U.S. Senator Kirsten Gillibrand renewed her call to bar elected officials and their spouses from issuing or sponsoring digital assets, pointing to President Donald Trump’s latest financial disclosure. The filing, released on July 1, showed Trump earned more than $636 million from the $TRUMP memecoin during 2025, while his broader crypto ventures generated over $1.2 billion. The disclosure also listed income from World Liberty Financial and about $6 million in NFTs tied to First Lady Melania Trump.
The Senator argued that public office must not mix with private profit from memecoins, saying future crypto legislation should include ethics rules covering the president, members of Congress, and their families. Her proposal, backed by several colleagues, would prohibit such officials from issuing or sponsoring any digital assets. “Broad bipartisan support should exist for this ethics requirement,” Gillibrand stated, adding that consumer protection and efforts against illicit finance should not be undermined by self-dealing.
The renewed push follows years of debate over political tokens. Trump’s memecoin income brought fresh scrutiny, with lawmakers noting that these assets often depend on public attention and can raise harder ethics questions when linked to high office. Separately, reports surfaced that Gillibrand’s son raised funding for a perpetual futures exchange, though it will not use crypto or blockchain. The project is backed by Ripple co-founder Chris Larsen, adding to the discussion around financial ties in the political sphere.
