In a bold effort to address the intersection of politics and digital assets, U.S. Senator Adam Schiff has introduced the COIN Act, a groundbreaking bill aimed at preventing presidents, vice presidents, and their immediate families from profiting through cryptocurrency ventures while in office. The legislation appears to directly target former President Donald Trump, whose growing involvement in the crypto market has raised ethical concerns about conflicts of interest.
What Is the COIN Act?
Officially titled the Curbing Officials’ Income and Nondisclosure (COIN) Act, this bill proposes a strict prohibition on issuing, sponsoring, or promoting any type of digital asset. This includes meme coins, NFTs, stablecoins, and other blockchain-based financial instruments that have become popular tools for public figures to generate wealth.
If passed, the COIN Act would not only apply to the president and vice president but also extend to members of Congress, senior executive officials, and their immediate families. Key provisions of the bill include:
- A complete ban on creating or promoting crypto assets
- Mandatory disclosure for digital asset sales exceeding $1,000
- Penalties for violations , including forfeiture of profits and potential imprisonment of up to five years
The bill seeks to ensure that elected officials prioritize public service over personal financial gain, particularly in the rapidly evolving world of digital assets.
Why Now? Schiff Takes Aim at Trump’s Crypto Ventures
The timing of the COIN Act is no coincidence. It comes as Donald Trump continues to expand his presence in the crypto market, reportedly earning over $57 million in 2024 alone through token sales and other crypto-related ventures. Trump’s activities span a range of digital assets, including Bitcoin mining, memecoins, tokenized assets, and digital ETFs, raising serious questions about potential conflicts of interest.
Senator Schiff argues that allowing presidents to profit from the crypto market while in office could undermine ethical standards and compromise decision-making. By introducing the COIN Act, Schiff aims to establish clear boundaries between political leadership and financial speculation in the digital asset space.
Key Features of the COIN Act
The COIN Act is designed to create a robust framework for regulating officials’ involvement in the crypto market. Its key features include:
- Prohibition on Crypto Activities : A blanket ban on issuing, sponsoring, or promoting any digital asset, ensuring no official can leverage their position for personal gain.
- Disclosure Requirements : Officials must disclose all digital asset transactions exceeding $1,000, increasing transparency and accountability.
- Strict Penalties : Violators face severe consequences, including the forfeiture of profits and potential imprisonment of up to five years.
By targeting not only sitting officials but also their immediate families, the bill seeks to eliminate loopholes that could allow indirect profiteering.
Schiff’s Change of Heart
Interestingly, Senator Schiff’s stance on crypto regulation appears to have shifted recently. Just last week, he supported the GENIUS Act, a bill focused on setting rules for stablecoins but notably excluded restrictions for presidents and vice presidents.
With the introduction of the COIN Act, Schiff seems to be addressing this oversight, proposing stricter regulations specifically tailored to prevent conflicts of interest among top government officials. So far, the bill has garnered support from nine Senate Democrats, signaling growing bipartisan concern over the ethical implications of crypto investments by political leaders.
Trump’s Crypto Empire Shows No Signs of Slowing
Despite the political pushback, Donald Trump’s crypto ventures continue to expand. His company, TMTG, recently secured SEC approval for a $2.3 billion Bitcoin treasury initiative, further solidifying his presence in the digital asset space. From launching memecoins to investing in Bitcoin mining and ETFs, Trump’s involvement in the crypto market shows no signs of slowing down.
As the 2025 election cycle approaches, the convergence of crypto and politics is expected to intensify. Schiff’s COIN Act could serve as a pivotal moment in establishing clear ethical guidelines—if it can overcome resistance in a Republican-controlled Congress.
What’s at Stake?
The COIN Act highlights the growing tension between innovation in the crypto space and the need for ethical governance. While digital assets offer immense opportunities for wealth creation, they also pose significant risks when intertwined with political power.
Allowing presidents and other high-ranking officials to profit from crypto ventures could blur the lines between public service and private gain, potentially eroding public trust in government institutions. By introducing the COIN Act, Senator Schiff aims to safeguard the integrity of political leadership while fostering responsible innovation in the digital asset ecosystem.
Final Thoughts
The introduction of the COIN Act marks a critical step toward addressing the ethical challenges posed by the rise of cryptocurrencies in politics. As figures like Donald Trump continue to explore the financial potential of digital assets, the need for clear regulations becomes increasingly urgent.
Whether the COIN Act can gain enough traction to pass remains uncertain, particularly in a divided Congress. However, its introduction underscores the importance of separating political influence from personal financial interests in an era where digital assets are reshaping the global economy.
