US Senator Proposes Bill to Regulate Cryptocurrency Activities for High-Ranking Officials

AI Summary

According to PANews, US Democratic Senator Chris Murphy has introduced a bill aimed at preventing high-ranking officials, including the President and members of Congress, as well as their immediate family members, from issuing or promoting cryptocurrency assets. Violators could face fines of up to $250,000 and imprisonment for up to five years. The legislation specifically targets recent projects by the Trump family, such as the TRUMP Meme coin, and mandates the return of any profits to the US Treasury.

Senate Investigations Committee Chairman Richard Blumenthal announced an investigation into World Liberty Financial and the developers of the TRUMP token, Fight Fight Fight. The investigations will focus on whether the Trump family profited improperly during a 50% increase in the token's value on April 23, following news of a 'White House dinner.' Subpoenas have been issued to the companies involved.

Despite Representative Sam Liccardo introducing a companion bill, the legislative situation remains uncertain due to Republican control of both chambers.