Gillibrand Calls for Ban on Politician-Linked Memecoins After Trump Crypto Income Report

Highlights:

• Gillibrand urges Congress to ban elected officials and spouses from issuing or sponsoring memecoins.
• Trump’s financial disclosure showed crypto income crossed $1 billion, largely from World Liberty and coins.
• Trump denied knowing details of crypto earnings, saying he was not focused on management.

U.S. Senator Kirsten Gillibrand has called on Congress to ban elected officials and their spouses from issuing or sponsoring memecoins and other digital assets. The New York senator made the call in a July 3 press release after new reporting on President Donald Trump’s financial disclosures raised fresh ethics concerns around political figures and crypto income.

According to Gillibrand’s office, Trump’s last year’s financial disclosures showed that his largest single source of income that year, worth $636 million, came from issuing a memecoin. Gillibrand said Congress should stop public officials from using their offices to benefit from personal crypto projects. Her proposal would apply to the president, members of Congress, other elected officials, and their spouses.

🚨NEW: Following the release of President Trump’s financial disclosures, which showed more than $600 million in income from his $TRUMP memecoin in 2025, Senator @gillibrandny has renewed her call for ethics reforms that would prohibit the president, members of Congress and their… pic.twitter.com/ZJcXt9r740

— Eleanor Terrett (@EleanorTerrett) July 3, 2026

Gillibrand Pushes Stronger Crypto Ethics Rules

Gillibrand said public officials should not be allowed to issue or sponsor digital assets while serving in office. Her office said the proposal would make it illegal for Trump to issue or sponsor any digital asset, including memecoins. The statement also said the First Lady issued her own memecoin and separately reported $6 million in income from NFTs and other digital collectibles.

The senator said the rule should gain support from both parties because it deals with public trust. She said elected officials and spouses should not profit from personal token projects tied to their public roles.

Gillibrand also linked the issue to the wider crypto debate in Washington. She said lawmakers should protect consumers, fight illegal finance, and support economic opportunity, but they should also stop self-dealing by public officials. 

Earlier this year, Gillibrand said no crypto bill should pass without a provision covering the president’s own crypto activity. Her latest statement keeps that pressure on Congress as lawmakers continue working on digital asset rules.

Donald Trump Denies Knowing Details of Crypto Earnings

Crypto2Community reported on July 1 that Trump’s crypto income crossed $1 billion, citing his annual financial disclosure released by the U.S. Office of Government Ethics on June 30. The report said World Liberty token sales and Celebration Coins royalties made up most of the reported crypto earnings.

In a July 2 CNBC video, Trump responded to a question about crypto earnings by saying, “I could know about it. I didn’t.” The comment added more attention to the debate over whether elected officials should be allowed to benefit from crypto ventures while also shaping crypto policy.

JUST IN: 🇺🇸 President Trump says he "didn't" know he made $1.4 billion from crypto.

— Watcher.Guru (@WatcherGuru) July 2, 2026

Trump has defended his business background and has said he is not focused on managing every part of his personal finances. Still, critics argue that crypto projects linked to elected officials can create serious conflicts of interest, especially when those same officials influence the rules that affect the market.