US Democratic Senator Adam Schiff has proposed a legislative bill aimed at prohibiting public officials, including the President and their immediate family members, from issuing or endorsing cryptocurrencies.
Content of the Legislative Proposal
The bill, known as the COIN Act (Restricting Income and Notification of Officials Act), disallows senior public officials from engaging in the issuance, sponsorship, or endorsement of cryptocurrencies, including memecoins, NFTs, or stablecoins from 180 days before the start of their term until two years after its conclusion.
Debate Over Trump's Cryptocurrency Connections Continues
Schiff emphasized that Trump's cryptocurrency initiatives raise serious ethical and legal concerns regarding the use of presidential power for personal gain. He stated: "We require a much closer examination of the President's financial dealings, and it is imperative to prevent any politician from profiting from such plans."
Political Circumstances and Chances of Passage
Schiff's bill is not the first of its kind. For instance, Democratic Representative Ritchie Torres suggested a law last month aiming to prevent presidents from profiting from cryptocurrencies. However, the Democrats' minority status in both the Senate and House complicates the advancement of such legislation.
Schiff's proposal represents part of the Democrats' efforts to improve ethical standards in politics, particularly in light of the growing cryptocurrency interests. The passage of this bill will require significant political effort from Democrats.
