U.S. Senator Adam Schiff has introduced new legislation seeking to bar the President, Vice President, and their families from profiting through cryptocurrency ventures while holding office.
A Direct Response to Trump’s Crypto Activity
The bill, titled the Curbing Officials’ Income and Nondisclosure (COIN) Act, arrives at a moment of heightened scrutiny over the intersection of political power and digital asset markets, particularly following a wave of concern stemming from Trump’s reported $57.4 million earnings from his DeFi venture, as disclosed in recent financial filings.
Senator Schiff explicitly tied the bill’s introduction to Trump’s crypto activities, stating, “President Donald Trump’s cryptocurrency dealings have raised significant ethical, legal, and constitutional concerns over his use of the office of the presidency to enrich himself and his family. That’s why I am introducing legislation to prevent the financial exploitation of any digital assets by public officials, including the president and the First Family.”
Provisions of the COIN Act
The proposed legislation would impose a strict prohibition on issuing, sponsoring, or endorsing any form of cryptocurrency, including stablecoins, meme coins, and NFTs, by sitting U.S. Presidents, Vice Presidents, senior Executive Branch officials, Members of Congress, and their immediate families. Any public official found violating these provisions could face civil penalties equal to their profits and a prison sentence of up to five years.
Further, the bill mandates disclosure of any sale of digital assets exceeding $1,000 in value, aiming to improve transparency around financial interests in digital assets among public officials.
Trump and Family Profiting from Crypto Policies
Trump’s crypto activity has been steadily expanding since last year, with the former president launching ventures such as World Liberty Financial, which has issued a stablecoin, and promoting meme coins prior to his inauguration. Additionally, Trump’s media firm, Trump Media & Technology Group, has raised $2.5 billion for a Bitcoin reserve and is reportedly developing other crypto-related financial products.
A Legislative Gap Left by the GENIUS Act
Schiff’s bill comes just days after the Senate passed the GENIUS Act, which establishes a regulatory framework for payment stablecoins. While Senate Democrats initially pushed to include language barring public officials from profiting through digital assets, those provisions were ultimately excluded before the bill advanced to the House.
Trump has since encouraged lawmakers to approve the GENIUS Act swiftly and with minimal amendments. Schiff’s COIN Act appears to be a direct effort to address the regulatory loophole left behind, particularly as political figures increasingly engage with the rapidly growing crypto economy.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
