Congressional Democrats Introduce “Stop TRUMP in Crypto Act” to Counter Alleged Presidential Profiteering
The most poignant statement that Congresswoman Waters hurled, directly addressed these concerns: “I know my Republican colleagues fear Trump, but I urge them to stand with me and my Democratic colleagues to pass this bill and send a clear message that the White House is not a platform for personal profit.”
In a move aimed at curbing financial conflicts of interest at the highest levels of government, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, unveiled the “Stop Trading, Retention, and Unfair Market Payoffs in Crypto Act of 2025” — or the “Stop TRUMP in Crypto Act” — on May 22, 2025. This landmark legislation, also known as H.R. 3573, seeks to bar the President, Vice President, Members of Congress, and their immediate families from engaging in a range of activities involving digital assets.
The bill prohibits covered officials from owning a significant stake in any digital asset that would allow them to unilaterally influence it, from serving as officers or directors of digital asset issuers, and from promoting or profiting from digital assets. It also bans trading based on material non-public information, effectively addressing concerns about insider knowledge and manipulation.
The legislation was introduced against a backdrop of controversy surrounding President Trump’s cryptocurrency ventures, including his personal memecoin, $TRUMP, which has been at the center of public scrutiny. Reports indicate that $TRUMP has inflated the former president’s net worth by over $350 million, while investors have reportedly lost billions of dollars. In addition, Melania Trump has launched the $MELANIA memecoin, and the Trump-backed stablecoin, USD1, has drawn attention for its ties to foreign investors and national security implications.
Just hours before the bill’s unveiling, President Trump hosted a private dinner for top $TRUMP coin holders at his luxury golf resort. Attendees reportedly paid millions for a seat at the table, and the event coincided with a significant surge in $TRUMP’s value in the preceding 24 hours. This development, in the eyes of Waters and other Democratic lawmakers, underscores the urgent need for legislative action to prevent public officials from using their offices for personal enrichment.
“Donald Trump is preparing to dine with the top donors of his memecoin who’ve made him, and his family, richer,” said Congresswoman Waters in a statement. “Meanwhile, American families are getting poorer and growing increasingly anxious under his failed leadership.”
Waters’ concerns were echoed by other Democratic colleagues. Congressman Stephen Lynch, Ranking Member of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, characterized Trump’s actions as “disrespect for the rule of law.” Congresswoman Nydia Velázquez highlighted the potential for foreign influence in Trump’s crypto dealings, while Congressman Brad Sherman warned that selling access to the presidency through digital assets undermines the credibility of the United States on the global stage.
Congressman Al Green added that President Trump’s second term has seen “corruption in this country reach new heights,” and that the bill is vital to ensure no future public official uses digital assets for personal gain. Similar sentiments were voiced by Congressmen Emanuel Cleaver, Bill Foster, and others who cosponsored the legislation.
The bill has also garnered the support of outside groups such as Public Citizen, Accountable.US, and Americans for Financial Reform, who see it as a critical measure to restore public trust and safeguard democratic institutions.
The proposed legislation comes amid a broader debate over the role of digital assets in the U.S. financial system and the need for clear regulations to prevent their misuse. While crypto enthusiasts tout the potential for innovation and new investment opportunities, lawmakers like Waters emphasize that, without oversight, these assets can become tools for self-dealing and corruption.
The “Stop TRUMP in Crypto Act” is now under consideration by the House Financial Services Committee, where Waters and her Democratic colleagues are pushing for bipartisan support. They argue that the bill’s scope — which extends to any President, Vice President, or Member of Congress — ensures it is not a partisan measure, but a necessary safeguard against future abuses of power.
“This bill will stop Trump’s brazen crypto corruption and prevent any President, Vice President, Members of Congress, or their immediate families from exploiting crypto in this way,” Waters said. “Enough is enough. Congress can no longer ignore the biggest scam and abuse of power in American history.”
The push for this legislation reflects growing concern that financial entanglements at the highest levels of government erode democratic norms and expose the country to undue foreign influence. As the bill moves forward, supporters say it is a vital step toward ensuring that the presidency and Congress remain dedicated to public service — not personal profit.
The outcome of this legislative effort remains to be seen. But if passed, the “Stop TRUMP in Crypto Act” would mark a significant turning point in regulating the intersection of digital assets and political power, establishing guardrails to protect the public and uphold the integrity of America’s democratic institutions.
The full text of the bill is available at link below:
https://1man1vote.com/wp/?page_id=787
