California Senator Adam Schiff has proposed a new bill aimed at regulating the use of cryptocurrencies by political figures in response to the situation surrounding Donald Trump and his memecoin.
Adam Schiff's Legislative Initiative
Adam Schiff has introduced a bill known as the COIN Act (*Curbing Officials’ Income and Nondisclosure*), aimed at prohibiting presidents, vice presidents, and senior officials from creating, promoting, or investing in cryptocurrencies, NFTs, or stablecoins during their tenure and up to two years after. This bill was sparked by a dinner organized by Trump for key holders of his memecoin.
Criticism and Trust in Trump's Programs
Schiff expresses concern that Trump is using digital assets for personal gain. He claims that Trump has earned over $57 million through his family-supported platform World Liberty Financial, seeing this as a clear abuse of power for personal reasons. Such actions raise ethical questions and highlight potential conflicts of interest.
Cryptocurrencies as an Electoral Tool
The issue of managing cryptocurrencies soon became a subject of discussion in Congress. Another bill proposed by Maxine Waters, called the TRUMP in Crypto Act, aims to block Trump's use of memecoins for political purposes. However, given the current distribution of seats in Congress, the prospects for these bills remain low. The intensification of discussions surrounding cryptocurrencies as a tool of influence indicates that blockchain has become an important electoral issue in contemporary politics.
Adam Schiff's bill reflects growing concerns about the influence of cryptocurrencies on politics. It also underscores the need for a clearer separation between political power and financial interests.
