Senator Adam Schiff has proposed a bill titled the COIN Act, which seeks to ban public officials from endorsing digital assets. The bill aims to prevent conflicts of interest in the rapidly evolving digital asset sector.
Key Provisions of the COIN Act
The COIN Act proposes a ban for the president, lawmakers, and their immediate family members from issuing, endorsing, or sponsoring digital assets including meme coins, NFTs, and stablecoins. The restrictions would apply for 180 days before taking office and extend for two years after leaving public service.
Impact on Politics and the Crypto Industry
If passed, the COIN Act could significantly reshape the relationship between crypto and politics in the U.S. As digital assets play an increasingly important role in campaign funding and public discourse, it highlights the Democratic party's intention to draw clear lines between financial influence and policymaking.
Relation to Previous Legislations
The COIN Act comes shortly after the passage of the GENIUS Act, which regulates stablecoins and previously faced delays. The primary aim of the legislation is to prevent conflicts of interest and undue influence from high-ranking officials in the growing digital asset sector.
Senator Schiff's COIN Act emphasizes growing societal concern over public officials' influence on the digital asset market. The passage of this legislation could significantly alter the rules of engagement both in politics and the crypto industry.
