The COIN Act: Restricting U.S. officials from issuing and promoting cryptocurrencies
On June 24, according to a reliable source, U.S. Senator Adam Schiff along with nine Democratic lawmakers proposed a bill called the Curbing Official Income and Non-Disclosure Act (COIN Act). The purpose of this bill is to prohibit President Trump and public officials from issuing, promoting, or endorsing cryptocurrencies during the period from 180 days to 2 years before and after their term.
Cryptocurrency related to the President's family and concerns about transparency
The bill directly stems from the public financial disclosures of the cryptocurrency platform World Liberty Financial (WLF), which is closely related to President Trump's family. WLF reported revenues of up to $57.4 million and launched the stablecoin USD1 in March this year, raising concerns among officials about potential conflicts of interest and lack of transparency in this sector.
Strengthening control over stablecoins and expanding the scope of digital asset reporting
Targeting payment stablecoins
The COIN Act bill focuses directly on regulating stablecoins used as a means of payment, imposing strict restrictions to ensure transparency and prevent the abuse of public positions to manipulate the cryptocurrency market.
Expanding the reporting scope under the STOCK Act
This proposal also calls for an expansion of the current reporting requirements under the STOCK Act – a law regarding the asset reporting of government officials – to include digital assets such as cryptocurrencies. This aims to increase transparency, helping officials to more effectively monitor cryptocurrency-related transactions.
Challenges and prospects of the bill in the U.S. Congress
Previously, Congresswoman Maxine Waters had also proposed a similar bill called the Stop Trump Crypto Corruption Act but did not receive majority support as the Democratic Party is currently the minority in both chambers of Congress.
Opportunity for the bill to pass
The likelihood of the COIN Act being passed remains in doubt. However, this is an important step towards tightening regulations on the activities of public officials related to cryptocurrencies. This promises to create a significant milestone in the effort to refine the legal framework for the cryptocurrency industry in the United States, while also protecting transparency and fairness in the digital asset market.
The COIN Act marks a new trend in regulation amidst the increasingly complex and potentially conflict-prone field of global finance that cryptocurrencies are becoming, especially among political leaders. Cryptocurrency users and investors need to closely monitor the developments of this proposal to timely update policies and effectively protect their rights.
Source: https://tintucbitcoin.com/thuong-nghi-si-my-de-xuat-luat-thu-nhap-tien-dien-tu-trump/
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