Gillibrand Renews Push for Crypto Ethics Ban
Senator Kirsten Gillibrand has reiterated her call for a ban on members of Congress and their spouses issuing or promoting crypto memecoins, following President Donald Trump’s disclosure of approximately $1.4 billion in crypto-related income for 2025. The renewed push comes amid ongoing negotiations over the CLARITY Act, a major crypto market structure bill.
Speaking at the Solana Accelerate conference in Miami, Gillibrand previously argued that stronger ethics rules should be included before lawmakers advance major crypto legislation. She stated that public officials should not face conflicts of interest while voting on rules affecting the same industry tied to their private finances.
Ethics Clause Becomes Key CLARITY Act Demand
Ongoing Senate Negotiations
Gillibrand expressed hope that the CLARITY Act could move through the Senate Banking Committee within the next two weeks, but she emphasized that Democrats want unresolved issues addressed before offering broader support. According to the senator, current Senate talks include provisions on stablecoin yields, safeguards against illegal finance, and an ethics clause that would prohibit government officials from creating or promoting cryptocurrencies.
The ethics debate has gained heightened attention due to Trump’s financial disclosure. Gillibrand noted that conflict-of-interest rules have become more critical after the filing revealed large crypto-related income tied to the president. Democratic senators have argued that crypto market structure legislation should not advance without enforceable limits on elected officials and their families profiting from assets they might influence through policy.
Trump Memecoin Profits Fuel Conflict Concerns
The $1.4 Billion Disclosure
Trump launched the TRUMP memecoin shortly before his second presidential inauguration. The token quickly became one of the most watched political crypto launches. According to the financial disclosure referenced in the report, Trump disclosed about $1.4 billion in crypto-related income. The project reportedly generated hundreds of millions of dollars for entities linked to the Trump family, even as many retail buyers suffered losses after the memecoin dropped sharply from its peak.
Trump has denied wrongdoing over the profits. In comments to reporters, he stated that the gains were not illegal and that outside investment groups manage his holdings. He also linked his income to the stronger stock market, asserting that many investors benefited from rising asset prices. However, lawmakers critical of his crypto ties argue that the issue strengthens the case for ethics restrictions in the CLARITY Act.
Political Obstacles for the CLARITY Act
The dispute has added another political obstacle to the bill, which aims to create clearer rules for digital assets in the United States. While Gillibrand has supported progress on crypto legislation, her latest remarks indicate that Democrats want ethics language included before the Senate advances the measure. The CLARITY Act remains a focal point of congressional debate as the July 2026 deadline approaches.
