California senator Adam Schiff and nine other Democratic legislators have introduced legislation to prevent what they called “the financial exploitation of digital assets” by the American president and other civil servants.
In an announcement on Monday, Schiff and several Democratic senators declared that they had introduced the income of officials and the non-disclosure, or the medal, the law, in response to the bonds of the American president Donald Trump with the cryptocurrency industry. The proposed legislation followed Trump’s disclosure of $ 57.4 million in income related to World Liberty Financial (WLF), the Crypto platform supported by family members.
“President Donald Trump’s cryptocurrency relationships have raised important ethical, legal and constitutional concerns concerning his use of the presidency office to enrich himself and his family,” said Schiff. “This is why I present legislation to prevent the financial exploitation of digital assets by civil servants, including the president and the first family.”
The members of the Congress have already tried to pass the legislation with the exception of certain elected officials, including the presidents and their families, to invest in actions and other assets during their mandate. However, the bill proposed by Schiff could prolong a ban on emitting, sponsoring or approving cryptocurrencies, the same, non-factories and stablecoins “180 days before and 2 years after” the time of an individual in office.
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The text of the invoice specifically targeted the stables of payment. WFL announced its own USD1 stable in March.
In May, a company based in Abu Dhabi said that it intended to use Stablecoin to settle an investment of $ 2 billion in Binance. The president’s family would also have reduced their participation in WLF to 40% in June, compared to 75% in December, with the product of potential sales estimated at millions of dollars.
The non -partisan organization of the state organization of Defense Defense The Defensers reported in April that the holdings of the president’s digital assets were worth 2.9 billion dollars, which represented around 40% of its wealth.
Congress anti-corruption legislation
The bill proposed by Schiff is one of the first legislative efforts in the Senate to fight against Trump’s ties with the cryptography industry. In the House of Representatives, the MP for California, Maxine Waters, introduced trading, retention and gains from the unfair market, or Trump, in Crypto Act “to block Trump’s same and stop his cryptographic corruption” on the same day, the president organized a dinner to reward the best holders of his same.
We do not know if one or the other Bill will have enough support in one or the other room to pass. Even if Schiff or Waters’ legislation had to go both to the House and the Senate, it would probably be opposed to the veto by Trump and would require a two -thirds vote in both chambers to win and become law. Democrats are currently a minority in both the House and the Senate.
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