US Democratic Senator Man SchiffOn Monday, he offered a law proposal aimed at prohibiting public officials, including the president and close family members, to prohibit or support crypto money. Schiff’s led COIN law (The law of restricting civil servants’ revenues and explanations) prohibits the fact that senior public officials should be released or supported by crypto money, including Memcoins, NFTs, or Stablecoins in the period up to two years after the end of their term of office. The proposal is also supported by nine Democratic senators. Schiff, the reason for this move president Donald TrumpHe attributed to the ethical and legal questions created by crypto currency initiatives.
Content of the law proposal
Schiff stressed that Trump’s crypto currency initiatives have created serious ethical, legal and constitutional questions in using the presidential power for personal enrichment. “We need to examine the president’s financial transactions much more closely and we need to stop him and any other politicians from making profit from such plans, kul he said.
The law proposal includes a certain period of time before and after the term of office crypto currency it brings a prohibition to the extraction and promotion activities. Schiff, just a week before Trump’s crypto currency interests just a week before submitting this offer Genius law He had voted in favor. The GENIUS law passed through the Senate with two -party support and was referred to the House of Representatives.
Trump’s crypto money links continue to be discussed
Crypto initiative to which Donald Trump is connected World Liberty Financial (WLF) is carrying out important activities in the crypto currency market. In March, the company released a stablecoin called USD1. The main network of the initiative in the near future Wlfi CoinThis was distributed from the stablecoin to the wallets participating in the sale of the wallets. According to CoinMarketcap data, the market value of USD1 is now $ 2.2 billion.
Trump’s latest financial statement declaration in 2024, World Liberty Financial’in coin sales of $ 57.35 million revenue revealed. This high amount was the main element that nurtured the concerns and legislative attempts of Schiff and some other democrats.
Schiff’s proposal is not the first of other initiatives for similar purposes. For example, Democrat Representative Ritchie Torres Last month, he proposed a law aimed at stopping the presidents’ snow from crypto money. However, the fact that the Democrats are in the minority both in the Senate and the House of Representatives makes it difficult for the progress of such law proposals. Under the current conditions, such a significant political effort is required to ensure that such law proposals progress towards the legacy.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
