United States Senator Adam Schiff (D-CA) introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act to prevent corruption. This bill aims to stop the President, Vice President, and their families from participating in crypto-related businesses while in office. It bans them from promoting cryptocurrencies, including memecoins and NFTs, and requires disclosure of digital asset sales over $1,000.
New Bill Limits Presidents’ Crypto Power
The COIN Act emerged in response to President Donald Trump’s growing involvement in cryptocurrency ventures, particularly through World Liberty Financial, a company linked to his family. Schiff announced the bill on X, highlighting Trump’s reported $57.4 million in crypto earnings in 2024, primarily from WLFI token sales. A Financial Times investigation revealed that two dozen digital wallets purchased large quantities of the $MELANIA coin just before its public launch, netting a $99.6 million windfall.
The $TRUMP mem coin, which surged 300% upon release, allegedly generated $320 million in fees for its creators. Critics, including Schiff, argue these ventures create a “crypto-bribery funnel,” where foreign entities or favor-seekers could enrich the President’s family, raising ethical and national security concerns. The bill’s introduction followed Trump’s high-profile events, like a VIP dinner for top $TRUMP coin investors at his golf club, intensifying scrutiny over potential profiteering.
Will the Bill Get Republican Support?
The COIN Act has garnered support from nine Senate Democrats, including Senators Catherine Cortez Masto, Ruben Gallego, and Kirsten Gillibrand. However, it faces slim chances of passage in the Republican-dominated Congress. The bill has generated mixed sentiment, with some praising Schiff’s ethics push and others skeptical of its passage.
Recently, other Democrats have proposed similar measures. Senator Jeff Merkley’s End Crypto Corruption Act and Representative Maxine Waters’ efforts target Trump’s crypto ties, but these bills also face opposition from the GOP. Notably, Schiff and 17 other Democrats voted for the GENIUS Act, a stablecoin regulation bill that omitted presidential crypto bans, drawing criticism for inconsistency.
Progressive Democrats, such as Elizabeth Warren, continue to push for stronger anti-corruption provisions, but Republican resistance and Trump’s pro-crypto stance hinder progress.
