US Senator Adam Schiff was among the many Democrats who voted to adopt StableCoin draft law last week, but when the Senate advances to the legislation that creates rules for the wider US crypto markets, Schiff has introduced another effort to ban President Donald Trump and other top government leaders from issuing or sponsoring crypto courses.
California’s Democrat’s legislation joins at least four other bills that similarly seek to block senior officials and legislators from taking a direct hand in cryptic companies.
Such concerns arose during the debate on the guidance and establishment of the National Innovation for American StableCecoins (genius), and for a short time the bill was stopped by this and other concerns from Democrats who otherwise favored the legislation. Some have claimed that the better place to argue for claims of government corruption is in the market structure proposal that is at the heart of what the sector is looking for in Washington.
Schiff’s new bill, known as Curbing Officials’ Income and Nondisplos (Coin) Act, would – like others before it – prohibit president, vice presidents, members of the congrination and other essential government officials “from issuing, sponsoring or joining you digital assets, including memo coins, nffts or stableecoins” under their service and for two years.
“President Donald Trump’s Cryptocurrency has raised significant ethical, legal and constitutional concerns about his use of the presidency’s office to enrich himself and his family,” Schiff said as he introduced the bill, also supported by at least four other Senate Democrats.
Crypto Industry’s leading political action committee, Fairshake Super PAC, spent more than $ 10 million dollars to oppose Schiff’s Chief Democratic opponent in his successful race for the Senate last year. He has been labeled with an A -character to be strongly supportive of digital assets policy from the Advocacy Group Stand with Crypto.
To succeed, any crypto legislation needs significant support from the Senates Democrats to strengthen the reliable benefit of almost all Republicans in this chamber. Schiff is among the 18 Democrats who came out in favor of the Genius Act.
He is not the only crypto -allier in Congress who looks at the president’s family connections to tens of thousands of millions in revealed digital assets. Representative Ritchie Torres, a Democrat in New York, is among the most vocal supporters of Crypto in the House of Representatives, and he introduced a bill last month, which is largely in line with what Schiff is pursuing.
Similar legislation has also been introduced by other Democrats, including Senator Chris Murphy from Connecticut; Representative Maxine Waters, the ranked Democrat in House Financial Services Committee; and representative Sam Liccardo from California. Such bills are very unlikely to move forward in the Republican controlled congress, though their followers may be trying to deploy them into other legislation, such as the other regulatory priority of the crypto industry.
For the past few years, President Trump of Crypto Skeptic switched to Digital Assets Entrepreneur, launched waves of non-funny symbols (NFTs), a self-labeled Memecoin and Backing World Liberty Financial’s various crypto inserts, including its own stigecoin. Trump has repeatedly said he is eager to sign significant crypto attachment to secure the United States as an industry leader. However, many Democrats oppose his own family, which is taking advantage of the policies that Trump’s administration would write.
Read more: Trumps may have sold platform consumption as American stableecoins see wave of good news
