Democrats unveil COIN Act to block Trump and public officials from profiting off crypto
3 min read
Democratic legislators have proposed laws that are trying to block US officials, including the president, because they hand over digital assets during and after their tenure.
In response to concerns regarding the financial connections of President Donald Trump, who described the income and the confidentiality officer or the income and secrecy or coin, the coin, the law on the financial connections of cryptocurrency.
The bill was introduced by Senator Adam Schiff and sponsored by nine other democratic legislators.
Schiff said that the president's digital asset activities had shown serious ethical and constitutional concerns and pointed out what he used as Trump's public office for personal financial profit.
The Coin Act was tailored to prevent what its sponsors call the “financial exploitation of digital assets” of chosen civil servants and their immediate families.
According to the text of the Mint Act, the legislation would, including the President, Vice President, members of the congress and high-ranking executive officers, prohibit, sponsor or promote digital assets such as Meme coins, NFTS and stable coins.
This restriction would apply for 180 days before taking office and continued two years after leaving the office. Immediate family members would also be subject to the same rules.
In addition, the legislation would change ethics in the government to demand that digital assets are included in financial information and transaction reports. It is also proposed that holding or trading with crypto qualifies as a financial interest according to conflicts of interest and obliged the civil servants to withdraw from related decisions.
In addition, the legislation of StableCoin issuers would be obliged to certify quarterly that no civil servant benefits from the issue of their token in order to obtain official approval.
A separate provision stipulates that the state accountability obligation can submit a report to the congress within 360 days, in which recommendations for updating the Federal Ethics Act are submitted as the formation of crypto supervisory framework.
The pressure of introducing such guardrails for months, which were largely driven by democratic legislators, have been alerted by Trump's expanding crypto portfolio.
At the beginning of this year, Rep. Maxine Waters Trump accused his Memecoin $ Trump to enrich himself while he had cheated on investors.
In April, Waters StableCoin from World Liberty Financial from Waters from Waters triggered Alarme and warned that the token could become an instrument for foreign actors to lead money to the president.
She also convicted Trump's private gala for Top $ Trump Memecoin holder and described it as a “pay-to-play scheme”, which blurred the border between donations for the campaign and the political favorite.
These concerns have already settled in several democratically guided legislative efforts. Waters and other legislators have supported invoices such as the Meme Act under the direction of Rep. Sam Liccardo and the Stop Trump in Crypto Act, both of whom aimed at holding civil servants and their families from owning or promoting digital assets in office.
Despite repeated objections, Trump has further expanded his footprint in the digital asset area. His family supported several crypto companies, including stable coins and a registered share of a Bitcoin mining project.
Blockchain data has associated prominent numbers of the crypto industry, including Tron founder Justin Sun, with large stocks of trump-connected tokens.
