Senate Dems propose ban on presidents investing or endorsing crypto assets
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Summary
The End Crypto Corruption Act has been introduced to prevent federal officials and their families from issuing digital assets, in light of concerns that the previous GENIUS Act did not go far enough to prevent corruption.
The Trump family has been targeted due to revelations they could earn $2bn from a stablecoin transaction and earn significant revenues from their Trump-branded contest to entice the top holders of their Trump meme coin.
While one Trump ally, Republican Senator Cynthia Lummis of Wyoming, has offered to partner with Democrats on efforts to regulate lawmakers’ digital assets, there appears little that can be done to stop the president.
The Democrats’ move represents a significant change of course after they abruptly pulled support from the GENIUS Act, which would have been the Senate’s first stablecoin regulatory bill.