According to ChainCatcher news, reported by The Block, U.S. Democratic Senator Adam Schiff proposed legislation on Monday aimed at prohibiting public officials, including the president and their immediate family members, from issuing or endorsing cryptocurrency assets.
In a statement released that day, Adam Schiff stated that the legislation known as the (Curbing Officials Income and Nondisclosure Act) (COIN Act) aims to prevent high-ranking public officials from 'issuing, initiating, or endorsing any digital assets, including meme coins, NFTs, or stablecoins.' This ban will apply to the period from 180 days before the start of their term to two years after the end of their term.
Adam Schiff pointed out that Trump's involvement in cryptocurrency raises serious ethical, legal, and constitutional questions, suggesting that he may exploit presidential powers for personal profit. There needs to be stricter scrutiny of the president's financial activities and measures to prevent him or any other political figures from profiting through similar actions.