Senator Adam Schiff Proposes Law to Prevent President Trump's Alleged Misuse of Virtual Currencies
Daily Hodl's Unfiltered Report
Let's dive into the latest crypto-related news:
- Politics and Crypto – US Senator Adam Schiff proposes the COIN Act
The COIN Act, or Curbing Officials' Income and Nondisclosure Act, targets elevated government officials, including the President, Vice President, and their family members, from exploiting cryptocurrencies for financial gain, raising ethical concerns. This act comes right in the midst of the storm around Donald Trump's shady crypto dealings.
Key features:- Bars government officials from endorsing or sponsoring crypto projects, using their names or images for promotions, or launching digital assets during their term.- Mandates disclosure of crypto holdings by public officials, creating transparency.- Allows government officials to purchase, hold, and transfer cryptocurrencies.- Penalties for non-compliance range from disgorging illegal profits to the US Treasury to criminal prosecution.
- Ethereum Founder Vitalik Buterin's Take on Political CoinsBack in January, Buterin emphasized that political coins represent vehicles for unlimited political bribery. This stance supports the rationale behind the COIN Act.
- Trump's Suspicious Crypto EarningsA review from the U.S. Office of Government Ethics revealed that Trump earned above $57.3 million from the DeFi platform World Liberty Financial (WLFI) in his latest financial disclosure. His earnings from the controversial memecoin, Official Trump, remains unreported since the coin was released in 2025.
- The COIN Act – A Move Towards Ethical GovernanceThe COIN Act aims to bolster public trust and ensure more robust ethical standards in the crypto industry, with its ripple effects extending to fintech startups encouraged to adopt better governance and stricter compliance standards.
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- The decentralized finance (DeFi) landscape is under scrutiny as congressional policymakers consider the potential implications of altcoins in the financial industry, like the controversy surrounding the Official Trump memecoin.
- Facing calls for increased transparency, the cryptocurrency sector is examining the potential benefits of the COIN Act for promoting decentralized finance, similar to Ethereum Founder Vitalik Buterin's stance against political coins.
- In a move to address financial ethics and public trust, The COIN Act places emphasis on preventing government officials from endorsing crypto projects, while encouraging blockchain-based businesses to strengthen their governance and compliance practices.
- As multi-million dollar earnings from DeFi platforms like World Liberty Financial (WLFI) raise concerns about the potential for undisclosed financial dealings, the COIN Act seeks to provide oversight for high-ranking officials in the realm of cryptocurrency and politics.
- In the broader news landscape, the crypto industry grapples with growing issues in the realm of policy-and-legislation, as stakeholders evaluate the impact of the COIN Act on strategic decision-making and business operations.
