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Senator Proposes Bill to Ban Presidential Crypto Involvement
- Senator Adam Schiff introduces the COIN Act to ban presidential involvement in crypto promotions and profits.
- The bill targets Trump's $57 million earnings from a DeFi project and aims to prevent officials from leveraging their positions for personal crypto gains.
- The COIN Act proposes a ban on presidents, vice presidents, and their families from endorsing or profiting from crypto while in office.
- It requires disclosure of digital asset sales exceeding $1,000 and includes penalties such as profit forfeiture and up to five years in prison for violators.
- The legislation applies to senior executive officials, members of Congress, and their families.
- Schiff argues that Trump's crypto dealings raise ethical concerns regarding the misuse of presidential influence for personal gain.
- The bill comes after Trump's reported earnings from crypto projects, including a $2.5 billion Bitcoin treasury for Trump Media & Technology Group.
- Critics note Schiff's support for the GENIUS Act, which excluded the president and vice president, as potentially inconsistent.
- Trump's public promotion of crypto ventures has sparked the COIN Act proposal to prevent conflicts of interest in the crypto space.
- The bill prohibits officials from involvement in crypto for 180 days before and two years after leaving office to uphold integrity and faith in the presidency.
- Although the COIN Act is not expected to become law soon, it reflects increasing legislative concern over political interference in the crypto sector.
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