Gillibrand proposes ban on officials issuing memecoins

Senator Kirsten Gillibrand on Friday proposed a ban on elected officials and their spouses issuing or sponsoring memecoins, and urged lawmakers to include the restriction in ongoing digital asset legislation negotiations.

The restriction, she wrote in a notice to colleagues, would apply to any U.S. president and the president’s spouse. The notice did not explicitly extend the ban to the vice president or other family members.

Gillibrand wrote: “This is a commonsense requirement that should get broad bipartisan support — public officials and their spouses should not be issuing memecoins. We cannot let self-dealing destroy an opportunity to strengthen consumer protections, crack down on illicit finance, and expand economic opportunity for the millions of Americans our financial system has left behind.”

Gillibrand, a negotiator on the Digital Asset Market Clarity (CLARITY) Act, linked the proposal to ethics concerns that have delayed the bill, including debates over tokenization and stablecoin rules. She warned lawmakers were unlikely to approve final legislation without addressing ethics and the risk that officials could profit from insider status.

During earlier debate on the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) in 2025, senators removed provisions that had targeted the memecoin Official Trump (TRUMP). Gillibrand has argued the token was likely illegal under current law and that fully addressing the former president’s crypto ties would require a longer bill. President Trump signed the GENIUS Act into law in July 2025.

Federal filings show President Trump reported about $1.4 billion in crypto-related earnings the year he took office, income that occurred while he could influence digital asset policy. He has maintained the earnings were legal. Members of his family have been linked to crypto businesses including World Liberty Financial and a Bitcoin mining company called American Bitcoin.

Gillibrand expects the restriction to attract bipartisan support. The scope and precise language of any ban remain subject to negotiation as senators work toward a final market-structure bill.