Senate Democrats are pivoting to introduce the End Crypto Corruption Act, aimed at curbing the potential for corruption from digital asset holdings by officials and their families, especially Donald Trump. This follow-up arises from concerns that a previous attempt at regulatory clarity, the GENIUS Act, was insufficient. Reports highlighted potential financial gains for Trump from cryptocurrency transactions, exacerbated by his engagement in meme coin contests. The legislation seeks to address these issues for national security and public trust in governance.
"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).
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