Maxine Waters Introduces Bill to Ban Trump Crypto Dealings

Rep. Maxine Waters, the leading Democrat on the influential House Financial Services Committee, introduced legislation on Thursday aimed at preventing the president, vice president, members of Congress, and their immediate family members from engaging in personal crypto asset dealings while in office. The bill, titled the “Stop TRUMP in Crypto Act of 2025,” is explicitly designed to target President Donald Trump, who has amassed significant unrealized gains from various crypto ventures since returning to power.

A spokesperson for Rep. Waters confirmed that the bill's timing was intentional, coinciding with a private dinner Trump is scheduled to have with the top 220 holders of his meme coin. The event, which is closed to the press, has raised concerns among Democrats about potential foreign influence.

“Donald Trump is preparing to dine with the top donors of his memecoin who’ve made him, and his family, richer,” Waters stated. “For all we know, Russia, China, or even North Korea could be buying Trump’s crypto to secure favors from the White House.” She added, “Enough is enough. Congress can no longer ignore the biggest scam and abuse of power in American history.”

The identities of the attendees at Trump’s crypto dinner remain undisclosed. However, one confirmed guest is Chinese-born crypto billionaire Justin Sun, who has been under investigation by the Department of Justice for suspected financial crimes and was sued by the SEC in 2023 for alleged fraud and market manipulation. Sun has invested over $22 million in Trump’s meme coin and tens of millions more in another Trump family crypto venture, World Liberty Financial.

The legislation introduced by Waters would prohibit Trump from issuing, sponsoring, promoting, or receiving compensation from any digital asset activities while in office. It would also prevent him from trading digital assets based on material non-public information. These restrictions would extend to the president’s spouse, children, and their spouses.

The bill has garnered support from 14 other Democrats on the House Financial Services Committee, in addition to Ranking Member Waters. As crypto-related legislation progresses through Congress, Trump’s perceived conflicts of interest have posed challenges to several bills aimed at establishing legal pathways for digital asset issuance and trading.

Earlier this month, Rep. Waters led a Democrat walkout from a crypto-focused meeting of the House Financial Services Committee to protest “Trump’s crypto corruption.” The intention was to compel lawmakers to include language in crypto regulation bills that would require Trump to divest from his crypto businesses while in office. With those requests unaddressed, Waters has now introduced her own legislation on the matter. Similar bills targeting the president’s crypto activities, such as the MEME Act, have been introduced this year but have not garnered any Republican support.