U.S. Democratic Senator Adam Schiff proposed a bill to prevent President Donald Trump and senior officials from supporting cryptocurrency projects.
Trump's active role in the cryptocurrency market and the profits he has made continue to attract the attention of Democrats. Democratic Senator Adam Schiff introduced a bill aimed at banning senior public officials and their close family members from launching or promoting cryptocurrency assets in the Senate. The law, which Schiff named the "COIN Act," covers the 180 days prior to officials' terms and the two years after leaving office.
The bill is supported by nine other Democratic senators. Senator Schiff stated that Trump's cryptocurrency connections have caused significant ethical, legal, and constitutional controversies, saying, "There needs to be more oversight over the President's financial relations. Trump and other politicians should not be allowed to profit from such schemes."
Trump's stablecoin project has sparked controversy.
World Liberty Financial, associated with Trump, is taking quite active steps to expand in the cryptocurrency market. The company launched the USD1 stablecoin in March and recently distributed this stablecoin to wallets participating in the acquisition of its own token WLFI. According to CoinGecko data, the current market value of the USD1 stablecoin is approximately $2.2 billion.
According to Trump's latest financial declaration, it was revealed that he earned $57.35 million from World Liberty Financial token sales in 2024.
In addition, there are other politicians proposing similar legislation. Democratic Representative Ritchie Torres proposed a separate law last month aimed at "preventing presidents from profiting from cryptocurrency." However, due to the Democrats being in the minority in both chambers of Congress, it seems quite difficult for the bills to be approved and enacted.$BTC