California lawmaker Ro Khanna proposes a resolution to ban politicians from issuing and trading digital assets

Foresight News reported, citing Fox, that California Democratic Congressman Ro Khanna has introduced and is promoting a resolution supporting House legislation to prohibit the “President, Vice President, Members of Congress, candidates for public office, public officials, senior executive branch employees and special government employees, as well as the immediate family members of these individuals from issuing, sponsoring, or endorsing digital assets (including cryptocurrencies, meme coins, stablecoins, tokens, NFTs, digital trading cards, and DeFi platforms).”

The resolution also advocates requiring elected officials, candidates, and their immediate family members to transfer their digital assets into a blind trust, which cannot be accessed during the politician’s candidacy, tenure, and for two years after leaving office. The resolution further supports requiring politicians, candidates, and their families to “fully and promptly disclose all cryptocurrency transactions.”

Fox noted in its report that since the Republican Party currently holds the majority in the House of Representatives, the resolution is unlikely to pass in the House. Furthermore, even if the resolution is adopted, its provisions would still need to go through the legislative process to be enacted into law.