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Senate Democrats Target Crypto Conflicts With New Ban on Lawmaker Holdings
By: coindoo|2025/05/07 19:45:01
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The bill, titled the End Crypto Corruption Act, would ban the President, Vice President, senior executive officials, members of Congress, and their immediate families from issuing, promoting, or holding financial stakes in any cryptocurrency project. Those who violate the proposed law could face penalties of up to $1 million and forced return of profits.A Response to Trump-Linked Token and Policy TensionsThe legislation comes amid growing concerns over a Trump-affiliated stablecoin, USD1, which recently crossed a $2.1 billion market cap. That surge has alarmed some lawmakers, especially as Congress prepares to vote on the GENIUS Act, a broader bill that could reshape U.S. stablecoin regulation.Senator Jeff Merkley (D-OR), who introduced the new bill, didn’t hold back in his criticism.“This is a profoundly corrupt scheme,” Merkley said. “It endangers our national security and erodes public trust in government. Let’s end this corruption immediately.”According to Merkley, the current lack of restrictions allows insiders to profit directly from policy outcomes they influence — a potential conflict of interest that he believes must be addressed before regulatory frameworks are finalized. .dark-mode .read-more {background-color: #343a40 !important;} READ MORE: Bernstein Predicts $330 Billion Corporate Bitcoin Allocation in Next 5 Years Schumer and Party Leaders Back CrackdownSenate Majority Leader Chuck Schumer echoed Merkley’s concerns, warning that tokens tied to elected officials can distort democratic processes.“If people can enrich politicians by buying their tokens, it threatens the very foundation of public service,” he said.With crypto rapidly gaining mainstream acceptance, Democratic lawmakers argue that financial entanglements between policy and personal profit must be clearly separated — especially at the top levels of government.The post Senate Democrats Target Crypto Conflicts With New Ban on Lawmaker Holdings appeared first on Coindoo.
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