Melania Trump reportedly made $6 million from NFTs and digital collectibles. Trump has defended these earnings amid criticism.
Gillibrand’s proposed legislation
Gillibrand is pushing a bill making it illegal for elected officials, including the president, vice president, members of Congress, and their spouses, to issue, promote, or sponsor digital assets while in office. This would directly affect Trump, preventing him from supporting cryptocurrencies like his memecoin. The $TRUMP token currently trades at $1.78, down nearly 80% over the past year. Gillibrand stated, “This is a commonsense requirement that should get broad bipartisan support… We cannot let self-dealing destroy an opportunity to strengthen consumer protections, crack down on illicit finance, and expand economic opportunity.” She added, “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.”
Broader ethical reforms
Beyond digital assets, Gillibrand supports reforms like controlling prediction markets and banning members of Congress and their spouses from trading individual stocks. Her goal is to improve public confidence and prevent elected officials from abusing power for personal gain.
