California senator Adam Schiff and nine other democratic lawmakers have introduced the law to avoid what they call the “financial exploitation of digital ownership” by the US president and other public officials.
In an announcement on Monday, Schiff and many Democratic senators Says They introduced the income and nondisclosure, or coins of officers, or laws, in response to President Donald Trump’s connections to the cryptocurrency industry. The proposed law Followed Trump’s disclosure of $ 57.4 million In revenue tied to the World Liberty Financial (WLF), the crypto platform supported by his family members.
“Deal with Cryptocurrency President Donald Trump has increased significant ethical, legal and constitutional concerns in his use of the presidential office to enrich himself and his family,” Schiff said. “That is why I introduce the law to avoid financially exploitation of any digital assets of public officials, including the President and the first family.”
Previously attempted by Congress members push by law Some elected officials, including presidents and their families, are prohibited from investing in stocks and other owners while in office. However, Schiff’s proposed bill may expand a ban on the release, sponsorship or endorsement of cryptocurrencies, memecoins, unimaginable tokens and stablecoins “180 days before and 2 years after” an individual’s “time” time.
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Specifically the text of the bill target Payment stablecoins. The WFL announced its own USD1 Stablecoin in March.
In May, a company based in Abu Dhabi said it intended to use Stablecoin to improve a $ 2 billion investment in Binance. The President’s family has also been reported Reduced its stake In the WLF to 40% in June from 75% in December, with proceeds from potential sales approximately millions of dollars.
The nonpartisan state of the state of the democracy of the action defender reported In April that the president’s digital assets holdings cost $ 2.9 billion, worth nearly 40% of his wealth.
Anti-corruption Law in Congress
Schiff’s proposed bill was one of the first efforts of the Senate legislative to address Trump’s relationship with the crypto industry. In the House of Representative, the California Congresswoman Maxine Waters introduced the cessation of trading, maintenance, and unfair payments to the market, or Trump, in the Crypto Act “to hinder Trump’s memecoin and stop her corruption in the crypto” on the same President’s day held a dinner to reward the leading holders of his memecoin.
It is unclear whether any of the bill will have enough support to any of the chamber to pass. Even if the Schiff or Waters’ law will pass the Chamber and the Senate, Trump will likely veto it and require a two-third-third vote in the same room to override it and become law. Democrats are currently in the minority in the Chamber and Senate.
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