Senator Demands Trump Meme Coin Ban After $636 Million Windfall

Senator Kirsten Gillibrand has renewed her call for a meme coin ban covering the president, members of Congress, and their spouses. The push responds to new filings showing Donald Trump earned $636 million from his TRUMP token in 2025.

The New York Democrat wants Congress to make it illegal for elected officials and their spouses to issue or sponsor digital assets. Her demand lands as her son’s crypto startup faces growing scrutiny in Washington.

Trump’s Windfall Revives the Memecoin Ban Fight

Trump’s 927-page disclosure, released Tuesday by the Office of Government Ethics, reported more than $1.4 billion in crypto income for 2025. The largest single item was $636 million from CIC Digital LLC, linked to the Official Trump (TRUMP) meme coin license.

The president has since defended his crypto fortune. Meanwhile, TRUMP trades near $1.80, down more than 97% from its $73.43 peak set days after its January 2025 launch.

First Lady Melania Trump also issued a meme coin and reported $6 million from NFTs and digital collectibles.

Criticism of the president’s token activity has grown louder. Economist Peter Schiff this week called the tokens legal bribes, arguing that buyers pay for access to the president.

In the same tone, Gillibrand shared her renewed demand in an email shared with BeInCrypto.

“This is a commonsense requirement that should get broad bipartisan support – public officials and their spouses should not be issuing memecoins… The time to act is now — and that must include ethics reforms that prohibit members of Congress, the president, and their spouses from cashing in on their office.”

Gillibrand cosponsors the End Crypto Corruption Act, introduced by Senator Jeff Merkley in May 2025. The proposal would bar presidents, lawmakers, senior officials, and their families from issuing or endorsing digital assets, including meme coins and stablecoins.

Son’s $300 Million Venture Tests Her Ethics Message

The senator faces questions of her own. Fortune reported in June that her son, Theodore Gillibrand, raised $30 million in a round led by Lux Capital.

scoop: sen. kirsten gillibrand's 22-year-old son theodore raised at a $300 million valuation to launch a perpetual futures exchange: https://t.co/qng9NBpbDC

— Ben Weiss (@bdanweiss) June 18, 2026

The 22-year-old’s startup, American Perpetuals Exchange Corp, carries a $300 million valuation. It plans to seek approval from the Commodity Futures Trading Commission (CFTC) to list perpetual futures on stocks and indexes.

Gillibrand, a longtime advocate of banning stock trading by lawmakers, says her son runs an independent business without her involvement.

However, critics argue the raise complicates her anti-self-dealing message while she negotiates crypto legislation.

“Gillibrand’s son graduated from undergrad on Sunday. By the following week it’s reported that he’s received $30 million in venture capital funding to launch a derivatives exchange. His mom sat on the Senate Agriculture committee, which has jurisdiction over derivatives, until this past year,” one user stated.

Crypto firms have spent $189 million on 2026 races, roughly 37% of corporate election spending, raising the stakes of the ethics debate.

With Republicans controlling both chambers, the coming weeks may reveal whether ethics language enters market structure negotiations.