Senator Adam Schiff Introduces COIN Act to Restrict Presidential Involvement in Crypto

Senator Adam Schiff has proposed the Curbing Officials Income and Nondisclosure (COIN) Act that will prohibit the president, and vice president and any immediate family member of both positions to engage in any cryptocurrency venture during the serving period in their office. This proposal comes after the incitement of former President Donald Trump in the crypto industry, and his increasing presences bring about ethical and legal concerns among the critics.

ContentsEthical concerns tied to Trump’s crypto activitiesDemocrats push for Stronger oversightTrump’s crypto empire draws further scrutinyThe COIN Act prohibits sitting officials from launching, backing, or promoting any form of digital assets, including stablecoins, NFTs, and meme tokens. It also requires disclosure of digital asset sales exceeding $1,000 and enforces penalties that include prison terms of up to five years.

Donald Trump and other senior administration officials have made a fortune off of crypto schemes.

Today, I'm introducing the COIN Act to put a stop to this corruption in plain sight. pic.twitter.com/8wieNSCPgC

— Adam Schiff (@SenAdamSchiff) June 23, 2025

Ethical concerns tied to Trump’s crypto activities

Schiff said the bill directly responds to Trump’s financial ties to crypto projects that have emerged since his return to public office. He stated that the former president has used his position to enrich himself and his family through ventures in digital currencies. Trump and his administration have also been accused of shaping policy to favor crypto-friendly regulation.

In a video posted Monday, Schiff criticized what he described as unchecked profiteering and said public officials should be prohibited from leveraging their influence for personal gain in crypto markets. He emphasized the need for transparency and safeguards to prevent political figures from exploiting their positions through digital asset ventures.

## Democrats push for Stronger oversight

The COIN Act arrives only a few days after Schiff supported the GENIUS Act which was a bill seeking to put a system of regulative framework into stablecoin. Even though, that legislation withholds the issuance of stablecoins by some officials, it does not involve the president and the vice president. In previous years, Democrats had pushed to use fiercer language against presidential clashes in crypto policy but succumbed to the pressure to sign the bill.

The COIN Act has nine co-sponsors who are all Democratic senators, and seven of them also support the GENIUS Act. In addition to the COIN Act, other bills seeking to tackle Trump on the use of cryptocurrencies have been brought forward such as MEME Act and the Stop TRUMP in Crypto Act.

Trump’s crypto empire draws further scrutiny

Trump and his sons have built a significant presence in digital assets through their firm World Liberty Financial. The company launched a stablecoin and plans a $390 million token sale in 2025. Trump also launched his memecoin TRUMP in January, followed by Melania Trump’s token.

The family’s ventures in Bitcoin mining and tokenized assets have prompted investigations. Senator Richard Blumenthal has opened a probe into Trump’s crypto dealings and related digital platforms, citing concerns about potential conflicts of interest and improper influence.