- Senator Kirsten Gillibrand renewed her push to ban elected officials and spouses from issuing or sponsoring digital assets.
- Trump’s disclosure showed over $636 million in 2025 income from the $TRUMP memecoin, fueling ethics concerns.
- Gillibrand said future crypto legislation should include ethics rules covering the president and Congress.
U.S. Senator Kirsten Gillibrand renewed her push to bar elected officials and their spouses from issuing or sponsoring digital assets after President Donald Trump’s latest financial disclosure. The filing, released on July 1, showed Trump earned more than $636 million from the $TRUMP memecoin during 2025, prompting Gillibrand to again call for ethics reforms covering the president, members of Congress, and their families.
Disclosure Revives Ethics Debate
According to journalist Eleanor Terrett, Gillibrand renewed her proposal after Trump’s financial disclosure identified the TRUMP memecoin as his largest income source during 2025. The filing showed Trump generated more than $636 million from the memecoin.
Separately, reports said his broader crypto ventures produced more than $1.2 billion during the year. The disclosure also listed income from World Liberty Financial. Reports estimated the project generated between $524 million and $594 million.
Meanwhile, First Lady Melania Trump also launched a memecoin. She separately reported about $6 million from NFTs and other digital collectibles. Gillibrand said public officials and their spouses should not issue memecoins. She added that ethics reforms should prevent officeholders from profiting through digital assets.
Bill Targets Elected Officials
Gillibrand has backed legislation with several colleagues that would prohibit elected officials and their spouses from issuing or sponsoring digital assets. According to her statement, the proposal would also apply to President Trump.
She said broad bipartisan support should exist for the ethics requirement. Gillibrand also stated that consumer protection, efforts against illicit finance, and financial opportunity should not be undermined by self-dealing.
Earlier this year, she said no crypto legislation would advance without an ethics provision covering the president’s digital asset activities.
Other Ethics Efforts Remain in Focus
Gillibrand has also supported legislation targeting prediction markets. Earlier this year, she led a bipartisan proposal addressing the newly created sector. In addition, she has long supported banning members of Congress and their spouses from owning or trading stocks while serving in office.
Terrett also noted increased scrutiny surrounding Gillibrand after reports that her son raised funding for a perpetual futures exchange. However, reports said the platform will not use crypto or blockchain technology, although Ripple co-founder Chris Larsen backs the project.
