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Investing.com-- Democratic Senator Adam Schiff on Monday introduced legislation aimed at blocking public officials, including President Donald Trump and his family, from investing and participating in cryptocurrency-related activities.
The act, called the Curbing Officials’ Income and Nondisclosure (COIN) Act seeks to prevent the president, other high-ranking executive and federal officials and members of Congress from issuing, sponsoring, or endorsing digital assets.
Schiff criticized Trump’s crypto investment and ventures when unveiling the COIN Act, stating that “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 corruption in plain sight,” Schiff said in a social media post announcing the act.
Trump rolled out a slew of pro-crypto executive orders after taking office, with several top officials in his administration also seen harboring pro-crypto views.
The president has also become personally involved in crypto, having launched a meme coin themed around himself shortly after taking office. The Trump family also has several crypto ventures, most notably the World Liberty Financial venture.
A recent disclosure of the president’s earnings showed he earned about $60 million from his crypto ventures. The president had campaigned on a pro-crypto platform, promising to make America the “Bitcoin capital” of the world.
But Trump’s crypto actions have drawn criticism over a potential conflict of interest, given that any pro-crypto policy furthered by Trump stand to increase the value of the president and his associates’ holdings.
Trump Media & Technology Group Corp (NASDAQ:DJT)- which is majority-owned by the Trump family– recently raised $2.5 billion to invest in crypto assets, specifically Bitcoin.
The world’s largest crypto hit a record high earlier this year on optimism over pro-crypto policies under Trump.