On Monday, several Senate Democrats announced they would hold a press conference this week to declare their opposition to Clarity, and what they said is its “lack of rein in President Donald Trump’s corrupt crypto schemes.” Senator Murphy will join Senators Chris Van Hollen and Jeff Merkley at the event on Capitol Hill, which will also highlight their claims that the crypto sector’s Washington influence is causing “growing political corruption.”
One of the lawmakers involved in the ethics discussions, Sen. Kirsten Gillibrand, a New York Democrat, recently noted that Trump’s single largest income stream for 2025, $636 million, came from the issuance of the memecoin that bore his name. She said she and other Democrats have pushed to make it illegal for presidents to issue or sponsor digital assets.
“We cannot let self-dealing destroy an opportunity to strengthen consumer protections, crack down on illegal financing, and expand economic opportunities for the millions of Americans our financial system has left behind,” Gillibrand said in a statement. “The time to act is now — and that must include ethics reforms that prohibit members of Congress, the president and their spouses from making money in office.”
Although Clarity would need many Democrats to join Republicans if proponents want to reach the 60-vote threshold needed for Senate passage, Gillibrand and other Democrats have said the bill cannot pass until that is addressed.
