Senator Pushes Bill to Ban Officials From Launching Memecoins
Sen. Kirsten Gillibrand wants to bar Congress members, the president, and their spouses from issuing or sponsoring personal digital assets.
A new legislative push could slam the door on politicians launching their own crypto tokens. Senator Kirsten Gillibrand has proposed a ban that would prohibit members of Congress, the US president, and their spouses from issuing or sponsoring personal digital assets — a direct shot at the growing trend of politically branded memecoins.
The timing is no accident. The proposal lands amid intense scrutiny over memecoins tied to political figures, raising serious conflict-of-interest alarms. When an elected official can launch a token and then influence legislation affecting crypto markets, the potential for self-dealing is obvious. Gillibrand's bill targets that exact loophole.
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For retail traders, this matters more than it looks. Politically connected memecoins carry extreme risk — they can pump hard on hype and crater the moment regulatory pressure mounts or the political winds shift. A formal ban would at least remove one wildcard from the market, even if it can't stop the broader speculative frenzy around crypto and politics.
The proposal is narrow but pointed: it goes after the issuance and sponsorship of digital assets by those in or adjacent to power. Whether it gains traction in a Congress that is still deeply divided on crypto regulation broadly is the real question. Gillibrand is staking out a position that puts ethics guardrails ahead of open-market enthusiasm.
Watch this one closely. If the bill advances, it could reshape how political figures engage with crypto and send a chilling signal to anyone betting on the next politically flavored token pump. Continue reading at Cointelegraph.
