๐งพ ๐ก๐๐ช ๐จ.๐ฆ. ๐ฆ๐๐ก๐๐ง๐ ๐๐๐๐ ๐ง๐๐ฅ๐๐๐ง๐ฆ ๐ง๐ฅ๐จ๐ ๐ฃ'๐ฆ ๐๐ฅ๐ฌ๐ฃ๐ง๐ข ๐ง๐๐๐ฆ
๐จ Senator Adam Schiff has introduced the COIN Act โ a bill aimed at blocking U.S. presidents and top officials from personally profiting from crypto, including memecoins and NFTs.
๐ง Why Now? The bill follows reports that Trump earned $57.4M from a crypto firm linked to his family: World Liberty Financial (WLF). He also held a private dinner to honor top holders of his own memecoin.
โ๏ธ ๐ช๐ต๐ฎ๐ ๐ง๐ต๐ฒ ๐๐ถ๐น๐น ๐ช๐ผ๐๐น๐ฑ ๐๐ผ:
โ Ban presidents and top officials from endorsing or launching crypto projects
โณ Restrictions would apply 180 days before taking office and last 2 years after leaving
๐ต Specifically targets payment stablecoins, like the USD1 launched by WLF
๐ Trumpโs family cut its stake in WLF from 75% to 40% recently โ but could still cash out millions.
๐งพ According to watchdogs, Trump holds $2.9B worth of crypto assets, nearly 40% of his wealth.
๐๏ธ ๐ฃ๐ผ๐น๐ถ๐๐ถ๐ฐ๐ฎ๐น ๐๐ฎ๐ฐ๐ธ๐ฑ๐ฟ๐ผ๐ฝ:
This Senate bill follows a similar House bill by Rep. Maxine Waters, titled the TRUMP in Crypto Act, aimed at stopping โcrypto corruptionโ tied to Trumpโs name.
But with Democrats in the minority in both chambers and Trump likely to veto, the billโs chances are slim โ unless two-thirds of Congress support an override.
๐ ๐๐ผ๐๐๐ผ๐บ ๐๐ถ๐ป๐ฒ:
As Trump dives deeper into crypto and memecoins, lawmakers are raising ethics red flags. But turning these concerns into real laws wonโt be easy in the current political climate.