Senator Schiff Introduces COIN Act to Ban Presidential Crypto Activities

Senator Adam Schiff has introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act, a bill designed to prevent the president, vice president, and high-ranking executive branch employees from engaging in cryptocurrency-related activities while in office. The legislation aims to stop these officials from issuing, endorsing, or profiting from cryptocurrencies, meme coins, NFTs, and stablecoins. The bill mandates that any digital asset sales exceeding $1,000 must be disclosed, and violators face penalties including forfeiture of profits and potential imprisonment.

The COIN Act is a direct response to the growing concerns about the potential for financial misconduct involving digital assets. Senator Schiff, along with nine Democratic colleagues, proposed the bill to address these issues and ensure transparency in the financial dealings of public officials. The legislation is part of a broader effort to curb the influence of cryptocurrencies in political circles, particularly in light of Donald Trump's expanding digital asset ventures. Trump reportedly earned over $57 million from token sales and crypto-related ventures in 2024 alone, raising concerns about conflicts of interest.

Critics have pointed out that Schiff's introduction of the COIN Act comes just days after he voted in favor of the GENIUS Act, which establishes a framework for stablecoins but exempts the president and vice president from conflict-of-interest rules. This contradiction has sparked criticism and raised questions about Schiff's motives, with some accusing him of political posturing. The GENIUS Act, which sets up a stablecoin framework, has been seen as a potential conflict of interest, as it allows for the issuance of stablecoins without the same level of scrutiny applied to other digital assets.

The COIN Act has faced significant opposition, particularly from Republicans who control Congress. Given the current political climate, the bill is unlikely to pass, despite the efforts of Democrats to curb presidential crypto profits. The legislation has also drawn scrutiny from the public, with many questioning the sincerity of Schiff's actions and the potential impact on the cryptocurrency market. The introduction of the COIN Act highlights the ongoing debate surrounding the regulation of digital assets and the role of public officials in the cryptocurrency space. As the use of cryptocurrencies continues to grow, lawmakers are grappling with how to balance innovation with the need for transparency and accountability. The COIN Act represents one approach to addressing these challenges, but its success remains uncertain in the face of political opposition and public skepticism.