U.S. Senator Mark Kelly is taking direct aim at former President Donald Trump, accusing him of using his position for personal enrichment through cryptocurrency schemes that critics say blur the line between governance and grift.
Kelly, a Democrat from Arizona, has co-sponsored the “End Crypto Corruption Act,” a proposed law aimed at barring the president, vice president, senior executive branch officials, members of Congress, and their immediate family members from creating, endorsing, or promoting cryptocurrency assets — including meme coins and stablecoins.
“Trump is cashing in on his presidency and making millions from his own crypto coins — this is corruption in broad daylight,” Kelly said in a statement announcing the bill. “I’m supporting this bill to make it illegal for the President and other government officials to make a profit from crypto assets. It’s time to put a stop to this.”
A recent report from the bipartisan State Democracy Defenders Action group estimates that Trump’s crypto holdings now make up nearly 40% of his total net worth — approximately $2.9 billion.
Further fueling the controversy is an exclusive dinner Trump has planned for May 22 at a Virginia golf club. Invitations have been sent to the top 220 holders of the $TRUMP memecoin, with the 25 largest investors promised private access to the former president.
“Have Dinner with President Trump and the $TRUMP Community!” the event invitation reads. “Let the President know how many $TRUMP coins YOU own!”
Corey Frayer, who oversaw crypto policy at the Securities and Exchange Commission during the Biden administration, said, “This is really incredible. They are making the pay-to-play deal explicit.”
Noah Bookbinder, executive director of Citizens for Responsibility and Ethics in Washington, added, “I’m not sure we ever saw anything as blatant as this meme coin dinner. This is over the top — even for Trump — because while the practice of putting money in his pocket and subsequently gaining access to the presidency is far from new, it is more shameless than it has ever been.”
In addition to the coin dinner, Trump and his two eldest sons are tied to a $2 billion crypto deal involving a company based in the United Arab Emirates. This venture has sparked deep concern among Democrats in Congress.
Senators Elizabeth Warren and Jeff Merkley issued a formal letter to the acting director of the Office of Government Ethics, warning: “The deal, if completed, would represent a staggering conflict of interest, one that may violate the Constitution and open our government to a startling degree of foreign influence and the potential for a quid pro quo that could endanger national security.”
Federal ethics regulations prohibit government employees from holding financial interests that conflict with their public responsibilities. Officials are also barred from soliciting gifts or using public office for personal gain. Penalties for violations range from dismissal to prison sentences of between two and fifteen years for bribery.
Despite the serious concerns, Kelly’s bill faces an uphill battle in a Congress dominated by Trump-aligned Republicans, many of whom continue to show unwavering loyalty to the former president.
As Kelly sees it, that loyalty has helped enable what he calls “corruption in broad daylight.”
