Haciyev Reşit 
Members of the Democratic Party in the U.S. Congress have introduced a new bill aimed at banning politicians and public officials from having conflicts of interest involving cryptocurrency assets. The proposal, which particularly targets the digital asset activities of former President Donald Trump and his family, has reignited the political divide in Washington over cryptocurrencies.
Democrats’ Anti-Crypto Move
Democratic Representative Ro Khanna introduced a comprehensive legislative proposal seeking to prevent public officials from directly or indirectly profiting from crypto assets. In his statement, Khanna emphasized:
“No one in elected office should be there to profit from their position. Public service should be for the benefit of the people, not for personal gain.”
Under Khanna’s proposed bill, the President, Vice President, members of Congress, elected public officials, and their immediate family members would be prohibited from issuing, endorsing, or promoting any digital assets during their term in office.
Contents of the Bill: “Blind Trust” and Transparency Requirements
The new legislative draft proposes implementing a “blind trust” mechanism to prevent conflicts of interest involving digital assets during officials’ terms in office.
Under this proposal, elected officials and candidates would be required to transfer their cryptocurrency holdings into trust accounts that they cannot access during their tenure and for two years after leaving office.
Additionally, the bill supports a transparency act mandating that politicians and their family members fully and promptly disclose all crypto asset transactions.
The draft explicitly covers all major digital asset categories, including:
- Cryptocurrencies
- Memecoins
- Stablecoins
- NFTs
- DeFi platforms
- Digital trading cards
Direct Reference to Trump and His Family
Representative Ro Khanna’s bill specifically targets the crypto ventures of former U.S. President Donald Trump and his family. The text accuses the Trump family of “establishing an opaque, unregulated crypto network using their names and likenesses.”
According to the draft, Trump allegedly leveraged his influence during his presidency to indirectly boost the value of Trump-linked digital projects. It also claims that foreign investments were funneled into crypto initiatives associated with the Trump family.
The Changpeng Zhao Pardon Controversy
Another notable section of the bill references Trump’s presidential pardon of Binance founder and former CEO Changpeng Zhao (CZ). Democratic lawmakers argue that this act could be interpreted as a “conflict of interest with the crypto lobby.”
Representatives of the U.S. crypto industry have described the proposal as “overly restrictive.” Some market analysts warn that introducing such laws without clear regulatory frameworks could drive innovative crypto projects out of the U.S. Even if the bill does not pass, Khanna’s proposal underscores that crypto policy in the U.S. has evolved beyond a financial issue, becoming a moral and political battleground. It also signals that Washington is entering a new era of tighter oversight and regulation for digital assets.
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