Senator Schiff Proposes COIN Act to Block Trump’s $57M Crypto Activities
Senator Adam Schiff has introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act to stop U.S. Presidents and other high-ranking
Quick overview
- Senator Adam Schiff has introduced the COIN Act to prevent U.S. Presidents and high-ranking officials from profiting from cryptocurrency.
- The bill prohibits officials and their families from launching or promoting digital assets, with penalties including fines and jail time.
- The COIN Act aims to address concerns over former President Trump's significant earnings from cryptocurrency ventures.
- This legislation seeks to close loopholes left by the recently passed GENIUS Act, which exempted the President and Vice President from similar regulations.
Senator Adam Schiff has introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act to stop U.S. Presidents and other high-ranking officials from getting involved in cryptocurrency. The bill prohibits current and former Presidents, Vice Presidents, members of Congress, and senior Executive Branch officials—as well as their immediate family members—from launching, promoting or profiting from digital assets including tokens, stablecoins and NFTs.
The COIN Act comes as scrutiny mounts over former President Donald Trump’s cryptocurrency activities, particularly his recent foray into meme coins and decentralized finance (DeFi). Reports say Trump made $57.4 million from one such project, World Liberty Financial.
Senator Schiff said the bill is to protect public trust and stop elected officials from using digital asset markets for personal gain. The penalties for violations include fines, sanctions or jail time, one of the toughest crypto ethics laws in Congress so far.
Trump’s Crypto Ties Under the Microscope
The bill comes as Trump’s footprint in the digital asset space deepens. He’s promoting TRUMP, his own meme coin, and is linked to the World Liberty Financial DeFi ecosystem and his Trump Media & Technology Group has raised $2.5 billion to build a Bitcoin treasury.
According to multiple reports:
- Trump made $57.4M from DeFi ventures
- He launched and endorsed digital tokens
- His company plans to build a Bitcoin-backed treasury
This has alarmed ethics watchdogs and lawmakers. Senator Schiff said such ventures pose clear conflict of interest risks especially if done while in office. His COIN Act seems to be a direct response to what some see as exploitative use of presidential power.
Legislative Split: COIN Act vs GENIUS Act
Interestingly, Schiff’s bill is opposite to the recently passed GENIUS Act which regulates stablecoin issuance by Congress members and executive officials—but excludes the President and Vice President. That exemption left a loophole that the COIN Act is now closing.
Critics of the GENIUS Act pointed out its limited scope and Schiff seems to agree by introducing COIN. But his support for both bills has raised questions about consistency and motivation.
Key Points:
- COIN Act bans top officials from crypto promotion/profit
- Trump made $57.4M from DeFi project
- Act closes loophole left by GENIUS Act* Fines and jail time
Summary:
As digital assets increasingly intersect with politics, the COIN Act marks a significant push to enforce stricter ethical boundaries. While it may ignite partisan debate, the bill highlights a growing urgency to regulate crypto involvement among U.S. leaders, especially when it concerns financial gain while in public office.
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