"Democrats Introduce Bill to Cap Cryptocurrency Earnings for Public Officials' Families: Curbing Trump’s Coin Profits"

# Democratic Senators Push for Ban on Crypto Profits by Public Officials U.S. Senate Democrats are drafting legislation to prohibit senior public officials and their families from profiting from cryptocurrency activities. According to a Cryptopolitan report on May 7, the “End Crypto Corruption Act” aims to curb misuse of power within the digital asset sector. This bill emerges just two days before the Senate votes on bipartisan stablecoin regulation. If enacted, it would ban public figures—including the president, vice president, members of Congress, senior federal officials, and their immediate families—from creating, promoting, holding, or trading cryptocurrencies. # Tackling Power Abuse in the Crypto Sector The legislation seeks to limit instances where political figures use the booming digital asset industry for personal gain. One notable case mentioned is former President Donald Trump, who launched meme coins, with his family’s firm, World Liberty Financial, planning a stablecoin release. Senator Jeff Merkley, the bill’s lead sponsor, stated, “This measure is meant to restore political integrity by addressing ongoing corruption.” Merkley added that it is “unthinkable” for a president to manipulate federally regulated cryptocurrencies. He warned that such actions undermine national security and public trust in the government. The bill includes penalties for violations, such as fines up to $1 million and mandatory forfeiture of profits. These restrictions would be effective during an individual’s office term and beyond. # Scrutiny on Trump-Linked Crypto Ventures The legislation also scrutinizes Trump family-linked business activities. World Liberty Financial recently launched the USD1 stablecoin, now valued at over $2.1 billion in market cap. The marketing heavily features Trump-related imagery, along with Trump-themed meme coins. Controversy surrounds the distribution of these digital assets, with reports suggesting 80% of the Trump-themed meme coin supply is held by Trump’s family and affiliates, and only 10% by retail investors. Critics also highlight concerns over an upcoming private gala for the top 25 TRUMP meme coin holders, who receive exclusive VIP invitations to meet Trump. Opponents argue this could facilitate “pay-to-play” politics and allow non-U.S. individuals to indirectly influence American leadership by acquiring tokens. The Republican Party has largely remained silent on the ethical issues, fueling bipartisan debates over accountability. # Ethical Legislation and Stablecoin Regulations The “End Crypto Corruption Act” appears at a crucial time, as the Senate is set to vote on bipartisan stablecoin legislation on May 8. Opinions are divided; while some believe it could boost public support for stricter regulations, others fear it might hinder stablecoin regulatory progress. Liberal-leaning senators believe public officials should manage their financial assets. Senator Cynthia Lummis expressed openness to “strong ethical guidelines” but warned the proposal might infringe upon constitutional rights. Anti-corruption organizations strongly support the legislation. Virginia Canter from Democracy Defenders Action emphasized that “innovative financial instruments like stablecoins must not be corruption tools.” Public Citizen, a prominent advocacy group, also endorsed the bill. The debate on regulating cryptocurrency involvement for public officials highlights broader concerns about ethics, accountability, and oversight within the evolving digital asset landscape.