Just-In: Senator Introduces Bill to Block U.S. President From Crypto

Senator Adam Schiff has introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act, a bill that seeks to restrict White House officials and their families from participating in cryptocurrency-related activities. This bill restricts public officials, including the US President and Vice President, from launching, promoting, or profiting from crypto.

Advertisement

Advertisement

The COIN Act: Who’s in the Crosshairs?

Just days after the US Senate passed the GENIUS Act, Senator Adam Schiff has introduced the COIN Act, a new bill that would prohibit the President and their immediate family members from profiting from crypto while in office. The new legislation aims to prohibit top US officials from issuing, sponsoring, or endorsing digital assets like memecoins, stablecoins, and NFTs, as President Trump previously did.

Reportedly, the COIN Act is proposed in response to Trump’s crypto ventures and his alleged $57.4 million earnings from his DeFi project. The law will also be applied to senior Executive Branch officials, Members of Congress, and their immediate families, with potential penalties including monetary fines and jail time. In an X post, Senator Schiff noted,

Donald Trump and other senior administration officials have made a fortune off of crypto schemes. Today, I’m introducing the COIN Act to put a stop to this corruption in plain sight.

Notably, legislators are pushing to prevent potential conflicts of interest by strengthening ethics laws related to digital assets. This move aims to ensure public officials maintain transparency and accountability in their dealings with cryptocurrencies and other digital assets.

Advertisement

Advertisement

President Trump’s Crypto Activity Raises Eyebrows

Reportedly, the COIN Act is a direct response to US President Donald Trump’s crypto involvement. In addition to his pro-crypto policies, Trump has launched his own meme coin, TRUMP, and a DeFi project, the World Liberty Financial. Also, Trump Media & Technology Group has secured approximately $2.5 billion in funding to establish a Bitcoin treasury.

As per reports, Trump has accumulated over $57 million from the World Liberty Financial, raising concerns over the use of presidential power for personal gain. In a statement, Senator Schiff asserted,

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. We need far greater scrutiny of the president’s financial dealings, and to stop him and any other politician from profiting off of such schemes.

However, the COIN Act contradicts the GENIUS Act, which Senator Schiff recently voted on. Though the stablecoin bill prohibits Congress members and some executive branch officials from issuing stablecoins, it notably exempts the president and vice president.

Advertisement

✓ Share: