Senate Democrats are pushing forward a new bill to block US Presidents (including Donald Trump) and their families from investing in or endorsing crypto. The move, spearheaded by Sen. Jeff Merkley (D-OR), targets recent revelations about former President Donald Trump’s involvement with cryptocurrencies, including his successful
meme coin ($TRUMP) and a stablecoin deal.
Democrats Senator’s Bill To Bar Donald Trump from Crypto Dealings
Trump shouldn’t be allowed to engage in a crypto scheme to sell influence and enrich himself—that’s corruption on full display.
We need to add the End Crypto Corruption Act to the GENUIS Act to stop this behavior from Trump and other elected officials! https://t.co/87XddV2AxT
— Senator Jeff Merkley (@SenJeffMerkley) May 6, 2025
The proposed legislation, titled the End Crypto Corruption Act, would prevent federal officials and their immediate families from issuing or profiting from digital assets. Merkley called the current situation “a profoundly corrupt scheme,” warning that allowing a president to benefit personally from crypto holdings undermines public trust and jeopardizes national security.
This legislative pivot comes after Democrats abruptly withdrew their backing from the GENIUS Act, a previously bipartisan bill that would have created the Senate’s first regulatory framework for stablecoins. Two recent developments reportedly triggered the shift: a New York Times report detailing the Trump family’s potential $2 billion windfall from a stablecoin partnership with a Dubai-based firm, and Trump’s announcement of a meme coin contest. That contest offered top $TRUMP holders exclusive access to the former president and a White House tour, making $320 million in trading fees for the token’s creators, according to blockchain analytics firm Chainalysis.
While Senate Republicans have admitted that no current laws prohibit such crypto involvement, some have expressed concern. Sen. Cynthia Lummis (R-WY), a known crypto advocate and Trump ally, indicated a willingness to work out across both sides “We need a clear regulatory framework,” she said, noting that while meme coin contests may appear “cringey,” they remain legal under existing rules.
Trump, who has publicly supported crypto, recently claimed in an interview that he hasn’t profited from his coin. The interviewer asked Trump, “So you haven’t profited at all from cryptocurrency? I haven’t even looked,” Trump replied, adding, “If I own stock in a company and I’m doing well, the stock market is up, I guess I’m profiting.”
Trump also stated, “I think cryptocurrency is important because if we don’t do it, China will. This is an emerging thing that’s very popular and that’s hot.” He went on to add that during market downturns, cryptocurrency has performed much stronger than other aspects of the market.
With its current market cap of $2.22 billion, $TRUMP is currently trading at $11.14.
However, his statement hasn’t convinced critics, among them Rep. Maxine Waters, who staged a protest by walking out of a House hearing on digital assets, citing concerns over what she called Trump’s “crypto corruption.”
