US Senator urges ban on coin issuance by presidential spouses and public officials...targets Trump controversy

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

Former U.S. President Donald Trump's $636 million in memecoin profits 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 reiterated her call for a ban on memecoin issuance by presidents, members of Congress, and their spouses. This comes shortly after reports revealed that Trump earned $636 million from the Official Trump (TRUMP) token in 2025.

A 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 from CIC Digital LLC, a firm linked to the Official Trump memecoin license.

Official Trump soared 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 memecoins, reporting $6 million in income from non-fungible tokens (NFTs) and digital collectibles.

Criticism is growing simultaneously among politicians and market experts. Peter Schiff this week called the token a “legal bribe,” arguing that buyers pay to gain access to the president. Gillibrand stated in an email shared with BeInCrypto that “the common-sense requirement that public officials and their spouses should not be issuing memecoins 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 memecoins and stablecoins. However, controversy has also arisen over Gillibrand's son, Theodore Gillibrand, who raised $30 million to establish a perpetual futures exchange. His startup, American Perpetuals Exchange Corp, is reportedly valued at $300 million.

The weight of the ethics debate is shifting towards 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 observation point.

[Article Key Summary]

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

-Gillibrand reiterated her demand to ban memecoin issuance by presidents, members of Congress, and their spouses.

-As the cryptocurrency industry's spending for the 2026 elections grows to $189 million, the debate over ethics regulations has emerged as a key political issue.

*Disclaimer: This article is for investment reference only and is not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*