Ranking Member of the House Financial Services Committee Maxine Waters (D-CA) introduced a new bill targeting corruption in the crypto sector just hours before U.S. President Donald Trump’s gala dinner for $TRUMP meme coin investors outside the nation’s capital on Thursday.
Waters, Democrats Unveil Crypto Corruption Bill
Known as the “Stop Trading, Retention and Unfair Market Payoffs in Crypto Act of 2025,” the proposed legislation would prohibit elected officials from owning “a proportion of a digital asset that would allow the individual to unilaterally make changes to the digital asset.”
The bill is co-sponsored by 14 fellow committee Democrats, including Reps. Stephen Lynch, Brad Sherman, Al Green, and Rashida Tlaib.
“This bill will stop Trump’s brazen crypto corruption and prevent any President, Vice President, Members of Congress, or their immediate families from exploiting crypto in this way,” Maxine Waters said in a statement.
“Congress can no longer ignore the biggest scam and abuse of power in American history,” she added. “I know my Republican colleagues fear Trump, but I urge them to stand with me and my Democratic colleagues to pass this bill and send a clear message that the White House is not a platform for personal profit.”
Trump Meme Coin Gala Dinner Raises Eyebrows
Waters’ legislation comes as scrutiny grows over Trump’s ties to the digital asset industry ahead of his exclusive gala dinner for the 220 top investors of his namesake cryptocurrency at Trump National Golf Club on May 22.
The top 25 investors will also be eligible to attend an “exclusive reception” alongside the sitting U.S. president shortly before the event, which includes a “special VIP tour” for attendees.
Critics argue that the gala dinner is, at best, ethically ambiguous, given that foreign interests may have purchased $TRUMP to buy favor with Trump.
However, with preparations already underway, Waters’ attempts to legislate potential crypto corruption may prove futile.
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