Rep. Ritchie Torres, D-N.Y., plans to introduce legislation that would block President Donald Trump, future presidents, and members of Congress from “profiteering” on memecoins and stablecoins.
The bill, called the Stop Presidential Profiteering from Digital Assets Act, would make it unlawful for someone to create, issue or promote a digital asset that “uses the name, likeness, image, or other recognizable traits of a covered individual,” in a message sent by Benny Stanislawski, a spokesman for Rep. Torres, to The Block.
The legislation defines a “covered individual” as a current or former U.S. president, vice president, member of Congress, or any presidentially appointed and Senate-confirmed federal official, along with their immediate family members.
The move comes amid growing criticism among Democrats about Trump’s involvement in crypto, which has created tension as they and their Republican counterparts work on legislation to regulate digital assets.
Since late 2024, Trump and his family have embraced digital assets, launching their own memecoins shortly before his 2025 inauguration. His affiliated venture, World Liberty Financial, recently launched its own stablecoin. Trump also hosted a crypto-themed fundraiser Monday night for the MAGA Inc. super PAC, and is hosting a gala later this month for the top 220 owners of his memecoin.
On Tuesday, Sen. Richard Blumenthal, D- Conn., sent letters to World Liberty Financial and Fight Fight Fight LLC, the company behind Trump’s memecoin, to investigate potential conflicts of interest related to Trump’s crypto activities.
Torres has shown support for crypto. In March, he and Republican House Majority Whip Tom Emmer created the “Congressional Crypto Caucus” aimed at advancing bills in Washington. Torres also had pushed back on the U.S. Securities and Exchange Commission’s approach to regulating crypto last year.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
