markdown
## The COIN Act: A revolution to prevent political interests from cryptocurrency
U.S. Congressman Adam Schiff has just proposed the COIN Act, aimed at prohibiting the President, Vice President, and their families from profiting from the cryptocurrency market during their terms in office. This is a strong move to separate the potentially conflicting relationship between politics and the ever-expanding digital profit.
## What is the COIN Act?
Officially named the Curbing Officials’ Income and Nondisclosure Act (COIN Act), this bill proposes a complete ban on the issuance, funding, or promotion of any type of digital asset. This includes meme coins, NFTs, and stablecoins – tools that many public figures exploit to accumulate wealth quickly.
If passed, the COIN Act would not only apply to the President and Vice President but also to members of Congress, high-ranking officials in the government, and their families to prevent ethical risks and conflicts of interest.
## Why now? Donald Trump's cryptocurrency profits
This legislative move directly targets the increase in Donald Trump's cryptocurrency activities. In 2024 alone, Trump has earned over $57 million from selling tokens and cryptocurrency-related projects. Furthermore, he is involved in Bitcoin mining, tokenized assets, and digital ETFs, creating significant controversy surrounding conflicts of interest in politics.
Schiff himself emphasizes that allowing national leaders to directly profit from the cryptocurrency market could undermine transparency and ethics in policy decisions.
## Highlights of the COIN Act
– Prohibit the issuance and promotion of all types of digital assets for senior officials and their families.
– Emphasize the obligation to publicly disclose digital assets when transactions exceed $1,000.
– Impose strict penalties, including seizure of illegal profits and prison sentences of up to 5 years.
### Adam Schiff's change in perspective?
Previously, Schiff supported another bill aimed at establishing regulations for stablecoins, but there were no restrictions for national leaders. The COIN Act marks a policy adjustment aimed at closing the existing legal loophole. Currently, there are 9 Democratic senators who agree to support this bill.
## Trump's cryptocurrency development is unstoppable
Despite political opposition, Trump's cryptocurrency activities continue to expand. He is involved in Bitcoin mining, issuing meme coins, and developing digital ETFs. His company TMTG has been approved by the SEC for plans to establish a $2.3 billion Bitcoin trust fund.
The year 2025 is predicted to be a major turning point in the intersection of cryptocurrency and U.S. politics. However, the effectiveness of the COIN Act still depends on its ability to pass Congress, which is controlled by the Republican Party.
—
The COIN Act opens a new chapter in the fight to tighten transparency and ethics in politics amid the cryptocurrency wave. The new regulations, if passed, will help protect citizens from the exploitation of digital assets for political gain while maintaining fairness in U.S. democracy.
Source: https://tintucbitcoin.com/tong-thong-de-doa-cam-loi-nhuan-tien-so/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news on the cryptocurrency market and not miss any important information!
