Gillibrand Proposes Meme Coin Ban for Elected Officials
New York Senator Kirsten Gillibrand has proposed a bill to ban elected officials from issuing meme coins and digital assets. She claims this is necessary to prevent self-dealing and ensure that public officials are not profiting from their insider status in the crypto industry.
Gillibrand's proposal would bar members of Congress, the US president, and the president's spouse from launching or sponsoring their own digital assets. This includes meme coins, which have been used to raise money for various causes but also have a history of being exploited by politicians and celebrities looking to profit from their influence.
Gillibrand is one of the lead negotiators behind the Digital Asset Market Clarity (CLARITY) Act, a market structure bill that has faced repeated delays in the Senate. The bill's passage is currently uncertain, with research firm Galaxy putting the odds at roughly 50% due to a shortage of legislative time rather than disputes over the bill's content.
Gillibrand has led a bipartisan push to limit financial activity by public officials while in office, including a recent effort to bar members of Congress from placing wagers on prediction markets. She argues that ethics reform and crypto-friendly legislation are not mutually exclusive and believes that guardrails must accompany any framework that expands the role of digital assets in US financial markets.