Senator Adam Schiff Drops COIN Act to Ban Presidents from Crypto Profits
The post Senator Adam Schiff Drops COIN Act to Ban Presidents from Crypto Profits appeared first on Coinpedia Fintech News
In a bold move to separate politics from digital profits, U.S. Senator Adam Schiff has introduced a new bill, the COIN Act, that would stop the President, Vice President, and their immediate families from making money through crypto while holding office.
And yes, this seems to take aim straight at Donald Trump’s growing crypto ventures.
What Is the COIN Act?Officially called the Curbing Officials’ Income and Nondisclosure (COIN) Act, the bill proposes a strict ban on issuing, sponsoring, or promoting any kind of digital asset. This includes meme coins, NFTs, and stablecoins, which have become popular ways for public figures to build wealth.
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
If passed, it would prevent not only the president and vice president, but also members of Congress and senior executive officials from endorsing or sponsoring any kind of digital asset project.
Why Now? Schiff Points to Trump’s Crypto ProfitsThis legislation is a direct response to Donald Trump’s growing presence in the crypto market. In 2024 alone, Trump reportedly earned over $57 million from token sales and crypto-related ventures.
He’s also involved in Bitcoin mining, tokenized assets, and digital ETFs — all of which raise concerns about conflicts of interest.
Schiff argues that allowing presidents to profit from these markets while in office could blur ethical lines and compromise decision-making.
What the Bill Would DoThe COIN Act would cover not just the president but also senior executive officials and members of Congress, including their immediate families. Key features include:
- A ban on creating or promoting crypto assets
- Mandatory disclosure for digital asset sales over $1,000
- Penalties for violations: profits forfeited and up to 5 years in prison
Interestingly, Schiff supported the GENIUS Act just last week—a bill aimed at setting rules for stablecoins but which left out restrictions for presidents and vice presidents.
Now, Schiff seems to be correcting that omission with the COIN Act. So far, nine Senate Democrats have backed the bill.
Trump’s Crypto Rise ContinuesDespite the political pushback, Trump’s crypto activity shows no signs of slowing. He’s involved in everything from Bitcoin mining to launching memecoins and ETFs. His company, TMTG, recently gained SEC approval tied to a $2.3 billion Bitcoin treasury initiative.
With 2025 shaping up to be even bigger for crypto and politics, Schiff’s COIN Act could become a major turning point—if it can pass in a Republican-controlled Congress.
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FAQs
What is the COIN Act, and who does it target? The COIN Act (Curbing Officials’ Income and Nondisclosure Act) is a bill introduced by Senator Adam Schiff to prohibit the President, Vice President, their immediate families, members of Congress, and senior executive officials from issuing, sponsoring, or endorsing any digital assets—including cryptocurrencies, memecoins, NFTs, and stablecoins—while in office and for a period before and after their tenur
Why is Schiff’s move seen as a change of heart?Schiff recently supported the GENIUS Act, which did not restrict presidential crypto activities. The COIN Act corrects this omission by explicitly banning such activities for top officials
What are the broader implications of the COIN Act for the crypto industry?The bill could set a precedent for stricter ethical standards in the crypto space and encourage more transparency and accountability for public officials. It may also prompt broader discussions about the role of digital assets in politics and governance