President Donald Trump’s crypto income disclosure has intensified Senate ethics demands as lawmakers debate the CLARITY Act.
Summary
- Gillibrand wants lawmakers and their spouses barred from issuing or promoting crypto memecoins.
- Trump’s $1.4 billion crypto income disclosure has intensified the Senate ethics debate.
- Ethics provisions remain a key sticking point in ongoing CLARITY Act negotiations.
In a Friday notice, Sen. Kirsten Gillibrand reiterated her call for a ban on members of Congress and their spouses issuing or promoting crypto memecoins after President Trump disclosed about $1.4 billion in crypto-related income for 2025.
“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 had previously said in a Bloomberg interview at the Solana Accelerate conference in Miami that stronger ethics rules should be included before lawmakers move ahead with major crypto legislation. She had argued 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 a key CLARITY Act demand
Gillibrand said she remains hopeful that the CLARITY Act can move through the Senate Banking Committee in the next two weeks, but she added that Democrats want unresolved issues addressed before offering more support.
According to Gillibrand, current Senate talks include stablecoin yields, safeguards against illegal finance, and an ethics clause that would stop government officials from creating or promoting cryptocurrencies.
The ethics debate has gained more attention because of Trump’s financial disclosure. Gillibrand said conflict-of-interest rules have become more important after the filing showed large crypto-related income tied to the president.
Democratic senators have argued that crypto market structure legislation should not move without enforceable limits on elected officials and their families profiting from assets they may influence through policy.
Trump memecoin profits fuel conflict concerns
Trump launched the TRUMP memecoin shortly before his second presidential inauguration, and the token quickly became one of the most watched political crypto launches.
According to the financial disclosure referenced in the report, Trump recorded 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 said the gains were not illegal and argued that outside investment groups manage his holdings.
He also linked his income to the stronger stock market, saying many investors benefited from rising asset prices. Still, lawmakers critical of his crypto ties have said the issue strengthens the case for ethics restrictions in the CLARITY Act.
The dispute has added another political obstacle to the bill, which is designed to create clearer rules for digital assets in the United States. While Gillibrand has supported progress on crypto legislation, her latest remarks show that Democrats want ethics language included before the Senate advances the measure.
