Schiff Unveils COIN Act to Block Presidential Profiteering from Crypto

California Senator Adam Schiff and nine other Democratic lawmakers introduced a bill on Monday aimed at restricting public officials—especially U.S. presidents—from financially benefiting from cryptocurrencies during and around their time in office. The bill, titled the Curbing Officials’ Income and Nondisclosure (COIN) Act, was framed as a direct response to President Donald Trump’s increasing ties to the crypto industry and the large sums reportedly flowing into his accounts from crypto-linked ventures . “President Donald Trump’s cryptocurrency dealings have raised significant ethical, legal and constitutional concerns,” said Schiff in a statement. “That’s why I’m introducing legislation to prevent the financial exploitation of any digital assets by public officials, including the president and the First Family.” The proposed bill comes after Trump disclosed $57.4 million in income linked to World Liberty Financial (WLF), a cryptocurrency firm reportedly backed by members of his family. Schiff’s legislation seeks to bar public officials from issuing, endorsing, or profiting from digital assets—including crypto, memecoins, NFTs, and stablecoins—from 180 days before assuming office until two years after leaving it. Schiff Targets Stablecoins and Financial Influence The bill explicitly highlights stablecoins, likely due to WLF’s USD1 stablecoin, launched in March . The coin reportedly played a role in a $2 billion investment settlement announced by an Abu Dhabi firm involving Binance. Schiff emphasized that these entanglements raise questions about the use of political office for personal enrichment. By June, the Trump family had reduced its stake in WLF from 75% in December to 40%, though estimates suggest the family may have pocketed millions through the reduction. Additionally, a report from State Democracy Defenders Action in April estimated that Trump’s digital asset holdings were worth around $2.9 billion—roughly 40% of his total wealth. Parallel House Action and Political Hurdles Ahead On the same day Schiff introduced the COIN Act, Representative Maxine Waters proposed a separate bill in the House—the Stop Trading, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act. Waters’ bill aims to clamp down on Trump’s personal memecoin project and what she called “crypto corruption,” referencing a dinner hosted by Trump for top holders of the coin. Despite the bold legislative push, both bills face steep challenges. With Democrats currently in the minority in both chambers, and Trump likely to veto any passed measure, either bill would require a two-thirds majority in the House and Senate to become law—a hurdle that appears unlikely to be overcome. The post Schiff Unveils COIN Act to Block Presidential Profiteering from Crypto appeared first on TheCoinrise.com .

Source: The Coin Rise