Democratic senators proposed banning the president from investing in or supporting encryption assets.

On May 7, The Verge reported that after abruptly withdrawing support for the Senate’s first stablecoin regulatory bill, Senate Democrats announced on Tuesday that they would introduce a new bill banning federal officials and their families from issuing digital assets. This bill directly targets the stablecoins and meme coins currently held by Trump and his family. The bill’s sponsor, Oregon Democratic Senator Sen. Jeff Merkley, stated, “Currently, anyone hoping to establish a relationship with the president can profit personally by purchasing the Crypto Assets he owns or controls, which is an extremely corrupt act that threatens our national security and erodes public trust in government. We must put an end to this corruption immediately.”