Just hours before U.S. President Donald Trump’s private dinner for top $TRUMP meme coin investors, Congresswoman Maxine Waters (D-CA) fired back with new legislation aimed at ending what she calls “brazen crypto corruption” at the highest levels of government.
Waters Takes Aim at Digital Asset Power Abuse
The Ranking Member of the House Financial Services Committee introduced the Stop Trading, Retention, and Unfair Market Payoffs in Crypto Act of 2025 — a bill designed to bar elected officials from holding a controlling stake in any digital asset.
According to the proposal, any public official, including the president and vice president, would be banned from owning “a proportion of a digital asset that would allow the individual to unilaterally make changes to the digital asset.”
Fourteen Democrats co-sponsored the bill, including Reps. Stephen Lynch, Brad Sherman, Al Green, and Rashida Tlaib.
“This bill will stop Trump’s brazen crypto corruption,” Waters declared in a statement. “Congress must draw a clear line that the White House is not a personal trading desk.”
She urged Republican colleagues to “put country over party” and support the legislation, which would prevent any administration official or member of Congress — or their immediate families — from profiting via digital asset ownership or manipulation.
Trump’s Meme Coin Dinner Sparks Ethics Concerns
Waters’ announcement coincided with preparations for Trump’s $TRUMP investor gala at his Virginia golf resort, where the 220 biggest holders of the meme coin will dine with the president.
The top 25 holders reportedly gain access to a private reception and a VIP tour, fueling concerns about political access being bought via crypto holdings.
Critics argue that foreign interests could use the $TRUMP token to gain proximity to the president — especially as the coin’s valuation has surged amid growing speculation about Trump’s second-term crypto stance.
While Trump’s campaign has not officially commented, insiders suggest the event is part of a broader strategy to court crypto donors and align with the pro-Bitcoin wing of the Republican base.
Bill Faces Uphill Battle
Despite Democratic support, Waters’ bill faces slim chances of passing the Republican-led House. Still, the symbolic timing — just hours before Trump’s dinner — underscores rising tensions over crypto regulation and ethics in Washington.
“We cannot allow elected leaders to serve both the people and their portfolios,” Waters warned. “Especially when those portfolios are meme coins created in their name.”
