Democrats want to ban Trump and officials in the US to release cryptocurrencies

Taras Mishchenko Editor -in -chief Mezha.media. Taras has over 15 years of experience in IT journalism, writes about new technologies and gadgets.

Democrats presented the End Crypto Corruption Act in the US Senate, which will prohibit the President of the United States, as well as other federal officials and their closest relatives, to create, release or control any cryptocurrency, reports The Verge. The bill is explicitly aimed at Donald Trump, who managed to launch his own memkoine $ Trump and his wife’s memkoine this year, and his sons have increased their investments in cryptocurrencies.

“Now those who seek to influence the president can personally enrich him by buying the cryptocurrency he own or controls,” said Senator Jeff Merkley, a co -author of the bill. – “This is a deeply corrupt scheme that threatens our national security and undermines trust in the government. It is time to end this corruption immediately.”

The new bill was the response of the Democrats in the Senate to another Genius Act initiative to regulate the steiblcoins, which initially had two -party support. But, even though it was approved by the Banking Committee in March, the problem was a weakly prescribed prevention of conflicts of interest.

Two key factors were prompted to revise the Democrats course:

Possible Profit of Trump: New York Times reports that the current regulatory framework can earn up to $ 2 billion on agreements with Dubai investment firm steiblcoins;

Memcoin Contest: In April, President Trump announced a competition among the 220 largest investors in his cryptocurrency $ Trump, where the main prize was a private dinner with him, and the first 25 winners received a tour of the White House. Chainalysis analytical company estimated that the organizers only earned $ 320 million at the commissions of this memkoine.

Senate Republicans have recognized the problematic consequences of this competition, but stressed that there is currently no direct ban on such presidential initiatives in the legislation. Senator Syntia Lummis, a well -known Trump fan, said NBC News that she is ready to cooperate with Democrats to create a clear regulatory field for lawmakers who own digital assets.

“Even if the memoirs look a little funny, they are legitimate,” Lummis said. – “We need clear rules to avoid a real digital wild event”

The Law on Cryptocorruption is to vote in both houses of Congress to become law. Its initiators are convinced that a clear ban for the President and other high -ranking officials benefits from cryptocurrencies they control or promote, restore citizens’ trust and strengthen national security. The White House has not yet reacted to this initiative.