Adam Schiff, Beneficiary Of Crypto Campaign Cash, Introduces Presidential Crypto Ban
HuffPost
Democrats already passed on a chance to force Republicans to accept a crackdown on Donald Trump's brazen crypto self-enrichment schemes.
WASHINGTON – Sen. Adam Schiff (D-Calif.) on Monday introduced a bill banning the president and other top U.S. officials from participating in crypto business schemes while in office.
The Curbing Officials’ Income and Nondisclosure Act would bar top-ranking U.S. officials from issuing, sponsoring or endorsing digital assets, including memecoins, stablecoins and NFTs, as President Donald Trump has done.
Progressive Democrats had hoped to include a presidential crypto ban as part of a stablecoin regulation bill the Senate passed last week, but Republicans said no, and then Schiff and 17 other Democrats voted for the bill anyway.
Republicans aren’t interested in policing Trump’s crypto conflicts of interest, so it’s not clear how Schiff’s COIN Act could become law if it’s not attached to some other bill. It’s possible Democrats will get another chance to use their leverage, especially if Republicans move another crypto bill or House Republicans amend the stablecoin bill, requiring the Senate to vote on it again.
In a statement from his office, Schiff blasted the president’s crypto ventures, which include a $TRUMP memecoin whose top buyers the president rewarded with a fancy dinner last month.
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