While the debate on the use of crypto assets in the US in the public sphere continued, the Senator Adam Schiff raised a new bill. With this bill, the US President Donald Trump and his family are trying to prevent senior government administrators from generating income from crypto assets. The bill aims to limit the financial gains from crypto assets and to introduce transparent reporting conditions.
Crypto money ban
The so -called CoIN (Curbing Officials’ Inchome and Nondisclosure) proposal, not only the president, but also the vice president, senior executive organ employees, private government employees and congress members are prepared to include. If the bill is enacted, it is foreseen that these people and family members cannot be able to produce, support or approve crypto assets. The prohibition starts six months before the task for the relevant persons and lasts until two years after leaving the post.
The content of the bill also includes crypto assets in the annual financial notifications of public officials and periodically reported their transactions on these assets. This approach aims to adapt the principle of transparency and accountability to crypto currencies.
Reactions and reasons
Senator Schiff says ethical and legal concerns, especially due to the revenues of the Trump family over crypto beings. Recently, Trump has reflected to the public that Trump has earned over $ 57.3 million in revenues over the decentralized finance platform World Liberty Financial. In addition, a breast coin called “Official Trump ör was released hours before Trump took office.
Schiff: “Therefore, I bring a regulation that will prevent public officials from financial benefits from crypto beings, including the president and first -degree relatives.
Ethereum $2,422.44 In an assessment of the founder Vitalik Botter at the beginning of the year, the crypto currencies of political figures had unlimited bribery potential. Public Citizen, who defended consumer rights, had applied to the competent authorities by arguing that Trump had violated the federal law on the giving of a gift to state officials.
Easy earnings with crypto coins
The US President drew attention to the fact that he hosted 220 people, the biggest investor of Trump Coin last month at the private golf club. Due to this activity, the price of breast coin was seriously volatile. The developments brought about whether public officials have provided economic advantage through crypto assets.
The bill was prepared with concerns that managers using crypto currencies, especially in the public sphere, may lead to a conflict of interest. The control of such economic transactions considering the public interest is on the agenda. Experts are concerned about the potential risks of public tasks to integrate with LR, IGTP financial tools.
Moreover, this is not only a current debate in the US, but also inspires regulatory efforts in other countries.
Ethical, legal and social concerns that emerge in the use of crypto beings in the public sphere are more and more discussion with such law proposals. The last move from the law makers in the United States is interpreted as a step towards limiting the impacts of digital finance on public administration and protecting social confidence. Especially due to high amounts of earnings and political effects, whether this regulation can be implemented or not will be finalized in the coming period.
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.
