Schiff Proposes COIN Act to Limit Trump and Other Officials' Crypto Endeavors

Senator Adam Schiff has proposed the Curbing Officials’ Income and Nondisclosure (COIN) Act, aimed at prohibiting U.S. presidents and top officials, along with their immediate families, from profiting from digital assets. The proposal, seen as a direct response to Donald Trump's involvement in the crypto industry, includes a 180-day buffer before and two years after leaving office.

The legislation would also demand public disclosure of digital asset sales over $1,000 and impose severe penalties. The Act, supported by nine other Senate Democrats, aims to address ethical, legal, and constitutional issues connected to Trump's crypto dealings, particularly with World Liberty Financial (WLF). However, it faces a tough path to becoming a law in a Republican-controlled Congress.