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A group of US lawmakers led by Senator Adam Schiff, presented The new bill 23 June for stopping public officials, including the President, in the use of digital assets for personal profit.
Ripping income and the law on the deletion of officials, also known as Coin Act, The aim is to tighten ethical standards in the middle of increasing concern over crypto -joined financial activities in the government.
Schiff cited recent news President Donald Trump made More than $ 57 million in 2024 through a crypto business with World Liberty Financial. He argued that such income raised serious questions about the use of public function for private enrichment.
For this reason, Schiff said:
“I present legal regulations that prevent financial exploitation of any digital assets by public officials, including the President and the first family. We need much greater control of the President’s financial conduct and prevent him and any other politician in these schemes.”
The Coin Act is sponsored by several democrats House and the Senate, including Kirsten Gillibrand, Richard Blumenthal and Lisa Blunt Rochester.
She also gained support for groups of guard dogs such as a crew, a public citizen and a government supervision project.
The act of coins
The Coin Act outlines a number of restrictions and disclosure to avoid conflict of interest.
It proposes a ban on issuing, promoting or approval of any digital asset, including memoins, NFT and stablecoins, key data on the government.
This restriction applies to presidents, vice presidents, congress members, executive branches employees and their closest family members. It covers the period starting 180 days before the office is taking and ending two years after leaving.
Public officials must include all holding and transactions of digital assets in annual financial information and real -time transactions.
The bill further clarifies that the involvement in crypts falls into the Federal Act on Conflict of Interest, which requires officials to withdraw from the decision where they can have a financial share.
To reduce indirect profits, this legislation would require Stablecoin issuers to submit quarterly reports to verify that no government official personally uses their chips. These reports would be required to approve regulations.
The bill also orders the Office of Government Liability to submit a detailed review of ethical laws related to digital assets within one year and offers instructions for future policy updates.
