Latest news with #CurbingOfficials'IncomeandNondisclosure
Yahoo
5 days ago
- Business
- Yahoo
Trump's Crypto Ties Still Toxic With Some Dems, Including One Seen as Industry Ally
U.S. Senator Adam Schiff was among the many Democrats who voted to pass the stablecoin bill last week, but as the Senate moves on to legislation establishing regulations for the wider U.S. crypto markets, Schiff has introduced another effort to ban President Donald Trump and other top government leaders from issuing or sponsoring cryptocurrencies. The California Democrat's legislation joins at least four other bills that similarly seek to block senior government officials and lawmakers from taking a direct hand in crypto businesses. Such concerns arose during the debate over the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, and for a brief time, the bill was halted over this and other concerns from Democrats who otherwise favored the legislation. Some have argued that the better place to argue contentions of government corruption is in the market structure bill that's at the heart of what the sector is seeking in Washington. Schiff's new bill, known as the Curbing Officials' Income and Nondisclosure (COIN) Act, would — like others before it — prohibit the president, vice presidents, members of Congress and other significant government officials "from issuing, sponsoring, or endorsing digital assets, including meme coins, NFTs, or stablecoins" during their service, and for two years after it. "President Donald Trump's cryptocurrency dealings have raised significant ethical, legal and constitutional concerns over his use of the office of the presidency to enrich himself and his family," Schiff said when he introduced the bill, also backed by at least four other Senate Democrats. The crypto industry's leading political action committee, the Fairshake super PAC, spent more than $10 million dollars to oppose Schiff's chief Democratic opponent in his successful run for the Senate last year. He's been stamped with an A grade for being strongly supportive of digital assets policy by advocacy group Stand With Crypto. To succeed, any crypto bill needs significant support from Senate Democrats to bolster the reliable favor of almost all the Republicans in that chamber. Schiff is among the 18 Democrats who came out in favor of the GENIUS Act. He's not the only crypto ally in Congress looking askance at the president's family connections to tens of millions in disclosed digital assets profits. Representative Ritchie Torres, a New York Democrat, is among the most vocal supporters of crypto in the House of Representatives, and he introduced a bill last month that's broadly in line with what Schiff is pursuing. Similar legislation has also been introduced by other Democrats, including Senator Chris Murphy of Connecticut; Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee; and Representative Sam Liccardo of California. Such bills are highly unlikely to progress in the Republican-controlled Congress, though their supporters may seek to insert them in other legislation, such as the crypto industry's other legislative priority. In the past few years, President Trump transitioned from crypto skeptic to digital assets entrepreneur, launching waves of non-fungible tokens (NFTS), a self-branded memecoin and backing World Liberty Financial's various crypto efforts, including its own stablecoin. Trump has said repeatedly that he's eager to sign significant crypto legislation to secure the U.S. as an industry leader. Many Democrats, however, object to his own family standing to profit from the policies Trump's administration would in to access your portfolio
The Hill
5 days ago
- Business
- The Hill
Schiff unveils presidential crypto ban legislation
Sen. Adam Schiff (D-Calif.) introduced legislation Monday seeking to bar public officials, including the president and his family, from certain cryptocurrency-related activities amid growing concerns about President Trump's involvement in the industry. The Curbing Officials' Income and Nondisclosure (COIN) Act would prohibit the president, vice president, high-ranking executive branch employees, special government employees and members of Congress from issuing, sponsoring or endorsing digital assets. These restrictions would also extend to the immediate family members of public officials. 'President Donald Trump's cryptocurrency dealings have raised significant ethical, legal and constitutional concerns over his use of the office of the presidency to enrich himself and his family,' Schiff said in a statement. 'That's why I am introducing legislation to prevent the financial exploitation of any digital assets by public officials, including the president and the First Family,' he continued. 'We need far greater scrutiny of the president's financial dealings, and to stop him and any other politician from profiting off of such schemes.' Trump and his family have increasingly expanded their footprint in the crypto space, as his administration has pushed to create a more favorable regulatory environment for the industry, including through legislation. The president and his sons launched a crypto venture, World Liberty Financial, last fall, which has since released a stablecoin. Trump has earned about $57 million from the venture, according to a recent financial disclosure. He also launched a meme coin shortly before his inauguration and held a dinner with the top investors in the $TRUMP token last month. Trump Media & Technology Group, the parent company of Truth Social, has raised $2.5 billion to create a bitcoin reserve and has taken steps toward launching several crypto-related financial assets. Meanwhile, lawmakers have taken up the mantle of crypto legislation, with several Senate Democrats, including Schiff, joining Republicans to pass a bill creating a regulatory framework for payment stablecoins. Despite efforts by Democrats to add language to the bill barring the president and public officials from profiting from digital assets, it ultimately cleared the upper chamber without such restrictions. The GENIUS Act now heads to the House, where Trump has urged lawmakers to quickly pass the legislation with few changes. Schiff appears to have benefited from the crypto industry's spending in his primary last year, in which the crypto super PAC Fairshake spent $10 million against his opponent, former Rep. Katie Porter (D-Calif.).
