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US Crypto Regulation: Schiff's COIN Act Targets Trump as Industry Grapples with Cypherpunk Roots Amidst BTC, ETH Market Moves | Flash News Detail | Blockchain.News
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7/2/2025 12:15:22 PM

US Crypto Regulation: Schiff's COIN Act Targets Trump as Industry Grapples with Cypherpunk Roots Amidst BTC, ETH Market Moves

US Crypto Regulation: Schiff's COIN Act Targets Trump as Industry Grapples with Cypherpunk Roots Amidst BTC, ETH Market Moves

According to @FoxNews, the US crypto market faces increasing regulatory pressure as Senator Adam Schiff introduced the COIN Act, a bill aimed at prohibiting government officials, including Donald Trump, from issuing or sponsoring digital assets. This move, which has support from other Democrats, reflects growing concerns over potential conflicts of interest despite Schiff's otherwise pro-crypto stance, as noted by his 'A' grade from advocacy group Stand With Crypto. The source highlights a broader industry tension between its cypherpunk, anti-establishment origins and the current trend of seeking mainstream legitimacy through corporate adoption and political lobbying by entities like Coinbase and Ripple. This regulatory uncertainty unfolds as Bitcoin (BTC) trades around $107,260, Ethereum (ETH) at approximately $2,439, and Solana (SOL) near $147.45, creating a complex environment where political developments could significantly influence market sentiment and asset valuations.

Source

Analysis

The cryptocurrency market is currently navigating a complex intersection of regulatory pressure, political maneuvering, and a deep-seated ideological debate over its core identity. This dynamic is creating subtle but significant undercurrents for traders, with market leaders like Bitcoin (BTC) showing resilience while alternative coins exhibit more sensitivity. As of recent trading, the BTCUSDT pair registered a 0.788% gain, pushing its price to $107,260.82, suggesting that investors may be favoring the original cryptocurrency as a relative safe haven amidst growing uncertainty in Washington D.C. This flight to perceived quality is further evidenced by the ETHBTC pair, which saw a decline of 0.698% to a ratio of 0.02276, indicating Bitcoin's outperformance against Ethereum.



Political Headwinds and a Crypto Civil War


The latest source of this uncertainty stems from new legislative efforts aimed at curbing the involvement of high-level government officials in the digital asset space. U.S. Senator Adam Schiff, a California Democrat who recently supported the GENIUS Act for stablecoins, has now introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act. According to Senator Schiff, the bill aims to address "significant ethical, legal and constitutional concerns" by prohibiting the president, vice president, and members of Congress from issuing or sponsoring cryptocurrencies during their service and for two years after. This move, backed by several other Senate Democrats, highlights a critical friction point: even crypto-friendly politicians are wary of potential conflicts of interest, particularly concerning former President Donald Trump's extensive digital asset ventures.



Market Sentiment vs. Cypherpunk Ideals


This legislative pushback comes at a time when the crypto industry is grappling with its own identity. The original cypherpunk ethos, born from the 2008 financial crisis, championed technology as a tool to decentralize power away from governments and corporations. However, the industry's recent actions, such as crypto-funded super PACs like Fairshake spending millions on elections and major exchanges sponsoring political events, seem to diverge from these foundational principles. This creates a cognitive dissonance that could impact long-term sentiment. While institutional adoption via Bitcoin ETFs and stablecoin integration by fintech giants brings liquidity and mainstream validation, it also risks diluting the revolutionary spirit that attracted early adopters. Traders must now weigh the short-term benefits of institutional inflows against the long-term risks of the industry becoming just another cog in the traditional financial and political machine.



This tension is subtly reflected in the altcoin market. While Bitcoin holds strong, other major assets are showing mixed results. The SOLUSDT pair, for example, dipped by 0.587% to $147.45, with its 24-hour high at $149.75, suggesting that assets perceived as more speculative or ecosystem-dependent are more vulnerable to shifts in broad market sentiment driven by regulatory news. In contrast, ADAUSDT eked out a small gain of 0.614% to $0.5575. The relatively flat performance of ETHUSDT, which moved only 0.034% to $2,439.94, indicates a market in wait-and-see mode. Traders should monitor the $2,375 level as immediate support for Ethereum and the $145 mark for Solana. A breakdown below these levels could signal that political anxieties are beginning to outweigh the bullish momentum from recent institutional news. The core conflict is clear: can crypto maintain its anti-establishment identity while simultaneously seeking legitimacy and favorable regulation from the very establishment it was designed to challenge? The answer will likely dictate the market's trajectory for months to come.

Fox News

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