Sen. Schiff Unveils Bill to Ban Politicians from Crypto Ventures

TheCryptoTimesPublicado em 2025-06-24Última atualização em 2025-06-24

On Monday, Senator Adam Schiff presented new legislation called the COIN Act. This law would stop government officials, including the president and their close family ties, from creating or promoting digital currencies like meme coins, NFTs, or stablecoins. 

He asserts that this rule will remain in effect for six months prior to their appointment and for two years following their departure. Schiff has introduced this law along with nine other Democratic senators as they are worried about former President Donald Trump. They think that Trump will make money from his cryptocurrency business, World Liberty Financial. 

They believe that Trump’s extreme support for crypto is raising questions about whether he is using his position for personal profit, and such conduct could be unethical or even against the law. Their goal is to make sure that no public officials can use their power to benefit financially from crypto projects.

In the statement, Schiff has also reiterated the need for greater scrutiny of the president’s financial dealings to prevent profiteering. “We need far greater scrutiny of the president’s financial dealings and to stop him and any other politician from profiting off of such schemes,” he said. 

World Liberty Financial has gained traction in the crypto market, launching the USD1 stablecoin in March with a current market capitalization of $2.2 billion, according to CoinGecko. The project also airdropped USD1 to wallets involved in the sale of its native token, WLFI. Trump’s 2024 financial disclosure revealed that he has earned $57.35 million from World Liberty Financial’s token sales.

The COIN Act comes just a week after Schiff supported the bipartisan GENIUS Act, a stablecoin bill that advanced to the House after overcoming scrutiny related to Trump’s crypto ventures. Other lawmakers, like Democratic Representative Ritchie Torres, have also suggested laws similar to Senator Schiff’s COIN Act to stop presidents from making money off cryptocurrencies. 

Also Read: Pro-XRP Lawyer Says Ripple Could Hit $100B Market Cap Post-IPO

Leituras Relacionadas

Securitize Drops 40% in First Week of Trading as Tokenization Industry Enters Patent Wars

The article discusses the recent stock performance of Securitize (NYSE: SECZ) and a looming patent war in the tokenization industry. Securitize, a leading tokenization platform and transfer agent for BlackRock's BUIDL fund, debuted on the NYSE via a SPAC merger on July 2. After an initial rise, its stock plummeted nearly 40% within a week, closing at $8.06 on July 7. Analysts attribute the sharp decline largely to typical post-SPAC investor turnover and broader pressure on crypto-related stocks, rather than fundamental business deterioration. Concurrently, Securitize faces significant legal challenges. On June 15, infrastructure rival tZERO accused Securitize of patent infringement concerning its core DS Protocol and Vault Registrar products. Securitize preemptively filed a lawsuit on June 22 seeking a declaratory judgment of non-infringement. tZERO, holding 105 patents, has indicated it has identified at least six other market participants for potential infringement actions, signaling a broader industry-wide patent conflict. A separate lawsuit was also filed by Liquid Rarity Exchange. The article concludes that while Securitize's stock drop may be a temporary SPAC-related correction, the patent disputes initiated by tZERO represent a more profound, long-term risk for the entire tokenization sector, potentially shifting competitive dynamics from business execution to intellectual property litigation.

Foresight NewsHá 21m

Securitize Drops 40% in First Week of Trading as Tokenization Industry Enters Patent Wars

Foresight NewsHá 21m

After C罗's Farewell Tears, Polymarket Stages a 'Tear Verification' Drama

After Portugal's 1-0 loss to Spain in the 2026 World Cup Round of 16, 41-year-old Cristiano Ronaldo was seen visibly emotional on the pitch, with media widely reporting he was in tears. On the prediction market platform Polymarket, however, this event triggered a major settlement debate. The market for "Will Ronaldo cry at the World Cup?" had strict rules requiring clear, identifiable tears on his face in photos/videos taken on the pitch or bench. Following the match, the outcome was disputed as traders argued whether the visible moisture was tears or sweat/other factors, sending the "Yes" probability below 20% and the event into arbitration. The dispute centered on interpreting the evidence against precise market rules. However, in a reversal, Polymarket later issued a clarification stating that qualified photo and video evidence from the pitch showed Ronaldo with "visible tears on his face." This official ruling resolved the ambiguity, causing the "Yes" probability to surge above 99%. With over $22 million in volume, the event highlighted how Polymarket's arbitration can align outcomes with mainstream perception, rather than allowing rule technicalities to solely determine results.

