Senator Gillibrand Advocates for Ban on Meme Coins Linked to Elected Officials

Senator Kirsten Gillibrand is urging Congress to prohibit meme coins associated with elected officials, following reports that Donald Trump earned $636 million from his TRUMP token in 2025.

The New York Democrat's proposal aims to make it illegal for politicians and their spouses to offer or endorse digital assets, reinforcing her call for ethics reforms in light of her son’s crypto startup facing increasing scrutiny.

Details of Trump's Financial Gains

According to a 927-page disclosure released by the Office of Government Ethics, Trump's total crypto income for 2025 exceeded $1.4 billion, with the TRUMP token representing the largest source at $636 million from CIC Digital LLC. Despite a notable drop in the token's market value—from a peak of $73.43 shortly after its launch in January 2025 to approximately $1.80—Trump has defended his financial gains from cryptocurrencies.

Notably, First Lady Melania Trump has also participated in the meme coin sector, claiming $6 million from NFTs and digital collectibles.

Gillibrand's Renewed Call for Ethics Reform

In light of the controversy surrounding Trump's token activities, Gillibrand has reiterated her stance that public servants and their families should refrain from engaging in meme coin ventures. In a recent email, she stated, 'This is a commonsense requirement that should gain broad bipartisan support.'

Gillibrand is a co-sponsor of the End Crypto Corruption Act, which prohibits presidents, legislators, and senior officials from issuing or promoting digital assets, including meme coins and stablecoins.

Concerns Surrounding Gillibrand's Son's Startup

As she pushes for stricter regulations, Gillibrand faces scrutiny regarding her own family’s involvement in the crypto industry. Reports indicate that her son, Theodore Gillibrand, raised $30 million for his startup, American Perpetuals Exchange Corp, which boasts a valuation of $300 million. The venture seeks approval from the Commodity Futures Trading Commission (CFTC) to offer perpetual futures on various markets.

Critics contend that this development undermines Gillibrand's anti-self-dealing advocacy as she navigates the legislative landscape related to cryptocurrencies. The senator maintains that her son operates independently of her influence.