California Representative Maxine Waters has announced plans to introduce legislation aimed at blocking Donald Trump’s memecoin and preventing corruption in the cryptocurrency sector.
Goals of Waters' Bill
The bill, titled the Stop Trading, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act of 2025, seeks to block the President, Vice President, members of Congress, and their families from engaging in 'crypto crime.'
Criticism of Trump’s Actions
Waters noted that Trump and his wife Melania launched personal memecoins in January, and his family launched a stablecoin, USD1, through the crypto platform World Liberty Financial. She referred to Trump's attempts to establish a national Bitcoin reserve supported by his sons backing a BTC mining venture. '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.'
Reactions to the Bill
Waters' bill is one of many actions announced to oppose the President's dinner to reward memecoin holders. Senators Chris Murphy and Elizabeth Warren are expected to attend a press event with representatives of the consumer advocacy group Public Citizen, and two Democratic organizations are protesting at Trump National Golf Club, where the memecoin dinner will be held.
This is a developing story, and further information will be added as it becomes available.
