Twenty Democratic senators in the United States have introduced a bill prohibiting the president, vice president, members of Congress, and their families from issuing or promoting cryptocurrencies.
The initiative, titled the “End Crypto Corruption Act — 2025,” also targets executive branch employees, including Elon Musk, who heads the Department of Government Efficiency (DOGE).
The document responds to debates surrounding stablecoin regulation. Some Democrats have refused to support the GENIUS Act, accusing Republicans of ignoring anti-money laundering measures.
The aim of the new measure is to prevent conflicts of interest. For instance, former President Donald Trump previously issued the meme coin TRUMP and then offered its major holders a VIP meeting at the White House.
The law imposes fines and criminal liability for violators, including a ban on commercial activity for a year after leaving government positions.
Meanwhile, Trump’s status as the “chief crypto advocate” at World Liberty Financial (WLF), a company linked to his family, remains in question. Democrats have also expressed concern over Binance’s $2 billion deal involving the stablecoin USD1, issued by WLF.
“It is more critical now to stop a president who sells his own currency than to regulate the crypto market as a whole,” stated Senator Elissa Slotkin.
According to her, the law “removes the crocodile already in the boat.”
Back in March, WSJ and Bloomberg reported plans by the Trumps and WLF to acquire a stake in Binance’s American business.
The information was denied by both the co-founder of the bitcoin exchange, Changpeng Zhao, and representatives of the company affiliated with the president’s family.
