#Just in:Senator Introduces Bill to Block U.S. President From Crypto
Senator Schiff proposes the COIN Act to restrict President Trump and other key officials from launching, promoting, or profiting from crypto.
Highlights
Donald Trump's crypto activity has raised eyebrows, pushing Senator Schiff to propose the COIN Act.
The bill aims to limit key White House officials' crypto involvement.
The COIN Act is reportedly a response to Trump's crypto earnings.
Senator Adam Schiff has introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act, a bill that seeks to restrict White House officials and their families from participating in cryptocurrency-related activities. This bill restricts public officials, including the US President and Vice President, from launching, promoting, or profiting from crypto.
The COIN Act: Who’s in the Crosshairs?
Just days after the US Senate passed the GENIUS Act, Senator Adam Schiff has introduced the COIN Act, a new bill that would prohibit the President and their immediate family members from profiting from crypto while in office. The new legislation aims to prohibit top US officials from issuing, sponsoring, or endorsing digital assets like memecoins, stablecoins, and NFTs, as President Trump previously did.
Reportedly, the COIN Act is proposed in response to Trump’s crypto ventures and his alleged $57.4 million earnings from his DeFi project. The law will also be applied to senior Executive Branch officials, Members of Congress, and their immediate families, with potential penalties including monetary fines and jail time. In an X post, Senator Schiff noted,
Donald Trump and other senior administration officials have made a fortune off of crypto schemes. Today, I’m introducing the COIN Act to put a stop to this corruption in plain sight.
Notably, legislators are pushing to prevent potential conflicts of interest by strengthening ethics laws related to digital assets.