Just a few days after the U.S. Senate approved the GENIUS Act, Senator Adam Schiff introduced the COIN Act, a new bill that would prohibit the president and his immediate family from profiting from cryptocurrencies during their term. The new legislation aims to prohibit U.S. high-ranking officials from issuing, sponsoring, or endorsing digital assets like memecoins, stablecoins, and NFTs, as President Trump has already done.
It is reported that the COIN Act is proposed in response to Trump's cryptocurrency ventures and his alleged earnings of 57.4 million dollars from his DeFi project. The law will also apply to high-ranking officials of the Executive Branch, members of Congress, and their immediate families, with possible penalties including monetary fines and prison sentences. In a post on X, Senator Schiff noted:
"Donald Trump and other high-ranking officials in the administration have amassed a fortune through cryptocurrency scams. Today I am presenting the COIN Act to put an end to this corruption in plain sight."
It is noteworthy that lawmakers are pushing to prevent potential conflicts of interest by strengthening ethical laws related to digital assets. This measure aims to ensure transparency and accountability of public officials in their transactions with cryptocurrencies and other digital assets.
The COIN Act is a direct response to U.S. President Donald Trump's involvement in the cryptocurrency sector. In addition to his pro-cryptocurrency policies, Trump has launched his own meme coin, TRUMP, and a DeFi project, World Liberty Financial. Furthermore, Trump Media & Technology Group has secured approximately 2.5 billion dollars in funding to establish a Bitcoin treasury.
According to reports, Trump has accumulated more than 57 million dollars from World Liberty Financial, raising concerns about the use of presidential power for personal gain. In a statement, Senator Schiff said:
"Transactions with cryptocurrencies by President Donald Trump have raised significant ethical, legal, and constitutional concerns regarding his use of the presidential office to enrich himself and his family. Therefore, I am introducing legislation to prevent the financial exploitation of any digital asset by public officials, including the president and the First Family. We need much more rigorous scrutiny of the president's financial transactions and to prevent him and any other politician from benefiting from these scams."
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