lawmakers

Democratic lawmakers propose to ban Trump and other government officials from promoting cryptocurrencies, with disagreements over the stablecoin bill

ChainCatcher news, according to The Block, 20 Democratic senators in the U.S. have jointly proposed the "End Crypto Corruption Act of 2025," which aims to prohibit the President, Vice President, members of Congress, cabinet members, and their spouses and children from issuing or promoting cryptocurrencies and other digital assets to prevent conflicts of interest.The proposal specifically names former President Trump and his wife Melania for their previous issuance of a meme coin (TRUMP recently dropped 5.15%), and it may also affect Elon Musk, who serves as a special advisor to the "Department of Government Efficiency" (DOGE).The proposal stipulates that violators will face fines or imprisonment, with the restriction period covering their term and one year after leaving office. Currently, the bill allows normal cryptocurrency trading but explicitly prohibits officials from endorsing such activities. This move stems from the Democrats' dissatisfaction with the Republican-led stablecoin bill, which has been criticized for refusing to compromise on anti-money laundering and foreign investment regulation provisions.Additionally, Democratic lawmakers have recently questioned the Trump family's collaboration with Binance in issuing the WLD1 stablecoin, which involves a $2 billion investment agreement in Abu Dhabi, calling for increased scrutiny. Proposal co-sponsor and Michigan Senator Slotkin stated, "Preventing the President from profiting through the issuance of personal currency is more urgent than broad regulation."
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