A new bill proposed by Senator Adam Schiff aims to restrict high-profile U.S. officials from participating in cryptocurrency activities to avoid conflicts of interest.
Objectives and Content of the COIN Act
The COIN Act (Curbing Officials’ Income and Nondisclosure Act) is an initiative aimed at prohibiting the President, Vice President, Members of Congress, and other high-ranking officials from engaging in cryptocurrency activities while in office. The bill focuses on preventing the launching, promoting, or profiting from digital assets such as memecoins, stablecoins, and NFTs to avert potential conflicts of interest and corruption.
Response to Former President Trump's Actions
This bill was introduced in response to former President Donald Trump's extensive involvement in the crypto space, including the launch of his meme coin TRUMP and decentralized finance projects. Senator Schiff expressed concern that these activities pose serious ethical, legal, and constitutional questions, calling for increased scrutiny of public officials' financial dealings.
Connection with Other Cryptocurrency Legislation
The COIN Act follows the Senate's passage of the GENIUS Act, which regulates stablecoins but notably exempts the President and Vice President from certain restrictions. COIN seeks to fill this gap by explicitly targeting these top officials and their families regarding cryptocurrency dealings.
The COIN Act aims to ensure greater transparency and accountability in the financial dealings of high-profile officials as cryptocurrencies grow in influence within the U.S. financial system.
