Congressman Ritchie Torres from New York's 15th District is reportedly planning to introduce a bill that aims to prevent federal officials and their immediate family members from crypto profiteering.

Journalist Eleanor Terrett shared the document on X on Apr. 7, as per which Torres' bill aims to prohibit meme coin and stablecoin profiteering by federal officials.

The bill mentions that it should be unlawful for any person to "create, issue, promote, advertise, or sell any digital asset" named after senior federal officials such as the president, the vice president, a Congress member, a government official appointed by the president or the Senate, and their immediate family members.

Note that President Donald Trump and his family members back multiple crypto ventures such as the eponymous TRUMP and MELANIA meme coins, the World Liberty Financial project, and the USD1 stablecoin.

Congressman Torres's bill is being planned amidst the relentless criticism of the Democrats, such as Senator Elizabeth Warren (D-MA) and Rep. Maxine Waters (D-CA-43), regarding the Trump family's crypto ventures.

The Trump family's engagement with crypto businesses has prompted the Democrats to make the demand that the upcoming crypto bills direct the president from engaging with such ventures while in office.

Rep. Sam Liccardo (D-CA) has also proposed legislation, called the MEME Act, to ban federal officials from profiting from meme coins.

On Apr. 25, Senator Jon Ossoff (D-GA) voiced support for impeaching the president due to the upcoming VIP dinner that would host the top TRUMP meme coin holders.

At press time, TRUMP was trading at $10.81, as its price has risen of late due to the latest dinner announcement.

Nonetheless, the current price is 85% lower than the record high of $73.43 that it hit on Jan. 19 ahead of Trump's presidential inauguration.