Democratic Senator Proposes Bill to Ban US Officials from Promoting or Issuing Cryptocurrency
On June 24, according to The Block, US Democratic Senator Adam Schiff introduced legislation on Monday aimed at prohibiting public officials, including the President and their immediate family, from issuing or endorsing cryptocurrency.
In a statement released that day, Adam Schiff stated that the bill, titled the "Curbing Officials' Income and Nondisclosure Act" (COIN Act), aims to prevent senior public officials from "issuing, initiating, or endorsing any digital asset, including meme coins, NFTs, or stablecoins." The ban will apply to the period from 180 days before the start of the term to two years after the end of the term.
Adam Schiff pointed out that Trump's involvement in cryptocurrency raises serious ethical, legal, and constitutional questions, believing that he may exploit presidential powers for personal gain. There needs to be stricter scrutiny of the President's financial activities and to prevent him or any other political figures from profiting through similar actions.
