Gillibrand Targets Trump's Memecoin Empire with Cryptocurrency Ban Legislation

U.S President Donald Trump's personal involvement in the cryptocurrency sector has sparked controversy after his latest financial disclosure revealed that cryptocurrencies accounted for his largest source of income. In 2025, Trump earned over $1.4 billion from cryptocurrency-related activities, with CIC Digital LLC contributing $636 million through its licensing of the Official Trump (TRUMP) memecoin.

The TRUMP memecoin saw a significant drop in value, trading at $1.78 after falling by almost 80% over the past year. Senator Kirsten Gillibrand has introduced legislation that would make it illegal for elected officials to issue, promote, or sponsor digital assets while they are in office.

The proposal includes President Trump and his family members, who could no longer introduce or support cryptocurrencies like TRUMP memecoin. Gillibrand emphasized the need for ethics reforms to prevent public officials from abusing their power for personal financial gains.