Senator Seeks Trump Crypto Ban as 63% Call His Profits Inappropriate

Gillibrand Makes Crypto Ethics a Condition for Her Vote

Congress should bar presidents, their spouses, and senior officials from issuing, sponsoring, or profiting from cryptocurrency while in office, U.S. Senator Kirsten Gillibrand (D-N.Y.) said on Aug. 23. Her demand for an enforceable prohibition made ethics language a condition for supporting digital asset market structure legislation.

The New York Democrat’s record supports regulated digital asset markets rather than opposing cryptocurrency itself. She has co-authored bipartisan crypto legislation and advocated federal rules combining responsible innovation, consumer protections, anti-money laundering requirements, and regulatory enforcement. Her earlier proposal covering elected officials and their spouses focused on issuing or sponsoring digital assets, including meme coins. Gillibrand stated:

“We can pass smart, clear rules for digital assets and shut down presidential self-dealing at the same time. There must be an enforceable ban, and any market structure bill that leaves enforcement solely in the hands of the president’s own Justice Department and allows him to profit from crypto isn’t a reform. It’s a permission slip.”

Poll and Disclosure Intensify Scrutiny

Public concern extends beyond Gillibrand’s party, according to the Reuters/Ipsos survey conducted Aug. 14-17. Among 1,166 U.S. adults, 63% called Trump and his family’s cryptocurrency profits inappropriate, while 32% considered them appropriate. The online poll had a 3-percentage-point margin of error overall.

The same survey found that 69% believed Trump allows private business interests to influence his presidential decisions, including about half of Republicans. The White House dismissed impropriety allegations, saying independent financial institutions manage his investments. Trump says he has no day-to-day role in his family business.

Financial questions increased after the U.S. Office of Government Ethics released Trump’s certified annual disclosure on June 30. Trump reported more than $1.4 billion in crypto-related income for 2025, largely from World Liberty Financial and the Trump meme coin.

Ethics Fight Moves Into Senate Bill

Meme coins often depend heavily on branding, online attention, and speculation rather than extensive technical utility. The Trump token belongs to that volatile asset category, while World Liberty Financial is a separate family-linked crypto venture. Gillibrand argues that promotion by officeholders can create financial conflicts.

The senator’s campaign initially emphasized elected officials and spouses issuing or sponsoring digital assets. Earlier coverage of Gillibrand’s proposal followed disclosures listing $636 million from a meme coin as Trump’s largest single reported income source in 2025. Her latest position expressly includes profiting from cryptocurrency and senior officials.

The dispute now forms part of a Senate fight over the Digital Asset Market Clarity Act, which would divide oversight between federal market regulators. Critics say the current CLARITY Act contains an ethics-enforcement gap, while supporters argue that it would establish clearer federal supervision.

Senate Banking Committee minority staff also cited securities-law gaps they said could put pensions at risk, illicit-finance loopholes, potential taxpayer exposure, and weakened consumer protections. Several Democratic senators have said provisions covering ethics, consumer protection, illicit finance, conflicts of interest, and market integrity require strengthening.

Gillibrand stated:

“I will not vote to hand this president, or any president, a taxpayer-backed license to get rich off the office.”

The CLARITY Act will face its first Senate floor test on Sept. 15 amid those unresolved Democratic concerns. Senators will consider cloture on the motion to proceed at 2:15 p.m. EDT, with 60 votes required to advance. If cloture succeeds, the Senate can move toward formal consideration, debate, amendments, and another cloture vote before final passage. With Republicans holding 53 seats, supporters would need seven Democratic or independent votes if every Republican backs the motion. The CLARITY Act voting process could still change through a leadership agreement or withdrawal of the cloture motion.