marsbitHá 38m

After C罗's Farewell Tears, Polymarket Stages a 'Tear Verification' Drama

marsbitHá 38m

HKEX Welcomes Its Largest IPO of the Day

Today (July 8th), Momenta successfully listed on the Hong Kong Stock Exchange, becoming the "first Physical AI stock." The company, founded in 2016 by Tsinghua University alumnus Cao Xudong, focuses on autonomous driving as an entry point into Physical AI research. Momenta's IPO price was HK$295.6 per share. With a market cap exceeding HK$70 billion post-listing, it was the largest among the five companies debuting that day. The offering raised approximately HK$6.8 billion and attracted a "star-studded" lineup of 14 cornerstone investors, including top-tier international funds, leading strategic industrial investors like Mercedes-Benz and BYD, and major Chinese financial institutions. The company has pioneered a "flywheel" strategy, integrating mass-produced advanced driver-assistance systems (ADAS) with its full-self-driving (L4) development. Data from over 1 million vehicles equipped with its systems fuels its AI models, enabling continuous improvement. This massive real-world data scale is a core competitive advantage. In April, Momenta launched its self-developed R7 World Model for mass production, a foundational model designed to understand and predict physical world dynamics. The company positions itself not just as an automotive tech supplier, but as a platform-level Physical AI company. Its technology platform has the potential to expand beyond autonomous vehicles into areas like logistics and embodied AI. Financially, Momenta's revenue grew from RMB 743 million in 2023 to RMB 2.413 billion in 2025, with licensing income surging 42-fold during this period. While still reporting adjusted losses, it is nearing breakeven. The company boasts partnerships with 24 global automakers, including 9 of the world's top 10, and holds a 65% market share in China's third-party urban NOA segment. The listing marks a significant moment for Physical AI in global capital markets, reflecting strong investor confidence in Momenta's unique technology path and commercial execution.

marsbitHá 38m

HKEX Welcomes Its Largest IPO of the Day

marsbitHá 38m

After C Ronaldo's Teary Farewell, Polymarket Stages a 'Tear Verification' Drama

After Portugal's heartbreaking 0-1 loss to Spain in the 2026 World Cup Round of 16, a poignant image of a tearful 41-year-old Cristiano Ronaldo circulated widely, marking what he confirmed was his final World Cup match. This moment sparked not just emotional headlines, but a high-stakes debate on the prediction market Polymarket. The platform had an active market on "Will Ronaldo cry at the World Cup?" Despite the apparent visual evidence, the event entered a dispute phase. Polymarket's strict settlement rules required "clearly identifiable tears" on his face within the pitch or bench area, leading traders to dissect footage—arguing whether the moisture was tears, sweat, or a reflection. With the "Yes" probability plunging below 20%, the outcome hinged on rule interpretation. However, Polymarket issued a crucial clarification, stating that qualifying photo and video evidence showed "Cristiano Ronaldo crying, with visible tears on his face" on the pitch post-match. This official ruling caused an immediate and dramatic reversal, sending the "Yes" probability soaring above 99%. The event, which saw over $22 million in volume, highlighted a potential shift in Polymarket's approach, suggesting a move towards aligning outcomes with mainstream perception when rules allow, rather than being dictated solely by technical loopholes.

Odaily星球日报Há 42m

After C Ronaldo's Teary Farewell, Polymarket Stages a 'Tear Verification' Drama

Odaily星球日报Há 42m

Here’s why Strategy’s $216M Bitcoin sale may not be bearish after all

Strategy's recent disclosure of a $216M Bitcoin sale, part of a larger $1.25B plan, did not trigger the severe market downturn some analysts feared. Instead, Bitcoin's price remained stable above $63K. Grayscale Research suggests this move could actually support BTC price stability by restoring confidence in Strategy's financial structure and helping the asset find a more durable bottom. This contrasts with the sharp drop seen in early June after a much smaller BTC sale. The firm's preferred stock (STRC) also rebounded following the announcement. While critics like Peter Schiff point to potential losses, the muted market reaction has led some analysts to view the resilience as a potential sign of a market bottom.

ambcryptoHá 45m

Here’s why Strategy’s $216M Bitcoin sale may not be bearish after all

ambcryptoHá 45m

Trading

Spot
活动图片

Categorias popularesright-arrow

Etiquetas Popularesright-arrow