Senator Adam Schiff recently officially proposed the COIN Act - a bill aimed at prohibiting the President, Vice President of the United States, and their closest family members from participating in cryptocurrency-related activities during their term of office.
According to the COIN Act, individuals in the above group will not be allowed to issue, promote, or participate in any business activities related to digital assets, including cryptocurrency and Tokens. Additionally, the act requires cryptocurrency transactions valued at $1,000 or more to be transparently disclosed through mandatory reporting.
If violating the regulations in this act, the offender may face significant financial penalties and up to 5 years in prison. This proposal was made in a context where US legislators are increasingly focusing on managing conflicts of interest and financial transparency in the rapidly developing digital asset sector.
