US Senator Introduces Bill to Curb Cryptocurrency Involvement for Officials

US Democratic Senator Adam Schiff proposed the COIN Act, aiming to prohibit public officials, including the President and their immediate family members, from issuing or endorsing cryptocurrencies. The bill targets a 180-day pre-term and two-year post-term ban on activities involving memecoins, NFTs, or stablecoins.

Schiff cited ethical and legal concerns stemming from former President Donald Trump's cryptocurrency ventures as the impetus for the legislation. Nine Democratic senators have backed the proposal, which seeks to prevent the misuse of presidential power for personal financial gain.

The debate over Trump's cryptocurrency connections continues to fuel discussions about the intersection of political office and digital asset markets. The bill represents a significant regulatory push that could impact how public figures engage with the crypto ecosystem.