Democrats Introduce Bill Restricting Crypto Ownership for U.S. Officials

U.S. Representative Maxine Waters introduced the Stop TRUMP in Crypto Act, legislation designed to prohibit the president, vice president, members of Congress, and their families from owning, promoting, or financially benefiting from cryptocurrencies while in office, aiming to prevent conflicts of interest and misuse of political influence. The bill emerged in the context of President Donald Trump's active promotion of his $TRUMP memecoin, including a controversial event where he used the presidential seal and Marine One to engage top investors. The proposed legislation would ban officials from holding significant control or compensation roles in digital assets, addressing concerns about ethical oversight and potential self-dealing. Consumer Reports supports the bill, emphasizing the need for clear ethical guidelines to ensure public officials prioritize public interest over personal gain amid the growing visibility and risks of digital assets. The legislation has garnered support from multiple House Democrats and reflects broader public skepticism about elected officials' involvement in cryptocurrencies, as shown by polls indicating significant opposition to congressional members investing in crypto. The bill's introduction has sparked debate about balancing regulation to prevent abuse with the potential impact on innovation in the crypto market.