#MEMEAct

Senate Democrats are unveiling a sweeping new proposal to ban presidents, lawmakers and their families from issuing, endorsing or sponsoring crypto assets, Axios has learned.

Why it matters: Concerns over the Trump family's crypto ventures is threatening the passage of the bipartisan GENIUS Act, the Senate's first-ever stablecoin regulation.

Sens. Jeff Merkley (D-Ore.) and Elizabeth Warren (D-Mass.) said in a private meeting last week, first reported by Axios, that the GENIUS Act lacks basic guardrails against corruption.

Driving the news: Merkley will introduce the End Crypto Corruption Act on Tuesday, which would ban the president, vice president, members of Congress and their immediate families from issuing digital assets, such as meme coins and stablecoins.

Senate Minority Leader Chuck Schumer (D-N.Y.) and Sen. Kirsten Gillibrand (D-N.Y.) are co-sponsoring the new Merkley legislation.