Democrat Schiff Targets Trump’s Crypto Activity with COIN Act Proposal
Senator Adam Schiff has introduced a new legislative push aimed squarely at preventing US presidents and top officials from profiting off digital assets.
This move is widely seen as a direct response to Donald Trump’s growing footprint in the crypto industry.
Restrict Presidential Crypto Activity
Titled the Curbing Officials’ Income and Nondisclosure (COIN) Act, the bill seeks to ban current and recent top officeholders, including the president, vice president, cabinet members, and their immediate families, from issuing, sponsoring, or endorsing cryptocurrencies, stablecoins, NFTs, or memecoins during their term.
It also has a buffer of 180 days before and two years after leaving office.
The legislation would also require public disclosure of digital asset sales exceeding $1,000 and impose steep penalties, including prison time, for violators. In an official statement, Schiff said the bill was necessary to address “ethical, legal, and constitutional” concerns tied to Trump’s crypto dealings, particularly his involvement in World Liberty Financial (WLF), a crypto firm that launched the USD1 stablecoin and helped Trump earn over $57 million in 2024 alone.
The bill has garnered support from nine other Senate Democrats, several of whom had previously backed the GENIUS Act. That earlier vote has sparked criticism of apparent inconsistency among some Democrats, including Schiff himself, who has now argued for tighter oversight.
While lending support to the bill, Senator Ben Ray Luján said,
“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. This kind of self-dealing is a serious conflict of interest and a violation of public trust. That’s why my colleagues and I are introducing the COIN Act to ensure that the President and their immediate family can’t exploit public office to cash in on digital assets.”
Democrats Target Trump’s Crypto Profits From WLF
WLF has reportedly seen massive inflows and even attracted international interest, with a $2 billion transaction involving USD1 announced by an Abu Dhabi-based firm. Meanwhile, the Trump family appears to have scaled down its stake in WLF from 75% to 40%. This move, critics say, may point to an effort to mitigate scrutiny without relinquishing profit.
While Schiff’s COIN Act joins a series of recent Democratic proposals, such as the Modern Emoluments and Malfeasance Enforcement (MEME) Act, all face an uphill battle in a Republican-controlled Congress. Even if the bills were to clear both chambers, the likelihood of a presidential veto looms large.
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