According to Deep Tide TechFlow, on June 24, California Democratic Senator Adam Schiff proposed the COIN Act, which prohibits the President, Vice President, and their immediate family members from engaging in cryptocurrency-related business activities during their term.
The bill prohibits the issuance, sponsorship, or endorsement of any cryptocurrency, including meme coins, non-fungible tokens, and stablecoins, and requires the disclosure of digital asset sales exceeding $1,000, with violators facing fines and up to five years in prison.
It is worth noting that Schiff supported the GENIUS Act last week, which restricts members of Congress and certain executive officials from issuing stablecoins, but exempts the President and Vice President.