Kelly, Colleagues Introduce Legislation to End Crypto Corruption by Trump and Other Government Officials

This week, Arizona Senator Mark Kelly introduced legislation to crack down on cryptocurrency-related corruption by elected officials at the highest levels of the federal government. 

The End Crypto Corruption Act bans the President, Vice President, Senior Executive Branch Officials, Members of Congress, and their immediate families from issuing, endorsing, or sponsoring crypto assets, such as meme coins and stablecoins.  

President Trump’s crypto assets now account for nearly 40% of his wealth, and his net worth has increased by $2.9 billion thanks to crypto investments. This bill puts forward a blanket prohibition on acts that could be self-serving in order to guard against conflicts of interest. 

“Trump is cashing in on his presidency and making millions from his own crypto coins—this is corruption in broad daylight,” said Kelly. “I’m supporting this bill to make it illegal for the President and other government officials to make a profit from crypto assets. It’s time to put a stop to this.” 

The bill is led by Senators Jeff Merkley (D-OR) and Chuck Schumer (D-NY) and cosponsored by Senators Elizabeth Warren (D-MA), Mazie K. Hirono (D-HI), Chris Van Hollen (D-MD), Kirsten Gillibrand (D-NY), Jack Reed (D-RI), Catherine Cortez Masto (D-NV), Bernie Sanders (I-VT), Andy Kim (D-NJ), Angela Alsobrooks (D-MD), Cory Booker (D-NJ), Edward J. Markey (D-MA), Tammy Duckworth (D-IL), Elissa Slotkin (D-MI), Lisa Blunt Rochester (D-DE), Ron Wyden (D-OR), and Richard Blumenthal (D-CT). Organizations endorsing the bill include Public Citizen and Democracy State Defenders. 

See full text of the bill here.