Gillibrand Pushes for Ban on Elected Officials' Memecoins Amid Trump's $636 Million Profit

U.S. Senator Kirsten Gillibrand has renewed her call for Congress to ban elected officials and their spouses from issuing or sponsoring memecoins, citing President Trump's reported $636 million in profit from a single such asset.

The proposal would make it illegal for President Trump to issue or sponsor any digital assets, including the memecoin $TRUMP. The First Lady also issued her own memecoin and separately reported $6 million in income from NFTs and other digital collectibles.

Senator Gillibrand argued that public officials and their spouses should not be able to profit from issuing memecoins, citing the need for consumer protections and ethics reforms. She has spent years working to regulate the crypto industry, which operates with little to no protection for consumers and increasingly offshore.