US Democratic Senator Adam Schiff proposed a legislative bill on Monday aimed at prohibiting public officials, including the President and their immediate family members, from issuing or endorsing cryptocurrencies. Known as the COIN Act (Restricting Income and Notification of Officials Act), the proposal disallows senior public officials from engaging in the issuance, sponsorship, or endorsement of cryptocurrencies, including memcoins, NFTs, or stablecoins from 180 days before the start of their term until two years after its conclusion. The proposal gains backing from nine Democratic senators, with Schiff attributing the motivation to the ethical and legal dilemmas posed by President Donald Trump’s cryptocurrency ventures.
The Content of the Legislative Proposal
In his statement, Schiff emphasized that Trump’s cryptocurrency initiatives raise serious ethical, legal, and constitutional concerns regarding the use of presidential power for personal gain. “We require a much closer examination of the President’s financial dealings, and it is imperative to prevent any politician from profiting from such plans,” Schiff stated.
The bill introduces a clear ban on cryptocurrency issuance and promotional activities covering a specific period before and after officials’ terms. Just a week before unveiling this proposal, Schiff had voted in favor of the GENIUS Act, an important stablecoin law previously critiqued and halted due to Trump’s crypto interests. The GENIUS Act passed with bipartisan support in the Senate and was forwarded to the House of Representatives.
Debate Over Trump’s Cryptocurrency Connections Continues
Trump-affiliated cryptocurrency initiative World Liberty Financial (WLF) plays a significant role in the crypto market. In March, the company launched a stablecoin named USD1. Recently, this stablecoin was distributed via AirDrop to wallets involved in the sales of the initiative’s main network asset, WLFI coin. As per CoinMarketCap, USD1 holds a current market valuation of 2.2 billion dollars.
Trump’s latest financial disclosure revealed that World Liberty Financial amassed $57.35 million from coin sales in 2024. This substantial figure became a driving factor behind Schiff and some other Democrats’ concerns and legislative initiatives.
Schiff’s bill is not the first of its kind. For instance, Democratic Representative Ritchie Torres suggested a law last month aiming to prevent presidents from profiting from cryptocurrencies. However, the Democrats’ minority status in both the Senate and House complicates the advancement of such legislation. Significant political effort is necessary for these types of bills to progress toward becoming law under current conditions.
