US Democrats in Senate Propose Bill to Ban Senior Officials from Promoting Cryptocurrencies

The political battle in the US over Donald Trump's cryptocurrency business is intensifying. The Democrats have proposed a bill to ban senior officials from promoting cryptocurrencies.

On the 11th (local time), according to the cryptocurrency specialist media The Block, 20 US Democratic senators have proposed a new bill to ban the issuance and promotion of cryptocurrencies by senior officials. The bill is named the 'Cryptocurrency Corruption Prevention Act'.

The bill aims to prohibit the issuance, sponsorship, or endorsement of cryptocurrencies by the President, Vice President, members of Congress, officials appointed with Senate approval, executive branch employees, and their relatives.

If the bill passes, it is expected that President Trump and First Lady Melania's meme coins will be subject to regulation. Additionally, promotional activities through Elon Musk's X (formerly Twitter) by the head of the Department of Government Efficiency (D.O.G.E.) and President Trump's ambassadorial activities for World Liberty Financial (WLFI) will also be banned.

Meanwhile, The Block evaluated the Democrats' proposal of such a bill as a 'political maneuver for negotiation'. In fact, last week's vote on the stablecoin bill was thwarted due to Democratic opposition. The bill, which was expected to achieve bipartisan agreement, failed to meet the final approval requirements as Democratic lawmakers raised concerns about the potential connection between President Trump and cryptocurrency businesses just before the plenary vote, casting opposing votes. Consequently, the bill was not passed.

Elissa Slotkin, a Michigan senator and co-sponsor of the bill, pointed out, "Preventing profit activities using President Trump's meme coins is more urgent than cryptocurrency regulation," adding, "There is an alligator close to the boat. It is the President of the United States."