Democrats 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.

A group of U.S. Democratic senators is aiming to strike at Donald Trump's cryptocurrency ventures with a new bill that would ban senior officials from engaging in any activity related to the issuance, sponsorship, or endorsement of cryptocurrencies.

According to The Block, 20 senators proposed the "Cryptocurrency Corruption Prevention Act," which seeks to restrict the actions of the President, Vice President, and members of Congress, officials appointed with Senate approval, executive branch employees, and their relatives.

The bill arose amid heightened political battle over the former president's cryptocurrency business.

The initiative to ban senior officials from engaging in activities related to cryptocurrencies comes as the House of Representatives failed to pass a bipartisan stablecoin bill last week.

Although the bill was widely expected to pass and had been subject to discussion for nearly a year, it ultimately failed to achieve the final approval requisites.

The Block assessed that the Democrats' proposal of such a bill appears to be a political maneuver for negotiation.

The stablecoin bill, which aimed to regulate stablecoins and had been discussed for nearly a year, was expected to achieve bipartisan agreement. However, the bill failed to meet the final approval requirements as the House failed to vote on the bill by the 8th (local time).

The bill, which was expected to achieve bipartisan agreement, failed to meet the final approval requisites 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.

"We need to prevent profit activities using President Trump's meme coins more urgently than regulating cryptocurrencies," said Elissa Slotkin, a Michigan senator and co-sponsor of the bill.

"There is an alligator close to the boat. It is the President of the United States," she added.

The initiative to ban senior officials from engaging in activities related to cryptocurrencies arose as the House of Representatives failed to pass a bipartisan stablecoin bill last week.

Although the bill was widely expected to pass and had been subject to discussion for nearly a year, it ultimately failed to achieve the final approval requisites.

The Block assessed that the Democrats' proposal of such a bill appears to be a political maneuver for negotiation.

The stablecoin bill, which aimed to regulate stablecoins and had been discussed for nearly a year, was expected to achieve bipartisan agreement. However, the bill failed to meet the final approval requisites as the House failed to vote on the bill by the 8th (local time).

The bill, which was expected to achieve bipartisan agreement, failed to meet the final approval requisites 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.

"We need to prevent profit activities using President Trump's meme coins more urgently than regulating cryptocurrencies," said Elissa Slotkin, a Michigan senator and co-sponsor of the bill.

"There is an alligator close to the boat. It is the President of the United States," she added.