Senator Adam Schiff from California has announced a groundbreaking piece of legislation designed to tackle the potential misuse of cryptocurrency by top governmental figures. This bill aims to prohibit the President, the Vice President, and their families from engaging in any cryptocurrency activities while in office, addressing rising public concern over the conflation of public service and private financial interests.
Robust Restrictions on Digital Asset Participation
The proposed regulation, named the Curbing Officials’ Income and Nondisclosure (COIN) Act, stipulates stringent prohibitions against any endorsements or involvement with cryptocurrencies, including meme coins, NFTs, or stablecoins, by the highest-ranking officials in the nation.
This legislation extends beyond the officials themselves; it also includes their immediate family members. Notably, it requires full disclosure of any sales of digital assets exceeding $1,000, significantly enhancing accountability and transparency in a realm often shrouded in secrecy.
Significant Consequences for Violations
The COIN Act outlines clear penalties for any breaches of these regulations. Civil fines would correspond to the profits accrued from illicit transactions, and offenders could face imprisonment for as long as five years.
This stringent punishment highlights the weight of the issue at hand. These measures serve as a compelling reminder that overlapping interests between public service and private gain can result in serious ethical dilemmas.
U.S. Democratic lawmakers introduce bill to combat crypto-related conflicts of interest
Ten Democratic lawmakers, including California Senator @SenAdamSchiff, have introduced the “Curbing Officials’ Income and Nondisclosure” bill or COIN Act, to prevent the president and public…
— CoinNess Global (@CoinnessGL) June 23, 2025
Implications of Recent Crypto Ventures
Senator Schiff’s motivations for this legislation are underscored by certain revelations about extensive financial activities involving cryptocurrency by public officials. Notably, former President Donald Trump reportedly earned a staggering $58 million from crypto-related enterprises in 2024, primarily through sales of the WLFI token.
This revenue is particularly notable, as it ranks just behind his income from hotels and resorts. Moreover, Trump plans to launch another token sale estimated at $390 million in 2025, alongside revenues from a newly introduced meme coin.
Additionally, Trump’s enterprises are actively participating in Bitcoin mining operations and a sizeable $2.3 billion Bitcoin treasury initiative through Trump Media and Technology Group. The SEC has already approved this filing, which encompasses millions of shares and associated convertible notes.
Obstacles in the Legislative Journey
Navigating the complexities of Congress presents significant challenges for this bill. While nine Senate Democrats have co-sponsored the proposal, a recent vote revealed divisions among party members concerning broader crypto regulations. Several legislators supported the GENIUS Act, which addressed stablecoin regulations without implicating the President.
The division among lawmakers has surfaced concerns over how to harmonize comprehensive crypto legislation while focusing on individual accountability. With a Republican-led House, any bill that targets a sitting president is likely to face considerable hurdles in gaining traction.
Featured image from Pexels, chart from TradingView
