Senior member of the U.S. House Financial Services Committee, Maxine Waters, announced plans to introduce legislation to "stop Trump's meme coin and curb his cryptocurrency corruption."

In an announcement on May 22, Representative Waters stated that the 2025 "Stop Trading, Retaining, and Unfair Market Returns (TRUMP) Cryptocurrency Act" aims to prevent the President, Vice President, members of Congress, and their families from engaging in "cryptocurrency crimes." The U.S. lawmaker pointed out that in January of this year, Trump and his wife Melania issued a personal meme coin, while their family launched the stablecoin USD1 through the cryptocurrency platform World Liberty Financial, and the President attempted to establish a national Bitcoin (BTC) reserve, with his sons supporting Bitcoin mining projects.

"Trump is preparing to dine with the top donors of meme coins that have enriched him and his family," Waters stated, adding:

"Trump's cryptocurrency scheme is not just a fraud against investors. It is a dangerous backdoor that could sell the influence of U.S. policy to the highest bidding foreign powers."

Waters' bill is one of many actions opposing the President's planned dinner to reward meme coin holders. Senator Chris Murphy and Elizabeth Warren are expected to attend a press conference held by the consumer advocacy organization Public Citizen. Meanwhile, two Democratic organizations will hold a protest outside the Trump National Golf Club in Washington, D.C., which is the venue for the meme coin dinner.

This is a developing story, and our agency will continue to update the report as more information becomes available.

Related: Trump's crypto "czar" David Sacks says stablecoin bill "will pass"

Original: “U.S. Lawmaker Proposes Anti-Corruption Bill Ahead of Trump Dinner”

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