U.S. Senator Urges Ban on Coin Issuance by Presidential Spouses, Public Officials... Targeting Trump Controversy

▲ Donald Trump, Official Trump (TRUMP), World Liberty Financial (WLFI)/AI generated image

Former U.S. President Donald Trump's meme coin profit of $636 million has reignited an ethics debate in Washington. Demands to prohibit current elected officials and their spouses from issuing digital assets have also intensified.

According to crypto media outlet BeInCrypto on July 3 (local time), U.S. Democratic Senator Kirsten Gillibrand has once again called for a ban on meme coin issuance by presidents, members of Congress, and their spouses. This comes shortly after reports revealed that Trump earned $636 million from Official Trump (TRUMP) tokens in 2025.

The 927-page financial disclosure report released by the U.S. Office of Government Ethics on Tuesday listed Trump's 2025 cryptocurrency income as over $1.4 billion. The largest item was $636 million generated by CIC Digital LLC. This entity is linked to the Official Trump meme coin license.

Official Trump surged to $73.43 immediately after its launch in January 2025. It later fell to around $1.8, a drop of over 97% from its peak. Former First Lady Melania Trump also issued meme coins. She reported $6 million in income from non-fungible tokens (NFTs) and digital collectibles.

Criticism is growing simultaneously among politicians and market experts. Peter Schiff called the token a “legal bribe” this week, arguing that buyers pay to gain access to the president. Gillibrand stated in an email shared with BeInCrypto, “The common-sense requirement that public officials and their spouses should not issue meme coins should receive broad bipartisan support.”

Gillibrand is a co-sponsor of the End Crypto Corruption Act, introduced by Senator Jeff Merkley in May 2025. The bill aims to prevent presidents, members of Congress, high-ranking officials, and their families from issuing or promoting digital assets, including meme coins and stablecoins. However, it has also sparked controversy that Gillibrand's son, Theodore Gillibrand, raised $30 million to establish a perpetual futures exchange. The startup, American Perpetuals Exchange Corp, is reportedly valued at $300 million.

The focus of the ethics debate is shifting to the 2026 elections. Cryptocurrency companies have spent $189 million ahead of the 2026 elections, accounting for approximately 37% of corporate election spending. With Republicans controlling both the House and Senate, whether ethics regulations will be included in market structure negotiations has emerged as the next key point of observation.

[Article Key Summary]

-Trump reported $636 million in income linked to Official Trump tokens in 2025.

-Gillibrand reiterated her call to ban meme coin issuance by presidents, members of Congress, and their spouses.

-With the crypto industry's 2026 election spending growing to $189 million, the ethics regulation debate has emerged as a key political issue.

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