Democratic Senator Introduces Bill to Prohibit U.S. Officials from Promoting or Issuing Cryptocurrencies

BlockBeats News, June 24th, according to The Block, U.S. Democratic Senator Adam Schiff proposed legislation on Monday aimed at prohibiting public officials, including the President and their immediate family members, from issuing or endorsing cryptocurrency assets.

In a statement released on the same day, Adam Schiff stated that the legislation, named the "Curbing Officials' Income and Nondisclosure Act" (COIN Act), aims to prevent senior public officials from "issuing, promoting, or endorsing any digital asset, including Meme coins, NFTs, or stablecoins." This ban will apply to the period 180 days before the start of the term to two years after the end of the term.

Adam Schiff pointed out that Trump's involvement in cryptocurrency raised serious ethical, legal, and constitutional questions, suggesting that he may have leveraged the presidential authority for personal gain. There is a need for more stringent oversight of the President's financial activities and to prevent him or any other political figure from benefiting through similar maneuvers.