Senator Adam Schiff (D-CA) introduced legislation on Monday that would bar the president, vice president, and their immediate family members from engaging in crypto-related business ventures while holding office.
Key Takeaways:
Senator Schiff’s COIN Act would bar the president and family members from issuing or endorsing crypto. The bill requires disclosure of any digital asset sale over $1,000. It also suggests penalties including fines and prison time for violations.The bill, titled the Curbing Officials’ Income and Nondisclosure (COIN) Act, comes amid rising concern over the intertwining of politics and digital assets, particularly in the context of former President Donald Trump’s expanding crypto footprint.
The COIN Act proposes a strict ban on issuing, sponsoring, or endorsing any form of cryptocurrency, including meme coins, NFTs, and stablecoins.
New Bill Requires Disclosure of Digital Asset Sales Over $1,000
The new bill also mandates disclosure of any sale of digital assets worth over $1,000.
Violators, including a sitting president, would face a civil penalty equal to the amount of profit made and up to five years in prison.
Schiff directly linked the proposal to Trump’s crypto dealings. “President Donald Trump’s cryptocurrency dealings have raised significant ethical, legal and constitutional concerns over his use of the office of the presidency to enrich himself and his family,” he said in a statement.
However, the timing of Schiff’s move has raised eyebrows. Just last week, he voted in favor of the GENIUS Act, a bill establishing a regulatory framework for stablecoins in the U.S.
While the legislation restricts members of Congress and some executive officials from issuing stablecoins, it notably exempts the president and vice president.
Democrats initially balked at the GOP’s refusal to include language addressing presidential crypto conflicts in the GENIUS Act.
But facing pressure to push the legislation through, they ultimately relented. Schiff, along with 17 other Democrats, voted in favor.
Nine Senate Democrats joined Schiff in co-sponsoring the COIN Act. Seven of them also voted in favor of the GENIUS Act.
Other Democratic-led proposals targeting Trump’s crypto ventures include the MEME Act and the Stop TRUMP in Crypto Act, though none are expected to pass in a Republican-controlled Congress.
Trump Continues to Capitalize on Crypto Market Momentum
Meanwhile, Donald Trump continues to capitalize on crypto market momentum.
According to financial disclosures released last Friday, the former president pulled in $58 million from crypto ventures in 2024, primarily through WLFI token sales.
That total trailed only his hospitality income and is expected to climb further in 2025 with an anticipated $390 million token sale and gains from his meme coin, launched in January.
His involvement in Bitcoin mining, tokenized assets, and digital ETFs is raising concerns about potential conflicts of interest.
Critics have pointed out that some of his businesses have seen tailwinds from favorable policy decisions during his time in office.
As reported, the SEC has approved Trump Media and Technology Group’s (TMTG) registration statement tied to a $2.3 billion Bitcoin treasury initiative.
The June 13 filing covers 85 million shares, including 29 million linked to convertible notes.
The post Senator Adam Schiff Moves to Ban Presidents and Families From Profiting Off Crypto appeared first on Cryptonews.
