U.S. Senator Adam Schiff (D-CA) has introduced new legislation—the **Curbing Officials’ Income and Nondisclosure (COIN) Act**—aimed at preventing the president, vice president, and their immediate families from engaging in cryptocurrency-related activities while in office.
The move comes amid growing controversy over former President Donald Trump’s extensive involvement in the crypto industry, which Schiff described as “corruption in plain sight.” In a post on X (formerly Twitter), Schiff wrote:
> “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.”
What the COIN Act Proposes:
Complete Ban** on sitting presidents, vice presidents, and their families from launching, endorsing, or sponsoring any digital asset—including meme coins, NFTs, and stablecoins.
Mandatory Disclosure** of any digital asset transaction over \$1,000.
Strict Penalties** for violations: Civil fines equal to any profits made and up to **5 years in prison**.
Schiff tied the bill directly to Trump’s crypto ventures, calling them a "serious ethical and constitutional concern" and alleging the former president used his office for personal financial gain. Trump and his family reportedly earned tens of millions through crypto-related projects.
Trump’s Expanding Crypto Empire
In 2024, Trump and his sons launched **World Liberty Financial (WLFI)**, a digital finance project now behind a stablecoin. Financial disclosures estimate Trump has made **\$58 million** so far, with another **\$390 million** anticipated from an upcoming token sale.
Trump also launched a **memecoin** (TRUMP) shortly after returning to office.
* Melania Trump followed suit, launching her own token (MELANIA).
* Trump Media & Technology Group raised **\$2.5 billion** to create a **Bitcoin reserve** and launch new crypto assets, with SEC approval for 85 million shares linked to the project.
Schiff's Previous Vote Sparks Debate
Critics pointed out that just last week, Schiff voted **in favor of the GENIUS Act**, a bill to establish a regulatory framework for stablecoins—but which included an exemption for the president and vice president. That exemption caused tension among Democrats, who initially opposed the bill unless presidential conflicts of interest were addressed.
Still, Schiff and 17 other Democrats voted for the GENIUS Act on **June 19**, and it passed. He later admitted the oversight and emphasized that the COIN Act was necessary to close that loophole.
Other Bills Targeting Trump
Democrats have also proposed additional legislation targeting Trump’s crypto ties:
The MEME Act** – introduced by Rep. Sam Liccardo and Sen. Chris Murphy.
The Stop TRUMP in Crypto Act** – introduced by Rep. Maxine Waters.
While these bills face slim chances in a Republican-controlled Congress, they highlight the mounting concern over Trump’s influence in the digital asset space.
Ongoing Investigation
Senator Richard Blumenthal has also launched a Senate investigation into Trump’s crypto dealings, including WLFI and the TRUMP token. The **Senate Permanent Subcommittee on Investigations** is conducting a preliminary inquiry.
As Schiff put it:
> “We must ensure no president or public official can exploit the power of office to profit from unregulated digital schemes.”
The COIN Act has already gained the support of **nine Senate Democrats**, seven of whom also supported the GENIUS Act—suggesting a growing bipartisan awareness of the risks posed by political entanglement in crypto.