US Senators Propose Ban on Cryptocurrency Investments for Presidents and Families
Washington, D.C. — A group of U.S. senators led by Democrats Jeff Merkley and Chuck Schumer has introduced legislation aimed at prohibiting presidents and their families from investing in or promoting cryptocurrency, labeling these practices as part of a “profoundly corrupt scheme.” This bold move targets President Donald Trump and his family, who are believed to hold significant investments in cryptocurrencies, including the recently launched $TRUMP and $MELANIA coins.
The End Crypto Corruption Act
The proposed bill, known as the End Crypto Corruption Act, seeks to extend the ban not only to the president but also to the vice president, senior executive branch officials, members of Congress, and their immediate family members. The legislation is designed to prevent these officials from financially benefiting from endorsing or sponsoring various crypto assets, including meme coins and stablecoins.
According to a report by State Democracy Defenders Action, it is estimated that President Trump’s cryptocurrency assets account for nearly 40% of his total net worth, translating to approximately $2.9 billion (£2.1 billion).
Senator Merkley emphasized the administrative concern regarding the intertwining of personal financial gain and political influence. “Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls,” he stated. “This is a profoundly corrupt scheme. It endangers our national security and erodes public trust in government. Let’s end this corruption immediately.”
Conflict of Interest Concerns
The urgency for the proposed legislation has heightened following revelations about a billion-dollar business deal reportedly involving a Trump-backed cryptocurrency firm and a foreign crypto company. In a letter addressed to Jamieson Greer, acting director of the Office of Government Ethics, Senators Schumer and Elizabeth Warren expressed their grave concerns: “The deal, if completed, would represent a staggering conflict of interest, one that may violate the Constitution and open our government to a startling degree of foreign influence and the potential for a quid pro quo that could endanger national security.”
A Shift in Trump’s Stance on Cryptocurrency
Interestingly, despite having a critical stance on cryptocurrency during his first term, President Trump has recently embraced digital currencies and expressed intentions to bolster the U.S.’s position as the “crypto capital” of the world. Just last month, he indicated a desire to establish a U.S. strategic crypto reserve, which would store various cryptocurrencies, during a speech at the Bitcoin 2024 conference in Nashville.
As his pro-crypto stance intensifies, Trump has scheduled two high-profile dinners this month aimed at fundraising—one targeting affluent political donors and another focusing on investors in meme coins. These events have the potential to substantially increase his cryptocurrency-related earnings.
Future of the Legislation
While Senator Merkley and his colleagues have taken a firm stand against crypto corruption, it remains uncertain how the End Crypto Corruption Act will progress through the legislative process. With 14 Democratic senators backing the bill, including Senator Warren, the timing and potential outcomes of the proposal will likely depend on the prevailing political climate and the growing influence of the cryptocurrency market in American society.
As this situation develops, both parties will undoubtedly keep a keen eye on the implications of cryptocurrency in government and the possible conflicts arising from it.
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