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COIN Act Seeks to Ban Public Officials From Crypto Investments
A new bill has been introduced by Democratic lawmakers in the United States, seeking to ban public officials from engaging in crypto investments while in office. The proposed legislation, dubbed the Curbing Officials’ Income and Nondisclosure (COIN) Act, aims to prevent public officials from using their position for personal financial gain.
According to reports, President Donald Trump has accumulated an estimated $57 million in income from World Liberty Financial (WLF), a company he founded with his family members. The move is seen as a clear conflict of interest and raises ethical concerns over the use of the office of the presidency for personal enrichment.
Senator Adam Schiff, who introduced the bill, emphasized that President Trump’s actions have raised significant ethical, legal, and constitutional concerns regarding his use of the office to enrich himself and his family. The proposed legislation seeks to address these concerns by imposing a ban on public officials engaging in crypto investments while in office.
The COIN Act also extends its restrictions to immediate family members of public officials, ensuring that those closest to them are also held accountable for any potential financial misconduct. Additionally, the bill aims to increase transparency around digital asset dealings and prohibits public officials from promoting or sponsoring digital assets.
Proponents of the bill argue that it will help establish a more stringent code of ethics for public officials, sealing possible loopholes in financial reporting regarding crypto assets and profits. Critics have also questioned Schiff’s actions on social media, pointing out his previous support of the GENIUS Act, which exempted the president and vice president from similar restrictions.
The proposed legislation is part of ongoing efforts to increase transparency and accountability within government offices, ensuring that public officials prioritize the interests of their constituents rather than personal financial gain.
Source: cryptotale.org
