Senator Adam Schiff has introduced a new bill called the COIN Act (Curbing Officials’ Income and Nondisclosure Act), aiming to prohibit the U.S. President, Vice President, and other senior officials – along with their immediate family members – from engaging in, promoting, or profiting from cryptocurrency-related activities.
A Move to Prevent Conflicts of Interest
The COIN Act comes just days after the U.S. Senate passed the GENIUS Act, a bill that regulates stablecoin issuance. Unlike GENIUS, which exempts the President and Vice President, the COIN Act specifically targets ethical accountability at the highest level of government.
According to Schiff, the bill responds to former President Donald Trump’s increasing involvement in the crypto space, including launching the TRUMP meme coin, initiating the DeFi project World Liberty Financial, and raising funds for Trump Media & Technology Group to build a Bitcoin treasury.
Reports state that Trump has earned over $57 million from crypto-related activities – a figure that has raised concerns about the potential abuse of presidential power for personal gain.
“Donald Trump and other senior officials are making a fortune off shady crypto schemes,” Schiff posted on X. “The COIN Act is designed to put an end to this blatant profiteering.”
Not Just the President
Beyond the President and Vice President, the COIN Act also applies to members of Congress, Executive Branch officials, and their families. Violations could result in fines or even jail time.
The bill specifically bans issuing, sponsoring, or promoting any type of digital asset – from meme coins and stablecoins to NFTs. It aims to prevent public officials from using their political influence to manipulate markets or personally benefit from the digital asset boom.
Interestingly, Senator Schiff previously voted in favor of the GENIUS Act – a stablecoin bill that allows the President and Vice President to remain exempt from certain restrictions. This has led some to question the consistency of his stance.
Nevertheless, with growing criticism surrounding Trump’s crypto activities, the COIN Act is expected to increase ethical oversight and ensure financial transparency in the age of digital assets.
