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U.S. Lawmakers Propose Ban on Crypto Transactions for Presidents and Families
U.S. Lawmakers Propose Ban on Crypto Transactions for Presidents and Families
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BTCCSquare news:
Senator Adam Schiff introduced the COIN Act, targeting potential conflicts of interest involving cryptocurrency transactions by U.S. presidents, vice presidents, and their immediate families. The bill imposes strict prohibitions on issuing, sponsoring, or endorsing digital assets—including cryptocurrencies, NFTs, and stablecoins—while in office.
The legislation mandates disclosure of digital asset sales exceeding $1,000, aiming to increase transparency. Violations could result in civil penalties matching profits from prohibited transactions and up to five years imprisonment. Ten Democratic lawmakers support the measure as regulatory scrutiny of political figures' crypto activities intensifies.
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