Senator Adam Schiff (D-CA) presented legislation on Monday that would prohibit the president, the vice-president and their immediate family members to engage in commercial companies related to the crypto when they held office.
The main dishes to remember:
- The act of coins of Senator Schiff would intervene the president and the members of the family to publish or approve the crypto.
- The bill requires the disclosure of any sales of digital assets greater than $ 1,000.
- He also suggests sanctions, including fines and prison deadlines for violations.
The bill, entitled the civil revenue law and non-divulgations (corner), is involved in an increasing context concerning the intertwining of the policy and digital assets, in particular in the context of the expansion cryptographic imprint of former President Donald Trump.
The Coin Act offers a strict prohibition of emitting, sponsoring or approving any form of cryptocurrency, including parts, NFT and stablecoins.
The new invoice requires the disclosure of digital asset sales to more than $ 1,000
The new bill also obliges the disclosure of any sale of digital assets worth more than $ 1,000.
The offenders, including an in -office president, would risk a civil sanction equal to the amount of the profit carried out and up to five years in prison.
Schiff directly linked the proposal to Trump’s cryptographic relations. “President Donald Trump’s cryptocurrency relations have raised important ethical, legal and constitutional concerns concerning his use of the presidency office to enrich himself and his family,” he said in a statement.
However, the moment of the Schiff movement raised the eyebrows. Last week, he voted in favor of the Genius Act, a bill establishing a regulatory framework for stablecoins in the United States
And here it is:
An Obama Holdover? My ass
Confirmed: CIA director, Gina Haspel, who planted Eric Ciaramella, plotted with the WOT, Adam Schiff and USAID to overthrow the US government in 2019.
Jesse Watters “You have this new piece on substitution that USAID and … pic.twitter.com/xai5kvobf
– Realrobert
(@Real_robn) June 23, 2025
(@Real_robn) Although the legislation prevents members of the congress and certain officials from publishing stablescoins, it notably exempts the president and the vice-president.
Democrats initially rehumed the GOP’s refusal to include language attacking the conflicts of presidential cryptography in the engineering law.
But faced with the pressure to pass the legislation, they finally gave in. Schiff, as well as 17 other Democrats, voted in favor.
Nine Democrats from the Senate joined Schiff to coparraine the Act corner. Seven of them also voted in favor of the law on engineering.
Other proposals led by Democrats targeting Trump’s Crypto companies include the same law and Stop Trump in Crypto Act, although none should go to a congress under republican control.
Trump continues to capitalize on the momentum of the cryptography market
Meanwhile, Donald Trump continues to capitalize on the momentum of the cryptography market.
According to financial disclosure published last Friday, the former president drew $ 58 million from crypto ventures in 2024, mainly thanks to sales of WLFI tokens.
This total only dragged its hotel income and should climb more in 2025 with a sale of token and planned gains of $ 390 million, launched in January.
Its involvement in Bitcoin exploitation, tokenized assets and digital FNB raises concerns concerning conflicts of potential interests.
Critics have stressed that some of its companies have seen tail winds from favorable political decisions during their mandate.
As indicated, the SEC has approved the Trump Media and Technology Group (TMTG) registration declaration linked to a Bitcoin Treasury initiative of $ 2.3 billion.
The June 13 file covers 85 million shares, including 29 million convertible tickets.
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