Democrats Introduce Bill to Tackle Crypto Corruption Amid Trump’s gala
Just before Donald Trump’s highly-anticipated gala for holders of his memecoin, a group of Democratic lawmakers introduced a bill aimed at curbing “crypto corruption” in Washington.
Rep.Maxine Waters, alongside 15 other House Democrats, proposed the “Stop Trading, Retention, and Unfair market Payoffs in Crypto Act of 2025.” The bill seeks to prohibit top officials, including the president, from owning, promoting, or profiting from digital assets while in office.
It also bars lawmakers from holding crypto in ways that allow them to control tokens unilaterally. “Trump’s crypto con is not just a scam to target investors; it’s also a dangerous backdoor for selling influence over American policies,” waters stated.
This move comes as Trump’s ties to crypto deepen. He and his wife, Melania, recently launched personal memecoins, while his family backs a stablecoin through World Liberty Financial. His sons are also involved in a Bitcoin mining venture.
Records show that Justin Sun, a Chinese national and Tron founder, is a big holder of TRUMP (TRUMP) — the memecoin linked to Thursday’s dinner. The gala,hosted at Trump’s Virginia golf club,invites the top 220 $TRUMP holders.
Some attendees spent between $55,000 and nearly $38 million in tokens for an invitation. Critics, including Sen. Richard Blumenthal, accuse Trump of “auctioning” access to the White House and possibly violating the Constitution’s ban on foreign gifts.
Protests outside the event are expected. Senators Chris Murphy, Elizabeth Warren, and Jeff Merkley, among others, are calling it a threat to national security and a corruption risk. They demand the release of attendee names and any promised favors.
Murphy also supports the MEME Act, which aims to prevent public officials from profiting from digital assets.
