Democrats in the U.S. Senate have proposed legislation, dubbed the "End Crypto Corruption Act," that would prohibit the President, Vice President, members of Congress, senior executive branch officials, and their immediate families from issuing, endorsing, or financially benefiting from cryptocurrencies, including meme coins and stablecoins. This move comes amidst growing concerns about potential conflicts of interest, particularly in light of President Donald Trump's involvement with various crypto ventures.
The proposal by Senators Jeff Merkley and Chuck Schumer, and co-sponsored by other Democrats, aims to address the perceived corruption of public officials profiting from digital assets while in office or due to their influence. Senator Merkley specifically stated that allowing individuals to enrich a president personally by buying cryptocurrencies they own or control is a "profoundly corrupt scheme" that "endangers our national security and erodes public trust in government."
These legislative efforts gained urgency as President Donald Trump hosted a private dinner for top holders of his "TRUMP" meme coin at his Virginia golf club. Critics, including organizations like Public Citizen and Senator Merkley, have denounced the event as a "pay-to-meet" gathering, raising ethical questions about wealthy investors potentially buying access to the former president.
In response, protests were organized outside Trump's memecoin gala. Groups like Indivisible and the Arlington and Loudoun Democrats spearheaded a "peaceful protest" to voice their opposition to leaders "cashing in on their public office." They also demanded that Trump release the list of individuals attending the dinner and disclose any favors they might receive.
The controversy surrounding Trump's crypto ties also impacted the progress of a bipartisan stablecoin regulation bill, the "GENIUS Act." While the Senate has recently moved forward with this legislation, some Democrats initially blocked it due to concerns that it could inadvertently benefit Trump's personal financial interests in the crypto space.