In a July 3 press release, Senator Kirsten Gillibrand addressed the growing ethical questions surrounding US President Donald Trump’s personal involvement in the cryptocurrency industry.
This, after President Trump’s financial disclosures in 2025, where the main source of income came from the issuance of memecoins.
Details of Trump’s sources of income through his crypto projects
In its latest 927-page financial disclosure, the Office of Government Ethics revealed Trump’s heavy involvement in the digital assets sector.
He revealed that in 2025 he earned over $1.4 billion from cryptocurrency activities. CIC Digital LLC, the company involved in licensing the Trump official ($ASSET) memecoin, contributed the most with $636 million.
Meanwhile, First Lady Melania Trump, who is also under investigation, reportedly earned around $6 million from NFTs and other digital collectibles.
As expected, President Trump defended these results in the face of widespread criticism from all sides.
Proposal from Senator Kirsten Gillibrand
The president’s statement is what prompted Senator Gillibrand to redouble her efforts to pass legislation that would prohibit elected officials from issuing, promoting or sponsoring digital assets while in office.
This proposal also includes the president, vice president, members of Congress and their spouses. Under this proposal, Trump would not be allowed to introduce or support cryptocurrencies like his memecoin.
All this follows $ASSET memecoin is trading at $1.78 on the charts after a nearly 80% decline over the past year.
Making the same point, Gillibrand said:
This is a common-sense requirement that should have broad bipartisan support: public officials and their spouses should not issue memecoins. We cannot let self-dealing destroy an opportunity to strengthen consumer protections, combat illicit financing, and expand economic opportunity for the millions of Americans our financial system has left behind.
She added,
The time to act is now – and that must include ethics reforms that prohibit members of Congress, the president and their spouses from profiting from their office.
What more?
Besides digital assets, Gillibrand has supported broader ethics reforms, such as bipartisan attempts to control prediction markets. She has He also proposed long-standing plans to ban members of Congress and their spouses from trading individual stocks.
The senator’s goal is to improve public trust and prevent elected officials from abusing their power for personal financial gain.
Final summary
- Trump’s latest financial disclosure revealed that cryptocurrencies represented his largest source of income.
- $ASSET memecoin and World Liberty Financial were among the companies that generated more than $1.4 billion in reported profits in 2025.
