Senator Gillibrand Moves To Ban The Asset That Became Trump's Biggest 2025 Payday

The ethics provision remains a key sticking point in Senate negotiations over the CLARITY Act, with Gillibrand previously warning the bill could struggle to advance without it.

• Sen. Kirsten Gillibrand renewed her push to ban elected officials and their spouses from issuing or sponsoring digital assets on Friday.
• The proposal would prohibit President Donald Trump from issuing tokens such as TRUMP, which generated $635 million in disclosed income during 2025.
• Gillibrand's call follows Trump's latest financial disclosure, which reported more than $1 billion in crypto-related income, including proceeds tied to World Liberty Financial.

Democratic Senator Kirsten Gillibrand (D-NY) on Friday renewed her call for Congress to bar all elected officials and their spouses from issuing their own digital assets, following recent disclosures that showed President Donald Trump's single largest source of income in 2025 came from a memecoin.

Under the proposal Gillibrand has championed alongside a group of colleagues, it would be illegal for Trump to issue or sponsor any digital asset, including memecoins. The statement noted that First Lady Melania Trump also issued her own memecoin, Melania Trump (MELANIA), and separately reported $6 million in income from non-fungible tokens (NFTs) and other digital collectibles.

"Public officials and their spouses should not be issuing memecoins," Gillibrand said, calling the measure a commonsense requirement that should draw bipartisan support. She said ethics reforms must prohibit members of Congress, the president, and their spouses from cashing in on their office.

Gillibrand has been among the most vocal Democrats tying crypto market-structure legislation to an ethics provision covering the president's own activity. At the Consensus Miami conference in May, she said the CLARITY Act would not pass the Senate without such a provision. 

The Disclosure Behind The Push

Gillibrand's renewed call followed Trump's 2026 annual financial disclosure, which showed the president's reported crypto holdings and more than $1 billion in crypto-related income for 2025. The disclosure listed $635 million from licensing the Official Trump (TRUMP) memecoin and more than $500 million from World Liberty Financial (WLFI) token sales. Separately, nearly a million investors have reportedly lost a combined $3.8 billion on the coin, The New York Times reported, with about 764,000 wallets underwater even as Trump-affiliated entities collected revenue from the token's launch and trading.

This was further highlighted by some Stocktwits users who tagged the move as ‘bearish’. 

TRUMP’s price, launched on the Solana (SOL) network days before Trump's January 2025 inauguration, was trading at $1.77, up over 1% during the past 24 hours. On Stocktwits, it was one of the top trending tickers. 

Retail sentiment around TRUMP moved to ‘extremely bullish’ from the ‘bullish’ zone, while chatter around it shifted to ‘extremely high’ from ‘low’ over the past day.

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