Senate Democrats Introduce Bill to Ban Trump from Meme Coins Amid $2 Billion UAE Deal and House Democrats Walkout

17 posts • GPT (4.1 mini)

Updated May 8, 2025, 04:11 PM

Senator Chris Murphy, along with Senate Democrats including Senators Kirsten Gillibrand and Chuck Schumer, has introduced legislation aimed at banning the U.S. President and other federal officials from issuing, endorsing, or sponsoring meme coins and other cryptocurrency assets. The proposed bill, referred to as the "Meme Act" and also associated with the "End Crypto Corruption Act," targets the Trump family's crypto activities amid concerns over potential corruption and conflicts of interest. President Donald Trump is reported to be using his stablecoin to benefit from a $2 billion deal with a United Arab Emirates state-owned fund, raising alarms among lawmakers.

The controversy has led to heightened tensions in Congress, including a walkout by House Democrats during a cryptocurrency hearing, citing allegations of Trump’s crypto-related corruption. Representative Sylvia Garcia and Representative Maxine Waters have been vocal critics, accusing Trump of leveraging his presidency to profit from crypto ventures while weakening regulatory protections. The dispute over Trump's crypto dealings threatens to imperil the passage of the GENIUS Act, a key crypto bill supported by the industry to establish clearer regulations and legitimacy in the U.S. Democratic lawmakers emphasize the need for a regulatory framework that protects consumers and prevents abuse by politicians and bad actors, while Republicans have continued hearings despite the walkouts. The investigation into Trump’s crypto businesses is ongoing, reflecting growing scrutiny over the intersection of politics and digital assets.

More breaking stories on DeepNewz — updated live.

#Chris Murphy #Senate Democrats #Kirsten Gillibrand #Chuck Schumer #Meme Act #End Crypto Corruption Act #Trump #Donald Trump #United Arab Emirates #Congress #House Democrats #Sylvia Garcia #Maxine Waters #GENIUS Act #Republicans

Related Prediction Markets

US Politicians banned from launching cryptocurrencies before July?

U.S. enacts stablecoin bill in 2025?

Trump eliminates capital gains tax on crypto before June?

Trump's face on paper money before July?

Trump's face on the $250 bill before July?

Will Trump Media invest in $TRUMP before July?

Trump Family buys stake in Binance before July?

Federal employee charged as a result of DOGE investigation?

•

View market suggestions→

Sources

decrypt.co(5)axios.com(2)unchainedcrypto.com(2)jp.reuters.com(2)

Washington Examiner

@dcexaminer

Democrats to introduce bill banning Trump and lawmakers from sponsoring crypto coins https://t.co/5aplqhzNoG

Sen. Elissa Slotkin

@SenatorSlotkin

President Trump’s cryptocurrency is an unprecedented opportunity for corruption and bribery, and our End Crypto Corruption Act puts a stop to it. We need a framework that allows the industry to succeed in the U.S., protects consumers and ends abuse by politicians + bad actors. https://t.co/GTpvCoooIf