The same rule would cover their spouses and children. Based on reports, the plan even makes them report any sale of digital assets over $1,000. That simple step could force more transparency on deals that happen behind closed doors.
It’s a steep price. That level of punishment sends a strong signal that these are not harmless side projects but serious conflicts of interest.
U.S. Democratic lawmakers introduce bill to combat crypto-related conflicts of interest
Schiff did not hide why he pushed this bill. Based on reports, US President Donald Trump pulled in $58 million from crypto ventures in 2024, mostly from WLFI token sales.
That haul was second only to his hotel and resort earnings. And he’s eyeing another $390 million token sale in 2025, plus gains from his meme coin that launched in January.
His companies are also involved in Bitcoin mining and a proposed $2.3 billion Bitcoin treasury plan under Trump Media and Technology Group.
The SEC cleared that $2.3 billion filing on June 13, covering 85 million shares and 29 million tied to convertible notes.
That split vote showed how tricky it is to balance broad crypto rules with a law aimed at one person. The House is under Republican control, and any bill that could put a president in a bind is likely to stall in committee.
Featured image from Pexels, chart from TradingView
