The American senator Adam Schiff was one of the many Democrats who voted to approve the Stablecoin bill last week, but as the Senate goes to the legislation that establishes regulations for the largest cryptographic markets of the United States, Schiff has introduced another effort to prohibit President Donald Trump and other government leaders to issue or sponsor cryptocurrences.
The legislation of California democrats joins at least four other bills that seek similar to senior officials and government legislators who take a direct hand in cryptographic businesses.
Such concerns arose during the debate on the National Innovation Law for National Innovation (Genius), and for a short time, the bill was arrested on this and other concerns of the Democrats who otherwise favored the legislation. Some have argued that the best place to argue that government corruption disputes are in the market structure bill that is in the heart of what the sector seeks in Washington.
The new Schiff bill, known as the Income Law and not dissemination of officials (COIN), such as others before, would prohibit the President, vice presidents, members of Congress and other significant government officials “to issue, sponsor or support digital assets, including memes, NFT or stabilizations” during their service, and for two years after two years after two years after two years.
“The cryptocurrency treatment of President Donald Trump have raised important ethical, legal and constitutional concerns about their use of the presidency’s office to enrich himself and his family,” Schiff said when he presented the bill, also backed by at least four other Senate Democrats.
The main political action committee of the cryptography industry, the Fireshake Super Pac, spent more than $ 10 million to oppose Schiff’s main democratic opponent in his successful career for the Senate last year. It has been stamped with a qualification to strongly support the digital asset policy by defense of the defense group with Crypto.
To succeed, any project of cryptographic law needs significant support from the Senate Democrats to reinforce the reliable favor of almost all Republicans in that chamber. Schiff is among the 18 Democrats who came out in favor of Genius Law.
It is not the only cryptographic ally in Congress with suspicion with the president’s family connections with tens of millions in profits of revealed digital assets. Representative Ritchie Torres, a New York Democrat, is among the most vocal supporters of cryptography in the House of Representatives, and presented a bill last month that is widely in line with what Schiff is looking for.
Similar legislation has also been introduced by other Democrats, including Senator Chris Murphy of Connecticut; Representative Maxine Waters, the Democrat of Classification in the Chamber Financial Services Committee; and the representative Sam Liccardo de California. It is unlikely that such projects progress in the congress controlled by Republicans, although their supporters can try to insert them into another legislation, such as the other legislative priority of the cryptographic industry.
In recent years, President Trump transition from cryptophytic to digital asset entrepreneur, launching waves of non-fungible tokens (NFT), a self-marca memory and support of the various efforts of crypto of Liberty Finance, including its own stable brand. Trump has repeatedly said that he is anxious to sign a significant cryptographic legislation to ensure the United States as an industry leader. However, many Democrats oppose their own family position to benefit from the policies that Trump’s administration would write.
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