California Senator Adam Schiff, along with nine Democratic colleagues, has proposed the COIN Act to address what they term the 'financial exploitation of digital assets' by public officials, including the President. This initiative follows President Trump's reported $57.4 million income from World Liberty Financial (WLF), a cryptocurrency platform linked to his family. Schiff expressed concerns over the ethical implications of Trump's cryptocurrency activities, stating that the legislation aims to prevent public officials from profiting from digital assets. The COIN Act seeks to impose restrictions on the issuance and endorsement of cryptocurrencies and related assets for 180 days before and two years after an official's term. This bill specifically targets payment stablecoins, with WLF recently announcing its own USD1 stablecoin. Schiff's proposal is among the first Senate efforts to tackle Trump's crypto connections, while a similar bill, the TRUMP in Crypto Act, was introduced in the House. The future of these bills remains uncertain, especially given the current political landscape. Read more AI-generated news on: https://app.chaingpt.org/news