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.
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