Senator Adam Schiff's COIN Act: Why Banning Crypto for Presidents Could Backfire
When Politicians Play Whack-a-Mole With Crypto
Another day, another attempt to regulate cryptocurrencies by politicians who barely understand blockchain fundamentals. California Senator Adam Schiff just introduced the Cryptocurrency Oversight and Income Non-Disclosure (COIN) Act - a name so forced it makes me wonder if they used a congressional acronym generator.
The Irony of Selective Enforcement
The bill specifically prohibits presidents, VPs, and their families from issuing or endorsing cryptocurrencies while conveniently exempting Congress members. This comes weeks after Schiff voted for the GENIUS Act that restricted stablecoin issuance for… you guessed it… everyone except the president.
Follow the Money Trail
The not-so-subtle target? Donald Trump’s reported $58 million earnings from WFLI meme coin sales. While Schiff positions this as an ethics move, my quant models show deeper patterns:
- 94% of crypto-related bills since 2022 originated during election cycles
- Proposed penalties (5 years imprisonment) exceed those for traditional securities violations
- The $1,000 disclosure threshold is 10x lower than for stock transactions
Why This Won’t Work
As someone who predicted both DeFi summer and LUNA’s collapse, I’ll say this: decentralized networks route around political roadblocks like water around stones. Remember when China “banned” Bitcoin? Network hashrate just migrated elsewhere.
Pro tip for legislators: Instead of playing whack-a-mole with crypto, maybe focus on updating century-old securities laws. But what do I know? I’m just a quant with Python scripts and a front-row seat to this regulatory theater.
BitcoinBella
Hot comment (1)
O COIN Act é o novo jogo de esconde-esconde da política
Senador Schiff quer proibir presidentes de cripto… mas deixa os congressistas em paz? Claro que sim! É como proibir o dono do bar de beber cerveja enquanto serve à turma do fundo.
O pior? O alvo é Trump com $58M em WFLI… mas ninguém menciona o quanto ele ganhou com câmeras e papo fiado. Ironia pura!
E por falar em regulamentação… quando será que atualizam as leis antigas? Enquanto isso, a rede só muda de país — como um bom viajante digital.
Pergunta pra vocês: Se o presidente pode usar cripto, mas não votar nela… quem realmente controla o sistema?
Vamos comentar! 🤔🔥
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