Sen. Schiff’s COIN Act aims to bar Trump and officials from crypto profits, targeting $57M in earnings, with fines and jail time for violations.
The Curbing Officials’ Income and Nondisclosure (COIN) Act, a bill introduced by Senator Adam Schiff, aims to prohibit White House officials and their families from engaging in cryptocurrency-related activities. This legislation prohibits public officials, such as the President and Vice President of the United States, from promoting, developing, or acquiring cryptocurrency.
The COIN Act: Who is at Risk?
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, mere days after the US Senate passed the GENIUS Act. As President Trump previously did, the new legislation is designed to prevent high-ranking US officials from issuing, sponsoring, or endorsing digital assets such as meme coins, stablecoins, and NFTs.
It has been reported that the COIN Act is being proposed in response to Trump’s crypto ventures and his alleged $57.4 million revenues from his DeFi project. The law will also be enforced on senior Executive Branch officials, Members of Congress, and their immediate families, with potential penalties including jail time and monetary sanctions. Senator Schiff observed in an X post,
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.
It is important to note that legislators are advocating for enhancing ethics laws regarding digital assets to prevent potential conflicts of interest. This action aims to guarantee that public officials maintain transparency and accountability in their interactions with cryptocurrencies and other digital assets.
President Donald Trump’s Crypto Activity Has Raised Questions
According to reports, the COIN Act is a direct response to the crypto involvement of US President Donald Trump. Trump has implemented his meme coin, TRUMP, and a DeFi initiative, the World Liberty Financial, in addition to his pro-crypto policies. The Trump Media & Technology Group has also secured an estimated $2.5 billion in funding to establish a Bitcoin treasury.
According to reports, Trump’s accumulation of more than $57 million from World Liberty Financial has prompted concerns regarding the potential misuse of presidential authority for personal gain. Senator Schiff stated in a statement,
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.
Nevertheless, the COIN Act directly opposes the GENIUS Act, which Senator Schiff recently voted on. Stablecoins are prohibited from being issued by Congress members and certain executive branch officials under the stablecoin law; however, the President and Vice President are specifically exempt.
