Senator Adam Schiff and nine other Democrats introduced a bill aimed at limiting the financial benefits of public officials, including the U.S. president, from cryptocurrencies.
Goals of the COIN Act
The bill, titled the Curbing Officials’ Income and Nondisclosure (COIN) Act, was framed as a response to President Donald Trump's increasing ties to the crypto industry. Schiff stated that 'President Donald Trump’s cryptocurrency dealings have raised significant ethical, legal and constitutional concerns.'
Examples of Conflicts of Interest
Trump recently disclosed $57.4 million in income linked to World Liberty Financial (WLF), reportedly backed by members of his family. The bill aims to bar public officials from profiting from cryptocurrencies, memecoins, NFTs, and stablecoins from 180 days before assuming office until two years after leaving it.
Political Hurdles and Parallel Efforts
On the same day Schiff introduced the COIN Act, Representative Maxine Waters proposed a similar bill in the House. However, both measures face significant challenges in being enacted, as Democrats are currently in the minority and Trump is likely to veto any passed legislation.
The COIN Act, along with Waters' proposed counterpart, reflects growing concerns about the use of cryptocurrencies by public officials, though the paths to implementation remain challenging.
