Gillibrand Seeks Ban on Elected Officials' Digital Asset Profits

US Senator Kirsten Gillibrand is pushing for a ban on elected officials and their spouses from issuing or sponsoring digital assets, including memecoins. The proposal comes after disclosures showed President Donald Trump earned $636 million from a memecoin in 2025.

Gillibrand's effort to add ethics restrictions to federal cryptocurrency legislation follows more than a year of advocacy. She has co-sponsored the End Crypto Corruption Act with Sen. Jeff Merkley, which aimed to prohibit the president and members of Congress from issuing or endorsing digital assets.

The senator reiterates her position that public officials should not profit from digital assets they create or promote while in office. This includes President Trump's memecoin, as well as First Lady Melania Trump's NFTs and other digital collectibles, which she earned $6 million from in 2025.

Gillibrand argues that ethics standards are necessary to prevent corruption and ensure accountability in the cryptocurrency industry. However, the proposal has not yet been enacted, leaving its future in the hands of Congress.