US Democrats Propose Anti-Cryptocurrency Bill – Here Are the Details

Democrat Ro Khanna, member of the US Home of Representatives, has launched a draft decision proposing a complete invoice aimed toward stopping politicians and authorities officers from coping with crypto property.

Khanna defined his proposal by saying, “Nobody ought to maintain an elected workplace to benefit from his place.”

Khanna’s proposed draft decision states that the president, vp, members of Congress, elected officers, and their speedy members of the family shouldn’t subject, help, or endorse digital property, together with cryptocurrencies, memecoins, stablecoins, NFTs, digital buying and selling playing cards, and DeFi platforms.

It additionally states that elected officers and candidates must be required to switch their digital property to inaccessible “blind trusts” throughout their phrases in workplace and for 2 years after their phrases. The invoice additionally goals to help laws requiring politicians and their households to supply well timed and full disclosure of all cryptocurrency transactions.

Khanna’s proposal takes direct purpose on the digital asset actions of US President Donald Trump and his household. The draft claims that the Trump household has “used their names and likenesses to create an opaque and largely unregulated community of crypto ventures.” The doc states that these initiatives embody instruments akin to digital buying and selling playing cards, memecoins, stablecoins and DeFi platforms.

In line with the textual content of the choice, Trump “used his affect to extend the worth of his personal crypto ventures by leveraging his authority and entry.” It additionally claims that international funding has flowed into Trump-linked crypto initiatives.

The invoice additionally criticizes Trump’s current presidential pardon of Binance founder and former CEO Changpeng Zhao. The White Home stated in a press release that Trump was “exercising his constitutional authority” and accused the Biden administration of waging an “anti-crypto battle.”

“The Biden administration sought to condemn Zhao to a few years in jail regardless of no allegations of fraud or victims. This excessive strategy has broken the USA’ picture as a worldwide chief in know-how and innovation,” White Home spokeswoman Karoline Leavitt stated.

It appears unlikely that Khanna’s invoice will move as a result of Republicans have the bulk within the Home of Representatives.

*This isn’t funding recommendation.