- COIN Act bans presidential crypto promotions during and after office.
- Schiff targets Trump’s $57M DeFi earnings with new legislation.
- Bill includes penalties, asset disclosures, and post-office restrictions.
Senator Adam Schiff (D-CA) has introduced new legislation aimed at curbing crypto involvement among top U.S. officials, including the president. Known as the Curbing Officials’ Income and Nondisclosure (COIN) Act, the bill proposes a ban on the president, vice president, and their immediate families from launching, endorsing, or profiting from crypto assets while in office.
The COIN Act comes amid growing scrutiny over former President Donald Trump’s deepening ties to the crypto world. Trump has reportedly earned over $57 million from a decentralized finance (DeFi) project called World Liberty Financial.
Additionally, his venture, Trump Media & Technology Group, recently secured $2.5 billion in funding to establish a Bitcoin treasury.
COIN Act Targets Presidential Profits from Crypto Ventures
The legislation would prohibit sitting presidents from promoting crypto and require disclosure of digital asset sales exceeding $1,000. It applies to senior executive officials, members of Congress, and their families. It proposes penalties, including forfeiture of profits and up to five years of prison time for violators.
Schiff argues that Trump’s crypto dealings present significant ethical concerns, suggesting a misuse of presidential influence for personal gain. The proposed law aims to prevent public officials from leveraging their positions for crypto-based profits.
Interestingly, Schiff’s proposal follows his support of the GENIUS Act passed just last week. That bill placed limits on some government officials’ ability to issue stablecoins but notably excluded the president and vice president from its restrictions.
Critics have pointed to this inconsistency as evidence of political maneuvering rather than consistent ethical concern.
Response to Trump’s Crypto Endeavors Prompts New Bill
Trump has continued to express his favorability to crypto. He created a meme currency named TRUMP and is still publicly marketing digital money. Other Democratic senators including Schiff, who support the COIN Act, think this is a conflict of interest and this should be curtailed through a legislative act.
The bill also specifically provides that during the last 180 days before taking office and possibly two years after leaving office, they will not be allowed to be involved in crypto. According to Schiff, such a safeguard is necessary to preserve integrity and faith in the presidency in eyes of the people.
The COIN Act is unlikely to become law in the nearest future, but it demonstrates that the issue of political interference into the crypto sphere has become of concern to the legislators.
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