In a bold move against financial misconduct involving digital assets, Congresswoman Maxine Waters has introduced a bill targeting crypto corruption, just hours before former President Donald Trump’s high-profile memecoin gala.
New Legislation: The “Crypto Corruption” Bill
Rep. Maxine Waters (D-CA) unveiled a new bill on May 21, 2025, aimed at preventing public officials and their families from profiting from crypto schemes. The proposed legislation would:
- Ban sitting presidents, vice presidents, members of Congress, and their immediate families from issuing or profiting from digital assets.
- Introduce strict transparency and disclosure requirements for any crypto-related dealings involving elected officials.
“Trump’s crypto con is not just a scam to target investors, it’s a dangerous backdoor for selling influence over American policy to the highest foreign bidder,” Waters said during a press conference.
The Timing: Trump’s $TRUMP Memecoin Gala
The bill’s timing is notable — it came just hours ahead of Donald Trump’s private “memecoin gala” at Mar-a-Lago. The exclusive dinner reportedly honors the top 200 holders of the $TRUMP memecoin, a digital token promoted by Trump’s allies.
- Some VIP guests reportedly invested over $15 million in $TRUMP.
- The event raises concerns about “pay-to-play” access to a potential future president.
Ethical Concerns and Legal Backlash
The gala and Trump’s memecoin dealings have triggered serious ethical concerns. Several Democratic lawmakers, including Sen. Elizabeth Warren and Rep. Adam Schiff, have called for a federal ethics investigation, citing:
- Potential violations of bribery laws.
- Concerns about foreign influence in U.S. politics.
- Possible breach of the Constitution’s Emoluments Clause.
Meanwhile, a protest outside Mar-a-Lago was staged, with critics demanding more accountability in crypto-related fundraising by public figures.
More Bills Join the Fight
Waters’ proposal aligns with other legislation introduced recently, such as the End Crypto Corruption Act by Reps. Elissa Slotkin and Jeff Merkley, which also seeks to ban elected officials from issuing or trading crypto assets.
Sen. Chris Murphy is also reportedly drafting a bill to bar any U.S. president from launching or backing stablecoins.
Will Crypto and Politics Collide?
The introduction of Waters’ bill signals a growing concern in Washington over the intersection of crypto and political power. As Trump courts investors through digital tokens, lawmakers are pushing back to preserve transparency, ethics, and trust in government.
The next chapter in U.S. crypto regulation could reshape how politicians interact with digital assets.