2025-05-12
On May 7, 2025, a group of 20
Democratic Senators introduced the "End Crypto Corruption Act of
2025," aiming to prohibit high-ranking U.S. government officials—including
the President, Vice President, Members of Congress, Senate-confirmed Cabinet
members, and their immediate families from issuing, sponsoring, or endorsing
cryptocurrencies and other digital assets for personal financial gain.
This legislation was prompted by
concerns over potential conflicts of interest, particularly involving President
Donald Trump's involvement in various crypto ventures.
The bill specifically targets
activities such as launching meme coins, promoting stablecoins, and engaging in
crypto-related endorsements that could result in personal enrichment.
It allows for ordinary investment
activities accessible to the general public but seeks to prevent officials from
leveraging their positions for undue influence or profit in the crypto market.
Violations could lead to civil
penalties, including fines up to 10% of the transaction value or financial gain
received, and criminal penalties for knowing violations that result in
significant financial harm or personal gain, with potential imprisonment of up
to five years.
This legislative move follows reports
that President Trump's crypto holdings now represent nearly 40% of his net
worth, approximately $2.9 billion, due to ventures like the $TRUMP and $MELANIA
meme coins and involvement in World Liberty Financial's stablecoin projects.
These developments have raised
bipartisan concerns about potential corruption and national security risks,
leading to increased scrutiny and calls for stricter regulations in digital
asset sector.
