๐จ COIN Act: Senator Schiff Targets Presidential Crypto Involvement
On June 23, 2025, U.S. Senator Adam Schiff introduced the COIN Act, aiming to ban the president, VP, and their families from crypto ventures while in office ๐งพ.
The move follows rising concerns over President Trumpโs crypto activity, including launching memecoins and stablecoins ๐ช.
โDonald Trump and other officials have made millions from crypto. The COIN Act stops this corruption in plain sight.โ โ Adam Schiff
๐งฑ Whatโs in the Bill?
๐ซ No issuing, endorsing, or profiting from crypto
๐จ Covers NFTs, meme coins, and stablecoins
๐ฐ Must disclose digital sales over $1,000
โ๏ธ Violators face fines + up to 5 years prison
Trump has launched TRUMP coin, his wife MELANIA, and their firm WLFI plans a $390M token sale. Trumpโs earnings from crypto exceed $58M, according to disclosures ๐.
Senator Blumenthal also opened a Senate investigation into Trumpโs crypto businesses, including mining and DeFi projects ๐.
โ๏ธ GENIUS Act Conflict
Schiff supported the GENIUS Act, regulating stablecoins but exempting the president/VP. After backlash, Schiff and 9 Democrats co-sponsored the COIN Act ๐ค.
๐ More Democratic Pushback
Other proposals include:
MEME Act ๐ญ
Stop TRUMP in Crypto Act โ
Though unlikely to pass in a Republican-controlled Congress, these bills signal deep concern ๐๏ธ.
๐ Insight: Crypto and politics are now tightly linked โ and lawmakers are moving fast to protect ethics and transparency ๐ก๏ธ๐ผ
#COINAct #CryptoPolitics #TRUMPtoken #NFT
