Will this Senator’s crypto bill force Trump out of the memecoin business?

In a press release dated the 3rd of July, Senator Kirsten Gillibrand addressed the mounting ethical questions surrounding U.S President Donald Trump’s personal involvement in the cryptocurrency sector.

This, after President Trump’s 2025 financial disclosures, where the main source of income came from issuing memecoins.

Details of Trump’s income sources via his crypto ventures

In his most recent 927-page financial disclosure, the Office of Government Ethics revealed Trump’s extensive involvement in the digital asset industry. 

It disclosed that in 2025, he earned over $1.4 billion from cryptocurrency-related activities. CIC Digital LLC, the company involved in licensing the Official Trump (TRUMP) memecoin, contributed the most with $636 million.

Meanwhile, First Lady Melania Trump, who is also under investigation, is said to have made about $6 million from NFTs and other digital collectibles.

As expected, President Trump has defended these earnings in the face of much criticism from many quarters. 

Senator Kirsten Gillibrand’s proposal

The President’s statement is is what pushed Senator Gillibrand to redouble her efforts to pass legislation that would make it illegal for elected officials to issue, promote, or sponsor digital assets while they are in office.

This proposal also includes the President, Vice President, members of Congress, and their spouses. Under the proposal, Trump would not be permitted to introduce or support cryptocurrencies like his memecoin.

All this comes on the heels of the $TRUMP memecoin trading at $1.78 on the charts after a drop of almost 80% over the past year.

Remarking on the same, Gillibrand said, 

This is a commonsense requirement that should get broad bipartisan support – public officials and their spouses should not be issuing memecoins. We cannot let self-dealing destroy an opportunity to strengthen consumer protections, crack down on illicit finance, and expand economic opportunity for the millions of Americans our financial system has left behind.

She added,

The time to act is now — and that must include ethics reforms that prohibit members of Congress, the president, and their spouses from cashing in on their office.

What’s more?

In addition to digital assets, Gillibrand has backed more general ethics reforms, such as bipartisan attempts to control prediction markets. She has also proposed long-standing plans to prohibit members of Congress and their spouses from trading individual stocks.

The Senator’s goal is to improve public confidence and stop elected officials from abusing their power for personal financial benefits. 

Final Summary

• Trump’s latest financial disclosure revealed that cryptocurrencies accounted for his largest source of income.
• TRUMP memecoin and World Liberty Financial were among the ventures that produced over $1.4 billion in reported earnings in 2025.