The US wants to ban Trump and congressmen from owning crypto assets
US Democratic Congressman Ritchie Torres has announced his intention to introduce a bill that would prohibit US President Donald Trump and members of Congress from personally profiting from cryptocurrency assets.
The document is called the "Presidential Digital Asset Speculation Ban Act" and is aimed at eliminating the conflict of interest associated with the issuance of memecoins and stablecoins under the names of politicians. According to the text of the initiative, the law will prohibit the creation, promotion, or issuance of digital assets using the names and images of the president, members of Congress, senior officials, their relatives, and federal regulators. This will also apply to the crypto lending platform World Liberty Financial, owned by the Trump family, as well as its stablecoin USD1 and memecoin TRUMP.
"Financial gain from crypto assets linked to politics is unacceptable. Public officials should not monetize their influence," Torres said.
The bill also requires these entities to disclose the size of their cryptocurrency holdings. This is intended to increase transparency and prevent government officials from engaging in covert market manipulation. Torres emphasized that the bill is aimed at preventing government officials from influencing the crypto market through legislative or regulatory decisions.
“Digital assets should not become a tool for extracting personal profit at the expense of trust in the government,” he said.
Earlier, in an interview with NBC News, US President Donald Trump commented on criticism from Democrats who accuse him of receiving indirect benefits from promoting the TRUMP memcoin. The head of the White House said that he does not follow the fate of the token and does not personally profit from its growth.
