Democratic senators proposed a bill aimed at prohibiting U.S. officials from promoting or issuing encryption assets.

GateUser-6433627c · 2025-06-24T06:24:46+00:00

U.S. Senator Adam Schiff proposed the "Limiting Officials' Income and Information Concealment Act," which prohibits public officials and their relatives from issuing or endorsing encryption assets, aiming to prevent personal profit from the abuse of power, particularly in response to the ethical and legal issues raised by Trump's encryption activities.

GateUser-6433627c

2025-06-24 06:24:46

Abstract generation in progress

On June 24, The Block reported that U.S. Democratic Senator Adam Schiff introduced legislation on Monday aimed at prohibiting public officials, including the president and their immediate family members, from issuing or endorsing Crypto Assets. In a statement released that day, Adam Schiff stated that the bill, titled the Curbing Officials’ Income and Nondisclosure Act (COIN Act), aims to prevent high-ranking public officials from “issuing, sponsoring, or endorsing any digital asset, including Meme coins, NFTs, or stablecoins.” The ban will apply to the period from 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 has raised serious ethical, legal, and constitutional concerns, suggesting that he might exploit presidential powers for personal gain. There needs to be stricter scrutiny of the president’s financial activities and to prevent him or any other political figures from profiting through similar actions.

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