Just hours before President Donald Trump’s high-profile gala for holders of his memecoin, Democratic lawmakers moved to curb what they call rising “crypto corruption” in Washington.
Led by Rep. Maxine Waters, 15 House Democrats introduced the “Stop Trading, Retention, and Unfair Market Payoffs in Crypto Act of 2025.”
The bill would prohibit the president, vice president, members of Congress, and their immediate families from owning, promoting, or profiting from digital assets while in office.
Lawmakers would also be barred from holding crypto assets in ways that allow them to exert unilateral control over the tokens.
“Trump’s crypto con is not just a scam to target investors,” Waters said in a statement. “It’s also a dangerous backdoor for selling influence over American policies to the highest foreign bidder.”
The legislation arrives amid a wave of criticism surrounding Trump’s deepening ties to crypto. The president and his wife, Melania, recently launched personal memecoins.
Trump’s family has also backed a stablecoin through the crypto firm World Liberty Financial, and his sons are linked to a Bitcoin mining venture.
Blockchain records indicate that Justin Sun, founder of Tron and a Chinese national, is one of the largest holders of TRUMP (TRUMP) — the memecoin that serves as a ticket to Thursday night’s dinner.
Protests outside the gala
The exclusive gala, hosted at Trump’s golf club in Virginia, invites the top 220 $TRUMP holders — some of whom spent between $55,000 and nearly $38 million in tokens to secure an invitation.
Critics, including Sen. Richard Blumenthal, accuse Trump of “auctioning” access to the White House and potentially violating the Constitution’s ban on foreign gifts.
Protests are happening outside the event. Senators Chris Murphy, Elizabeth Warren, and Jeff Merkley, along with Rep. Sam Liccardo and advocacy groups, are calling out Donald Trump’s upcoming “meme coin” fundraising dinner as a threat to national security and a potential corruption risk, according to a note shared with crypto.news.
At a press conference today, the group demanded the release of attendee names and any promised favors. Murphy also promoted his recently introduced MEME Act, aimed at curbing digital asset profiteering by public officials.