Senator Revives Call for Meme Coin Restrictions Following Trump's Massive Earnings
Senator Kirsten Gillibrand has once again emphasized the need for a ban on meme coins associated with political figures, including the president, Congress members, and their spouses. This initiative comes on the heels of revelations demonstrating that Donald Trump profited a staggering $636 million through his TRUMP token in 2025.
Legislation Targeting Political Figures
The New York Democrat is advocating for legislative measures to prohibit elected officials and their spouses from issuing or endorsing digital assets. This push coincides with increased scrutiny faced by her son’s crypto startup in Washington.
Trump's Financial Gains and Market Dynamics
Recent disclosures from Trump, made public by the Office of Government Ethics, highlight that he amassed over $1.4 billion in crypto income for the year 2025. The most significant source was the $636 million generated from CIC Digital LLC, the entity holding the Official Trump (TRUMP) meme coin license.
In response to his crypto success, Trump has defended his financial standings. As of now, the TRUMP token is trading at approximately $1.80, a significant drop of over 97% from its peak value of $73.43 shortly after its launch in January 2025. Meanwhile, First Lady Melania Trump also launched her own meme coin, garnering $6 million from NFTs and digital collectibles.
Criticism Intensifies
The scrutiny over Trump's involvement in the cryptocurrency sector has intensified, with economist Peter Schiff labeling the tokens as “legal bribes”, suggesting that purchasers are effectively paying for access to the president.
Amidst this environment, Gillibrand reiterated her call for reform through an email shared with the media. She stated, “This is a commonsense requirement that should gain widespread bipartisan support — elected officials and their spouses should not be involved in memecoins… The time for action is now, which must encompass ethics reforms that restrict Congress members, the president, and their spouses from profiting from their official roles.”
Gillibrand’s Own Controversy
Gillibrand’s stance is complicated by developments concerning her son, Theodore Gillibrand, who reportedly raised $30 million for his startup, American Perpetuals Exchange Corp, which is valued at $300 million. The firm aims to obtain approval from the Commodity Futures Trading Commission (CFTC) to operate a platform for perpetual futures based on stocks and indices.
While Gillibrand maintains that her son’s business is independent and that she has no involvement, critics suggest that his venture undermines her anti-self-dealing message as she pursues legislation on cryptocurrency.
