24.06.2025 09:23

US Senator Adam Schiff introduced a significant piece of legislation on Monday, aiming to curb the influence of cryptocurrencies within the government. The proposed bill, known as the COIN Act, represents a proactive effort to prevent potential conflicts of interest stemming from public officials' involvement in the cryptocurrency market.

This ambitious piece of legislation goes beyond simple disclosure requirements. It explicitly prohibits high-ranking officials, extending to the President and their close family members, from any form of cryptocurrency activity. This prohibition encompasses not only trading but also encompasses the issuance, endorsement, or promotion of cryptocurrencies, both during and after their time in office.

The COIN Act's stringent measures are designed to ensure transparency and prevent the potential for abuse of power. By limiting official involvement, the bill seeks to protect the integrity of the government and maintain public trust in its decision-making processes, particularly where emerging technologies like cryptocurrencies are concerned. The Senator's initiative reflects a growing concern over the potential for undue influence from the rapidly evolving cryptocurrency landscape. The bill's success will hinge on navigating complex legislative challenges and garnering sufficient support from fellow lawmakers. Its passage would mark a notable step in regulating the intersection of government and the cryptocurrency industry. Further details regarding the bill's specifics can be found via internet sources.