U.S. Senators Introduce Bill to Restrict Cryptocurrency Activities of Officials

According to PANews, U.S. Senator Adam Schiff, along with nine Democratic colleagues, has introduced the "Curtailing Officials' Income and Non-disclosure Act" (COIN Act). This legislation aims to prohibit U.S. President Donald Trump and other public officials from issuing, promoting, or endorsing cryptocurrencies during their tenure and for a period of 180 days to two years thereafter. The proposal is a direct response to the disclosure of $57.4 million in income from World Liberty Financial (WLF), a cryptocurrency platform linked to President Trump's family, and the launch of the USD1 stablecoin by WLF in March. The bill specifically targets payment-type stablecoins and seeks to expand the reporting requirements of the existing STOCK Act to include digital assets. Previously, Representative Maxine Waters had introduced a similar "Preventing Trump Crypto Corruption Act," but the prospects for passing such legislation remain uncertain as Democrats hold a minority position in both chambers of Congress.