U.S. Senator Proposes Bill to Ban President from Participating in Crypto
Senator Adam Schiff has introduced the COIN Act, a bill aimed at prohibiting the U.S. President, Vice President, and other top officials along with their families from participating in or profiting from cryptocurrency-related activities, amid growing concerns over conflicts of interest and abuse of power.
Senator Adam Schiff has introduced a new bill called the COIN Act (Curbing Officials’ Income and Nondisclosure Act), aiming to prohibit the U.S. President, Vice President, and other senior officials – along with their immediate family members – from engaging in, promoting, or profiting from cryptocurrency-related activities.
A Move to Prevent Conflicts of Interest
The COIN Act comes just days after the U.S. Senate passed the GENIUS Act, a bill that regulates stablecoin issuance. Unlike GENIUS, which exempts the President and Vice President, the COIN Act specifically targets ethical accountability at the highest level of government.
According to Schiff, the bill responds to former President Donald Trump’s increasing involvement in the crypto space, including launching the TRUMP meme coin, initiating the DeFi project World Liberty Financial, and raising funds for Trump Media & Technology Group to build a Bitcoin treasury.
Reports state that Trump has earned over $57 million from crypto-related activities – a figure that has raised concerns about the potential abuse of presidential power for personal gain.
“Donald Trump and other senior officials are making a fortune off shady crypto schemes,” Schiff posted on X. “The COIN Act is designed to put an end to this blatant profiteering.”
