In May 2025, Democratic Senator Adam Schiff introduced a bill that prohibits U.S. government officials from issuing, supporting, or investing in cryptocurrency assets. The initiative, called the 'Cryptocurrency Corruption Prevention Act - 2025', aims to prevent conflicts of interest among high-ranking officials, including the president, vice president, members of Congress, and their families. The bill also pertains to executive branch employees, including Elon Musk, who heads the Department of State Efficiency.
According to Schiff, cryptocurrencies like meme coin $TRUMP can be used for the illegal enrichment of officials. The bill has sparked discussions: Republicans, including Senator Cynthia Lummis, are proposing collaboration to create balanced regulation. Critics believe that the ban could stifle innovation in the crypto industry.
Despite regulatory pressure, the cryptocurrency market is recovering: $BTC is approaching $105,000, and the capitalization of $XRP is $125.53 billion. To protect assets, users are advised to use hardware wallets. Stay updated on crypto market news by subscribing to #MiningUpdates .
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