US Senator Adam Schiff has introduced a new bill called the 'COIN Act', which aims to prevent the President, Vice President and their immediate families from engaging in any type of crypto-related business during their tenure. This proposed law also prohibits them from promoting or issuing crypto assets. Also, it makes it mandatory to publicly declare transactions of more than $1,000. In case of violation, there is a provision for heavy fines and a maximum of five years in prison.
My Points
This bill has come up amid growing concerns about conflict of interest and lack of transparency of persons holding government positions. I do not think that Adam Schiff's aim would be to protect the policy making of the crypto sector from being influenced by the private economic interest of top leaders. Yet this type of bill will do just that. It is clear from this bill that the policy discussion about cryptocurrency in the US has now become not only an economic but also a political question.
However, the chances of passing this bill are considered limited. Even if it is passed by both houses, there is a strong possibility of a presidential veto on it. One reason for this is that the Trump family itself is deeply involved with crypto, and this type of legislation could have a direct impact on their interests.
