Senator introduces bill to curb Trump’s crypto ties
California Senator Adam Schiff and nine Democratic colleagues introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act to address concerns over President Donald Trump’s involvement in cryptocurrency.
The legislation aims to prevent “financial exploitation of digital assets” by public officials, including the president and their families.
“President Donald Trump’s cryptocurrency dealings have raised significant ethical, legal and constitutional concerns over his use of the office of the presidency to enrich himself and his family,” Schiff stated.
The bill would prohibit covered officials from issuing, sponsoring, or endorsing cryptocurrencies, memecoins, NFTs, and stablecoins starting 180 days before and extending two years after their time in office.
The legislation specifically targets payment stablecoins, such as the USD1 (CRYPTO:USD1) stablecoin launched by World Liberty Financial (CRYPTO:WLFI), a crypto platform backed by Trump’s family.
In May, an Abu Dhabi-based firm announced plans to use USD1 to settle a $2 billion investment in Binance.
Trump’s family reportedly reduced its stake in WLFI from 75% in December to 40% in June, with potential sales worth millions.
The nonpartisan group State Democracy Defenders Action estimated Trump’s digital asset holdings at $2.9 billion, about 40% of his wealth.
In the House, California Representative Maxine Waters introduced the Stop Trading, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act to block Trump’s memecoin and address crypto-related corruption.
Both bills face uncertain prospects, as Democrats hold the minority in Congress.
Even if passed, the legislation would likely be vetoed by Trump and require a two-thirds majority in both chambers to override.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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