The COIN Act: Curbing the Crypto Corruption
A proposed legislation aims to scrutinize Donald Trump's digital currency assets - Is the COIN Act effective in curbing suspected illicit activities?
Senator Schiff's new bill, the COIN Act, aims to put a stop to the "Trump's crypto corruption" by restricting the President, Vice President, and their family members from dabbling in crypto activities.
Schuliff, in a blistering X post, slammed Trump's crypto endeavors, citing the sale of branded merchandise to TRUMP memecoin and alleging that over $1 billion in profits have been made from the sector, to the detriment of users. He asserted, "Donald Trump and other senior administration officials have made a fortune off of crypto schemes. Today, I'm introducing the COIN Act to put a stop to this rampant corruption in plain sight."
Blocking the Trump Crypto Empire
The COIN Act introduces severe restrictions on the crypto activities of top officials, including a ban on issuing or endorsing any crypto assets. During a cooling-off period of six months before taking office and two years after leaving office, officials would be barred from engaging in any crypto-related activities. This, according to Schiff, would address concerns surrounding Trump's crypto dealings effectively.
This isn't Trump's crypto empire's first taste of resistance. Two earlier proposals, the STOP TRUMP Act and the MEME Act, aimed to curb his crypto ventures. The STOP TRUMP Act proposed a crypto ban for Congress members, while the MEME Act targeted active White House officials and family members of Congress members.
Although the recently passed GENIUS Act excludes the President and Vice President from conflict of interest provisions, the COIN Act presents a formidable attempt to regulate the financial dealings of public officials in the crypto sector.
Trump's crypto empire comprises a diverse range of digital currencies, from memecoins to stablecoins, managed by World Liberty Financial (WLFI). WLFI is responsible for the fastest-growing stablecoin, USD1. However, these projects have been tarnished by scandals and corruption accusations, including conflict of interest concerns.
Despite the challenges ahead with a Republican-controlled Congress, the COIN Act signifies a significant effort to address concerns about the financial exploitation of digital assets by public officials in the growing crypto industry.
- Senator Schiff's COIN Act targets not only the President and Vice President but also their family members, aiming to prohibit them from participating in Defi, crypto, and general news-related activities.
- The COIN Act's restrictive measures include a ban on issuing or endorsing any crypto assets for top officials throughout their cooling-off period of six months before taking office and two years after leaving office.
- As part of Trump's crypto empire, World Liberty Financial (WLFI) manages a variety of digital currencies, including memecoins and stablecoins, which have been under scrutiny for scandals, corruption accusations, and conflict of interest concerns in the crypto and policy-and-legislation realm.
