Senator Schiff Introduces COIN Act to Ban Trump’s Crypto Profits

Senator Adam Schiff has introduced a new legislative proposal aimed 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 involvement in the crypto industry.

The bill, titled the Curbing Officials’ Income and Nondisclosure (COIN) Act, 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. The legislation also includes a buffer period of 180 days before and two years after leaving office.

The COIN Act would require public disclosure of digital asset sales exceeding $1,000 and impose steep penalties, including prison time, for violators. Schiff stated that the bill is 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. Senator Ben Ray Luján, who supports the bill, stated, “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.”

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.

Schiff, along with nine other Democratic colleagues, has introduced the Cryptocurrency Oversight and Inclusion Act, or COIN Act, aimed at restricting the cryptocurrency activities of public officials. The bill specifically targets payment-type stablecoins and seeks to expand the reporting requirements of the existing STOCK Act to include digital assets. Schiff cited Donald Trump's $57 million crypto earnings as ethical red flags, justifying the need for reform and oversight. The COIN Act is designed to block Trump's memecoin ventures and prevent the pursuit of personal gain using digital assets. Schiff criticized Trump's crypto investment and ventures, stating that senior administration officials have engaged in financial misconduct involving digital assets. The bill is one of the first legislative efforts in the Senate to address Trump's ties to the crypto industry. The COIN Act aims to address financial misconduct involving digital assets and to ensure that public officials are held to the same ethical standards as other government employees. The bill seeks to expand the reporting requirements of the existing STOCK Act to include digital assets, which would require public officials to disclose their cryptocurrency holdings and transactions. The COIN Act is a significant step towards regulating the cryptocurrency industry and ensuring that public officials are held accountable for their financial activities. The bill is expected to face opposition from the cryptocurrency industry, which has long advocated for self-regulation and minimal government oversight. However, the COIN Act is a necessary step towards ensuring that the cryptocurrency industry is held to the same ethical standards as other financial industries. The bill is also expected to face opposition from some members of Congress, who may be concerned about the potential impact on the cryptocurrency industry. However, the COIN Act is a necessary step towards ensuring that public officials are held accountable for their financial activities and that the cryptocurrency industry is held to the same ethical standards as other financial industries. The COIN Act is a significant step towards regulating the cryptocurrency industry and ensuring that public officials are held accountable for their financial activities.