A political sniper targeting the president's cryptocurrency wallet has already begun; the power game in Washington is quietly reshaping the rules of the cryptocurrency space.
The game between American politics and cryptocurrency has entered a new stage. On June 24, Democratic Senator Adam Schiff formally proposed (the Bill to Limit Officials' Income and Information Concealment), targeting Trump and his family's cryptocurrency business empire.
The core provisions of the bill are like a precise surgical knife: prohibiting the president, vice president, and their immediate family members from issuing, promoting, or endorsing any cryptocurrency during their term, covering meme coins, NFTs, and stablecoins, with the ban extending even 180 days before and after their term.
“The Trump family has made a fortune from cryptocurrency schemes; this is blatant corruption!” Schiff directly fired on social media.
Targeting the President! Breakdown of the COIN Act's Core Weapon
The COIN Act is by no means an ordinary proposal; its design directly targets the Achilles' heel of political figures' cryptocurrency interests. The core provisions of the bill include three major attack points:
The 'Issuance Ban' Chokehold: The president and family members are completely prohibited from participating in cryptocurrency issuance, cutting off the core profit path of leveraging political influence for project endorsements.
Monitoring the $1,000 Red Line: Requiring public officials to disclose any single digital asset transaction over $1,000, exposing gray income to the sunlight.
Criminal Deterrence: Violators face fines equivalent to their profits and up to five years in prison, far exceeding ordinary financial regulation.
It is no secret that the bill is aimed at Trump. In the proposal statement, Schiff directly pointed out: “The president's cryptocurrency transactions have triggered serious ethical and constitutional crises; this is using public office for personal gain!”
Cryptocurrency Printing Machine! The Trump family made a whopping $60 million
Why is Schiff so eager to act? The Trump family's cryptocurrency business empire has expanded to an astonishing extent.
The latest financial disclosures reveal that Trump earned about $60 million from cryptocurrency projects last year, with the sale of tokens on the World Liberty Financial platform alone contributing $57.8 million. The Trump Media Technology Group, controlled by his family, raised $2.5 billion, claiming to invest heavily in Bitcoin.
More subtly, the linkage between business and policy: The cryptocurrency executive order signed by Trump in January proposed establishing a 'National Digital Asset Reserve,' allowing the use of government-seized cryptocurrencies as reserve sources. With the policy wind at its back, the value of his personally held TRUMP meme coin surged.
“Any policy that benefits cryptocurrency directly enriches the president's wallet.” Critics unveil the hidden meaning.
Political Double Mirror! Schiff's own 'split personality' operation
Dramatically, Schiff himself is performing a policy 'split personality' act. Just a week before the COIN Act was proposed, he voted in support of the Republican-led (Genius Act).
This first federal stablecoin regulatory framework in the U.S. just passed the Senate with an overwhelming vote of 68 to 30. It clearly allows banks and state-licensed institutions to issue stablecoins and even stipulates that 'members of Congress may not issue stablecoins,' yet only exempts the president.
When the Democrats attempted to add restrictions on the president, the Republicans firmly rejected it. Ultimately, Schiff and 18 other Democrats chose to compromise and cast their votes in favor.
On one hand, allowing the president's cryptocurrency privileges, while on the other, waving the anti-corruption banner — the political stage's left and right hands are fighting against each other more openly than ever.
Power Chessboard! Three Hidden Reefs in the Bipartisan Cryptocurrency War
Behind this apparent anti-corruption action lies the battle for cryptocurrency regulatory power on the eve of the 2024 election:
Policy Instrumentalization: The Democratic Party simultaneously launched (the MEME Act) (to stop Trump's involvement in confidential matters), but the Republican-controlled Congress has become an iron wall, making the chances of the bill passing slim.
State-level counterattack: The deep red state of Texas announced on June 24 a $10 million fund to establish the nation's first state-level Bitcoin reserve, echoing Trump's 'national reserve' strategy.
Capital Team: Traditional financial forces are flooding into the stablecoin market via the (Genius Act). The bill requires issuers to reserve dollars or government bonds, effectively adding 16 billion potential buyers of U.S. debt, reinforcing dollar hegemony.
The cryptocurrency market is swinging violently in the political tug-of-war: Bitcoin reached a historic high earlier this year due to expectations of a 'Trump bull market,' while on the day the COIN Act was proposed, tokens associated with Trump, TRUMP, dropped by 3%.
2025 Endgame! Three Directions of the Cryptocurrency Regulatory War
When political power is deeply tied to cryptocurrency capital, the COIN Act only unveils the prologue of the war:
Rapid Decline Scenario (Probability 70%): Under Republican control of Congress, the bill is unlikely to pass the House; even if it does, Trump can directly exercise veto power.
Open Conspiracy Balancing (Probability 25%): The Democratic Party uses the bill's public opinion offensive to force the Republicans to make concessions on cryptocurrency regulation, building leverage for subsequent negotiations on the (Digital Asset Market Structure Act).
Nuclear Explosion Scenario (Probability 5%): If the Trump family's cryptocurrency business collapses, the bill may pass lightning-fast due to public opinion, completely reshaping the power game rules in Washington.
The split between state and federal cryptocurrency policies is deepening. When the COIN Act attempts to lock the president's cryptocurrency wallet, Texas announced on the same day a $10 million fund to establish the nation's first state-level Bitcoin reserve.
“The digital asset reserve may come from cryptocurrencies legally seized by the federal government.” This line from Trump's executive order in January now seems more like a prophecy of power and capital dancing together.
The cryptocurrency market has never truly decentralized; it simply moved Wall Street's poker table to Washington.
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