The COIN Act would ban top U.S. officials from promoting or earning from digital assets while in office.
Violators of the COIN Act could face full profit penalties and up to five years in prison.
The bill follows reports of Trump earning over $57 million from crypto during and after his presidency.
Senator Adam Schiff has introduced a new bill targeting the financial involvement of top U.S. officials in cryptocurrencies. The bill, known as the Curbing Officials’ Income and Nondisclosure (COIN) Act, seeks to ban the president, vice president, and their immediate families from engaging in crypto-related activities while in office.
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The proposed legislation arrives shortly after the Senate passed the GENIUS Act, a bill that outlines a regulatory framework for stablecoins. While the GENIUS Act limits crypto actions by lawmakers and some executive branch officials, it notably exempts the president and vice president. Schiff’s new bill aims to close that gap by applying restrictions to the highest offices in the country.
Bill Responds to Growing Concerns Over Trump’s Crypto Ties
Schiff introduced the COIN Act following reports of President Donald Trump’s growing involvement in digital assets. These include memecoins, NFTs, and the stablecoin USD1. Trump’s digital asset ventures have reportedly earned him millions. This includes alleged profits of over $57 million through decentralized finance platforms.
The bill also highlights concerns surrounding a recent deal involving USD1. The Trump family reportedly agreed to a $2 billion investment deal with a UAE-linked firm. The transaction is expected to settle using the USD1 stablecoin via Binance. This raises further questions about potential conflicts of interest.
Legislation Proposes Fines and Prison for Violators
The COIN Act would impose significant penalties on those found in violation. It would ban covered officials from launching, promoting, or endorsing any form of digital asset. The bill also requires disclosure of any digital asset sales exceeding $1,000.
Violators could face civil fines equal to the profit gained and up to five years in prison. The legislation applies not only to the president and vice president but also to members of Congress and senior executive officials.
Schiff's Prior Vote Raises Questions
Just days before introducing the COIN Act, Schiff supported the GENIUS Act, which left out presidential restrictions. This has drawn attention, especially given his criticism of Trump’s crypto dealings. Democrats had initially pushed for stronger provisions but later dropped the demands to gain bipartisan support.
Lawmakers continue to push for tighter ethical standards regarding public officials’ involvement in digital assets. The COIN Act seeks to reinforce accountability and prevent misuse of political power for personal financial gain.
