Senate Democrats Move to Ban Public Officials from Issuing or Endorsing Cryptocurrencies
Senate Democrats introduced the COIN Act to prevent U.S. presidents and public officials from launching, promoting, or benefiting from cryptocurrencies. The bill also includes a restriction that covers 180 days before and two years after holding public office. This move comes as regulatory bodies increase scrutiny of the role of cryptocurrencies in politics.
The COIN Act imposes new compliance requirements on stablecoin providers associated with public officials. These companies argue that cryptocurrencies introduce new corruption risks among public servants.
