Democratic senators propose bill to prohibit US officials from promoting or issuing cryptocurrency assets

On June 24th, according to The Block, Democratic Senator Adam Schiff proposed legislation on Monday aimed at prohibiting public officials, including the President and his immediate family, from issuing or endorsing cryptocurrency assets. In a statement released on the same day, Adam Schiff stated that the COIN Act, Curbing Officials' Income and Disclosure Act, aims to prevent senior public officials from issuing, initiating, or endorsing any digital assets, including Meme coins, NFTs, or stablecoins. The ban will apply from 180 days before the start of the term to two years after the end of the term. Adam Schiff pointed out that Trump's involvement in cryptocurrency has raised serious ethical, legal, and constitutional questions, suggesting that he may use his presidential powers for personal gain. We need to conduct stricter scrutiny on the President's financial activities and prevent him or any other political figure from profiting from similar operations.