Senate Dems propose ban on presidents investing or endorsing crypto assets

After abruptly pulling their support from what would have been the Senate’s first stablecoin regulatory bill, Senate Democrats announced Tuesday that they would introduce a new bill that would prevent federal officials and their families from issuing digital assets – a bill directed at Donald Trump and his family’s current stablecoin and meme coin holdings. “Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls,” said Sen. Jeff Merkley (D-OR), who introduced the bill to the Senate floor, in a press release. “This is a profoundly corrupt scheme. It endangers our national security and erodes public trust in government. Let’s end this corruption immediately.” The End Crypto Corruption Act comes in response to concerns inside the Democratic party that the GENIUS Act, which previously had strong bipartisan support, was inadequate at preventing corruption. Though the Senate Banking Committee passed the bi ... Read full article.