A U.S. senator Adam Schiff has proposed a bill aimed at stopping president Donald Trump and other politicians from engaging in crypto.
In a tweet on 23 June, the senator representing California said the bill known as the COIN Act will “put a stop to this corruption in plain sight.”
Stop the fortune
Senator Schiff alleges that Trump and other senior officials have made a fortune from crypto schemes. The allegation may be related to Trump’s vocal support for the crypto industry.
It could also be because of the TRUMP memecoin which was launched shortly after he was sworn in as president.
The first lady, Melania Trump also launched her own memecoin, MELANIA shortly after TRUMP went live.
Since then, Democrat lawmakers have been against the idea and have claimed that the Trump family was ripping people off through the memecoins.
The president has however denied the allegations, stating that he has no direct benefit from the memecoin.
Just recently, another Democrat lawmaker, Congressman Brad Sherman accused TikTok of buying what he called “Trump Coins” to the tune of $300 million to secure an extension of the delay on the ban of the social media platform.
Demands of the bill
According to Senator Schiff, the COIN Act seeks to stop the president, his vice, their family members and special employees (like Elon Musk) from issuing crypto memecoins or any other cryptocurrencies.
It also demands that people in this category disclose their crypto asset holdings like they would disclose any other financial assets.
Thirdly, the bill requires that they apply the Criminal Conflict of Interest provisions to cryptocurrency so that they have to recuse themselves if any major decision is to be made that can affect their large crypto asset holdings.
This bill is coming just barely a week after the passing of the GENIUS Act into law, which Democrat lawmakers are also openly opposed to.
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