A group of 20 Democratic senators has introduced a legislative initiative that targets the financial interests of the sitting president. The new bill would ban high-ranking officials from issuing or promoting cryptocurrencies-at a time when the TRUMP coin is surging on news that its largest holders have received personal invitations to the White House.
Dubbed the "Stop Cryptocurrency Corruption Act of 2025," the bill would prohibit the president, vice president, members of Congress, and anyone holding a Senate-confirmed office from engaging in cryptocurrency-related activities. The same restrictions would apply to certain special government employees in the Executive Office, as well as their spouses and dependent children.
Among these "special employees" is Elon Musk, along with other members of the Department of Government Efficiency (DOGE), whose name matches the ticker symbol of the popular memecoin. However, Musk has already clarified that the department has no plans to use the eponymous cryptocurrency for official purposes.
The bill calls for fines and possible jail time for violators. The ban would apply during service and for one year after leaving office. At the same time, ordinary transactions-such as buying and selling cryptocurrencies-would remain permitted.
This initiative is the Senate version of a similar bill presented in the House of Representatives earlier this year. It comes amid heightened political battles surrounding the Stablecoin bill. Several Democratic senators have already voted against the current version, accusing Republicans of being unwilling to compromise on key issues such as anti-money laundering legislation and oversight of foreign issuers.
The bill is primarily aimed at preventing President Trump and his wife Melania from profiting from their memecoins, which were issued shortly before the inauguration. The TRUMP coin has recently risen in value after Trump announced that the largest holders would receive personalized invitations to a White House dinner-raising serious concerns among some Democrats about conflicts of interest.
Sen. Elissa Slotkin of Michigan, one of the bill's co-sponsors, told the Michigan Advance that preventing Trump from enriching himself with his memecoin is a more pressing issue than the general regulation of cryptocurrencies.
"We have a more pressing crocodile coming up to the boat, and that is the president of the United States selling his own currency, advertising it, and using it as a means of payment to line his pockets," Slotkin said pointedly.
