Senator Adam Schiff has initiated a new legislative push aimed at preventing high-ranking US officials from profiting off digital assets.
Restrict Presidential Crypto Activity
The bill, titled the Curbing Officials’ Income and Nondisclosure (COIN) Act, seeks to ban current and recent top officeholders, including the president, vice president, and cabinet members, from issuing, sponsoring, or endorsing cryptocurrencies, stablecoins, NFTs, or memecoins during their term. It includes a buffer of 180 days before and two years after leaving office.
Democrats Target Trump's Crypto Profits
The bill has been introduced in response to Donald Trump's involvement in the crypto industry, particularly his association with World Liberty Financial (WLF). Reports indicate that the company helped Trump earn over $57 million in 2024. Senator Ben Ray Luján stated that 'President Trump is using the highest office in the land to profit off a personal meme coin – it’s beneath the presidency and it’s blatant corruption.'
Future of the COIN Act
Despite garnering support from nine other Senate Democrats, there is potential for the bill to encounter challenges in a Republican-controlled Congress. Even if it were to pass both chambers, a presidential veto remains a possibility.
The COIN Act raises important questions regarding conflicts of interest and ethical standards for high-ranking officials in the context of a growing crypto industry.
