Maxine Waters Introduces "Stop Crypto Corruption Act" Targeting President Trump's Memecoin

Just hours before President Donald Trump's high-profile gala for holders of his memecoin, Democratic lawmakers moved to curb what they call rising

Just hours before President Donald Trump is set to host a high-profile gala for holders of his memecoin, Democratic lawmakers have moved to curb what they call rising “crypto corruption” in Washington.

Led by Rep. Maxine Waters, 15 House Democrats have introduced the “Stop Trading, Retention, and Unfair Market Payoffs in Crypto Act of 2025.” The bill would prohibit the president, vice president, members of Congress, and their immediate family members from acquiring, promoting, or personally profiting from digital assets while serving in their official capacities.

Lawmakers would also be barred from holding crypto assets in a manner that provides them with the ability to exert unilateral control or influence over the tokens.

“Trump’s crypto con is not just a scam to target investors. It’s also a dangerous backdoor for selling influence over American policies to the highest foreign bidder,” said Rep. Maxine Waters.

The legislation comes amid a wave of criticism surrounding Trump’s deepening ties to crypto. The president and his wife, Melania, have launched personal memecoins, while Trump’s family has backed a stablecoin through the crypto firm World Liberty Financial.

In addition, Trump’s sons are linked to a Bitcoin mining venture, and blockchain records indicate that Justin Sun, founder of Tron and a Chinese national, is one of the largest holders of TRUMP (TRUMP), the memecoin serving as a ticket to Thursday night’s dinner at Trump’s golf club in Virginia.

The exclusive gala invites the top 220 $TRUMP holders, some of whom spent between $55,000 and nearly $38 million in tokens to secure an invitation.

Senators Richard Blumenthal, Chris Murphy, Elizabeth Warren, and Jeff Merkley, along with Rep. Sam Liccardo and advocacy groups, are highlighting the upcoming event as a threat to national security and a potential corruption risk, according to a statement shared with crypto.news.

The group is demanding the release of names of the attendees and any promised favors.

Murphy is also promoting his recently introduced MEME Act, which aims to curb digital asset profiteering by public officials. The act, co-authored by Sen. Pat Toomey, would bar federal officials from trading or holding any meme coins or other crypto tokens.

“This is an urgent threat to our national security and the integrity of our government,” said one official, in a statement. “We’re calling on President Trump to cancel this dinner and stop using his political office to enrich himself and his family.”

Protests are expected outside the gala, which is set to take place at Trump’s golf club in Virginia. The event is expected to draw a crowd of Trump supporters and protesters.