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Bitcoin and Ethereum are showing strong performance. After holding the $100,000 level, large buyers returned to their usual activity and have already pushed BTC back to the $105,000 area. Ethereum also gained more than 9% in the past 24 hours.
Meanwhile, Democratic Senator Adam Schiff has introduced a bill that would prohibit government officials, including the president and their family members, from issuing or endorsing cryptocurrency assets. In a published statement, the senator said the Cryptocurrency Accountability and Disclosure for Officials Act (COIN Act) is aimed at banning top public officials from issuing, sponsoring, or endorsing digital assets, including meme coins, NFTs, or stablecoins. The proposed ban would apply during the 180 days preceding and the two years following an individual's term in office.
According to many experts, this move reflects growing concern about potential conflicts of interest arising from high-ranking officials' involvement in the digital finance space. Schiff's bill proposes not only a direct ban on launching personal cryptocurrencies but also restrictions on any form of public support, advertising, or promotion of crypto assets. The term "endorsement" includes any public statements, interviews, or appearances intended to boost interest in a specific cryptocurrency or crypto project. The goal of the legislation is to eliminate the possibility of abusing public office for personal gain and to ensure impartial government policy on digital currencies.
If adopted, the bill would deal a serious blow to the crypto industry, given the influence public figures have on shaping public opinion. However, critics argue that such a ban could be seen as an excessive restriction on free speech and a barrier to innovation in the financial technology sector. The debate around the bill promises to be heated, and its outcome will undoubtedly influence the future of crypto regulation in the United States.
Schiff's move to introduce the bill — co-sponsored by nine other Democratic senators — came just a week after he voted in favor of the GENIUS Act, a landmark stablecoin bill that had earlier been delayed due to scrutiny over Trump's crypto-related interests. The bill was ultimately passed with bipartisan support and sent to the House of Representatives for further consideration.
However, Schiff maintains that Trump's cryptocurrency ventures raise serious ethical, legal, and constitutional concerns regarding the use of presidential power for personal enrichment. "We need much closer scrutiny of the president's financial dealings and must prevent him — or any politician — from profiting off such schemes," he said.
Several other lawmakers have also introduced similar bills with objectives aligned with Schiff's proposal. Last month, Democrat Ritchie Torres introduced a bill aimed at "stopping presidential crypto speculation." Since Democrats are in the minority in both the Senate and the House, significant effort may be required to effectively advance these legislative initiatives.
Trading Recommendations:
Bitcoin (BTC): Technically, buyers are now targeting a return to the $105,200 level, which would open the way to $105,700 — and from there, a short distance remains to the $106,200 level, the most distant target. A breakout above this level would signal the strengthening of the bullish market. In case of a decline, buyers are expected around $104,600. A move back below this level could quickly push BTC down to around $104,000, with the final downward target at $103,400.
Ethereum (ETH): A clear consolidation above the $2,422 level opens a direct path to $2,460. The final bullish target is the $2,495 level; a breakout would signal a renewed interest from buyers. If Ethereum declines, support is expected at $2,375. A return below this level could quickly send ETH down to $2,340, with the ultimate downside target at $2,302.
Chart Guide:
Price interactions with moving averages — such as tests or crossovers — typically act as either resistance/support or a signal for momentum shifts.
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