Gillibrand Proposes Ban on Elected Officials Issuing Memecoins

US Senator Kirsten Gillibrand has proposed banning elected officials and their spouses from issuing or sponsoring memecoins, citing concerns about self-dealing, consumer protection, and illicit finance. The proposal is part of ongoing Senate work on digital asset market-structure and stablecoin legislation. In a statement, Gillibrand argued that public officials should not be able to use their position to promote or benefit from token launches.

The senator's comments come amid broader debates over ethics in the crypto space, particularly with regards to President Donald Trump's memecoin activity. Trump has dismissed concerns about conflicts of interest, stating that he earned $1.4 billion from crypto ventures while serving as president and that there was 'nothing illegal' or 'wrong' about it.

Gillibrand's proposal would apply to the president and their spouse, but does not specify whether similar restrictions should cover the vice president's office or other relatives. The senator emphasized the need for guardrails to prevent public officials from using their influence to benefit from token-related projects.