California Senator Adam Schiff has introduced the COIN Act, aimed at preventing corruption among U.S. officials in the cryptocurrency sector.
Key Provisions of the COIN Act
The COIN Act proposed by Adam Schiff prohibits the president, vice president, and their immediate family from engaging in cryptocurrency-related business ventures while in office. It also mandates disclosure of digital asset sales exceeding $1,000. Violators, including a sitting president, would face civil penalties equal to the profits made and possibly up to five years in prison.
Connection to Trump's Deals
Schiff noted that the proposed legislation is linked to President Donald Trump's recent involvement in cryptocurrency, which has raised significant public interest and concerns about conflicts of interest. "Today, I’m introducing the COIN Act to put a stop to this corruption in plain sight," the senator stated. He believes that Trump's actions might undermine public trust in the financial dealings of high-ranking officials.
Other Legislation Targeting Trump's Crypto Ventures
In addition to the COIN Act, Democrats have put forth other bills aimed at addressing Trump's dealings in the crypto sector, including the MEME Act and the Stop TRUMP in Crypto Act. These initiatives seek to tackle potential corruption risks associated with high-ranking officials engaging in cryptocurrencies. However, with Republican control of Congress, these bills are not expected to pass.
The COIN Act and other initiatives from Democrats highlight growing concerns about the involvement of high-ranking officials in cryptocurrency businesses and their potential influence on public policy.
