Senator introduces Bill to stop Trump’s crypto activity – but voted to allow it last week

On Monday, Senator Adam Schiff (D-CA) became the last Democrat that introduced legislation to forbid the president and his family to benefit crypto during his office but last week, Schiff helped to adopt the legislation that could do the asset.

The income and non -open openings Act of the Curbing Officials (Coin), which was introduced today by Schiff in the Senate, would explicitly forbid the president, the vice -president and their direct family members to give a cryptocurrency, meme coin, nft or stablecoin. It would also require these persons to report the sale of a digital active worth more than $ 1,000.

The account would punish a covered person for violating these rules – including the president – with a civil fine equal to the amount of profit and a maximum of five years in prison.

‘President Donald Trump’s cryptocurrency transactions have expressed considerable ethical, legal and constitutional concern about his use of the office of presidency to enrich himself and his family, “Schiff said in a statement on Monday.” We need much greater control of the president’s financial transactions and to stop him and another politician of such schemes. “

Only a few days ago, Schiff, however, joined 17 other Senate Democrats when voting for the Genius ActA bill that draws up a framework for publishing and acting stabilecoins in the United States. And although the legislation for members of the congress and some executive branch officials prohibits their own stablecoins, it is in particular exempt from the president and vice president of such a conflict requirements.

At one point, Democrats threatened to run away From the bill, which required two -part support for Passage, about issues, including the refusal of the Republicans to add every language that relates to the many crypto companies of the president. Democrats eventually agreed and supported the Genius Act in large numbers.

Stablecoins represent an increasingly important part of the huge and growing crypto empire of Trump. Earlier this year, World Liberty Financial introduced its own Stablecoin, USD1. In May, the Trump family announced one agreement Who will see a VAE-linked investment firm transferred his investment of $ 2 billion to Binance using USD1 as a settlement layer.

In one video Placed Monday, Schiff has specifically selected Trump’s Stablecoin company as a central piece of the “lucrative transplant that goes into the White House.”

A representative for the senator did not respond when asked by Decrypt Why subsequently voted for the Genius Act, since it did not contain a language that did not have the president in Stablecoin Ventures.

On social media, many users responded to Schiff’s announcement with contempt or disbelief, given that context.

“I can’t get over how cynical this is,” Nitish Pahwa, a writer at SlatePosted on bluesky. ‘Guy has just voted For a bill pushed by the crypto lobby and had omitted all protection against Trump’s corruption. Now he claims to tackle the issue with an account that will never succeed? “

Extra Bluesky commentators took potshots on Schiff in the answers to his post, the senator swing with attacks such as “Retire Bitch” and called him an “employee”.

Nine Senate Democrats joined Schiff in the co -sponsoring of the Coin Act Monday. Of them, seven voted to take the brilliant law last week.

Since the return of Trump to his office, various Democrats have introduced legislation in both chambers of the Congress that would oblige the president to get rid of him numerous crypto companies While he was in the office. Such efforts include the meme act, introduced by Sam Liccardo (D-CA) in the house and by Chris Murphy (D-CT) in the Senateand the stop Trump in Crypto Act, introduced in the house By Rep. Maxine Waters (D-CA). Nobody will probably pass while Republicans keep control of the congress.

There is also one inquiry In Trump’s Crypto companies pending the permanent subcommittee of the Senate about investigations.

Although the presidential conflict of interest language is ultimately not created as a deal-breaker for the Senate Democrats about the Stablecoin legislation, it is still to consider whether the absence of such a language could influence the opportunities that accounts of the market structure in both rooms of the congress will continue. Market structure legislation would determine a legal framework for the majority of the digital assets industry and therefore overstabilize the rest of the crypto transactions of Trump outside of Stablecoins.

Published by Andrew Hayward