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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Senators propose a bill to prevent the U.S. President from using Crypto Assets.
Gate News bot reports that according to CoinGape, U.S. Senator Adam Schiff has introduced the "COIN Act," which aims to restrict White House officials and their families from participating in Crypto Assets-related activities. The act prohibits public officials, including the President and Vice President of the United States, from launching, promoting coins, or profiting from them.
Just a few days after the U.S. Senate passed the GENIUS Act, Senator Adam Schiff introduced the COIN Act, which will prohibit the President and their immediate family from profiting from crypto assets during their term. This new legislation aims to prevent senior U.S. officials from issuing, sponsoring, or endorsing digital assets such as memecoins, stablecoins, and non-fungible tokens (NFTs), as was done by President Trump before.
According to reports, the introduction of the "COIN Act" is in response to Trump's investments in Crypto Assets and his alleged profits of $57.4 million from his DeFi project. The act will also apply to senior officials in the executive branch, members of Congress, and their immediate family members, and may face penalties including fines and imprisonment.
Senator Schiff pointed out in an X post: "U.S. President Donald Trump and other senior government officials made a fortune through crypto assets scams. Today, I am introducing the COIN Act to completely put an end to this obvious corruption."
It is worth noting that lawmakers are working to prevent potential conflicts of interest by strengthening ethical laws related to digital assets. This move aims to ensure that public officials maintain transparency and accountability when dealing with Crypto Assets and other digital assets.
According to reports, the "COIN Act" is a direct response to U.S. President Donald Trump's involvement in the crypto assets space. In addition to supporting policies for crypto assets, Trump has also launched his own meme coin TRUMP, as well as a DeFi project called "World Liberty Financial" (WLFI). Furthermore, the Trump Media & Technology Group has secured approximately $2.5 billion in funding to establish a Bitcoin vault.
Trump has accumulated over $57 million from WLFI, raising concerns about his use of presidential power for personal gain.
Senator Schiff stated in a statement: "President Trump's cryptocurrency transactions have raised serious ethical, legal, and constitutional concerns, with worries that he is using the presidency to benefit himself and his family. For this reason, I have proposed legislation to prohibit public officials, including the president and the first family, from using any digital assets for financial exploitation. We need to subject the president's financial transactions to stricter scrutiny and prevent him and any other politicians from profiting from such schemes."