🔒 COIN Act: Blocking Presidential Crypto Power
A bipartisan group of legislators, led by Sen. Adam Schiff (D-CA), introduced the COIN Act—short for “Curbing Officials’ Income and Nondisclosure.” This bill aims to:
Prohibit the President, Vice President, and their families from issuing, promoting, or profiting from any cryptocurrency, meme coin, NFT, or stablecoin 180 days before and for 2 years after leaving office.
Impose civil fines and up to 5 years in prison for violations .
📌 What Prompted This?
This push comes amid mounting concerns over former President Trump’s crypto ties—including World Liberty Financial’s USD1 stablecoin and the Trump-branded $TRUMP memecoin—which stirred ethical and influence conflicts .
🗓️ Legislative Context
A similar bill, the “Stop TRUMP in Crypto Act”, introduced in the House by Rep. Maxine Waters and Rep. Stephen Lynch, targets Trump, the VP, and other high-level officials, banning them from issuing or endorsing crypto while in office .
Sen. Elissa Slotkin and Jeff Merkley introduced the End Crypto Corruption Act, which aims to stop senior officials from profiting off any crypto or meme coin ventures .
⏳ Will They Become Law?
These proposals come as the Senate debates the bipartisan GENIUS Act regulating stablecoins. However, that act exempts the President—something Schiff and others oppose .
Even if passed, such bills face hurdles: a potential presidential veto and the need for a two-thirds Congressional majority.
