US Senators Propose Ban on Issuance or Endorsement of Crypto Assets by US Officials

According to ChainCatcher, citing The Block, U.S. Democratic Senator Adam Schiff introduced legislation on Monday aimed at prohibiting public officials, including the president and their immediate family members, from issuing or endorsing crypto assets.

In a statement released the same day, Adam Schiff said the bill, titled the Curbing Officials Income and Nondisclosure Act (COIN Act), is intended to prevent senior public officials from “issuing, launching, or endorsing any digital asset, including meme coins, NFTs, or stablecoins.” The ban would apply from 180 days before the start of their term until two years after leaving office. 

Adam Schiff pointed out that Trump’s involvement in cryptocurrency has raised serious ethical, legal, and constitutional concerns, arguing that he may be using presidential powers for personal gain. He emphasized the need for stricter scrutiny of the president’s financial activities and to prevent him or any other political figure from profiting through similar actions.