Senator Adam Schiff Introduces the COIN Act, To Ban the U.S. President, Others from engaging in Crypto

The cryptocurrency industry has attracted high-profile personalities, most of which are in public positions. Now, this has attracted the attention of lawmakers, who feel these individuals are profiteering from digital assets. One of such lawmakers is Senator Adam Schiff. On June 24, 2025, he introduced the COIN Act, directed at serving United States officials, including the President, Vice, and their immediate families. 

The Democratic Senator, alongside his fellow Democrats, such as Senators Cortez Masto and Blumenthal, proposed the COIN Act, (an abbreviation for Curbing Officials’ Income and Nondisclosure), to restore public integrity and trust. The bill could forever change the relationship between political figures and crypto, which has gotten deeper following the election of President Donald Trump, who has ties with crypto.  

What the COIN Act Says

The COIN Act proposes a total ban on senior officials, such as the U.S. President, Vice President, and their immediate families from engaging in crypto-related business during their tenure. The bill prohibits promoting, endorsing, or issuing crypto assets, including memecoins, NFTs, and stablecoins, from 180 days prior to entering office until 2 years after leaving.

The new bill also requires disclosure of transactions over $1,000. Violations could lead to fines equal to the amount of profits realized and up to five years in prison. Senator Schiff made this proposal amid the rising concern over the relationship between politics and crypto, using Donald Trump and his family as a case study. He said, “President Donald Trump’s cryptocurrency dealings have raised significant ethical, legal, and constitutional concerns over his use of the office of the presidency to enrich himself and his family.” 

However, the timing of this proposal has caused concerns, considering he voted in favor of the GENIUS Act. Initially, he and other Democrats opposed the GOP over their refusal to include the language addressing presidential crypto conflicts in the Act. However, he ultimately gave in after facing mounting pressure from the GOP. 

The Scope of the Bill and Why It Matters

For the Democratic senators, the bill couldn’t have come at a better time after observing Trump’s cryptocurrency entanglements. The Trump family has been involved in several crypto projects, from stablecoins and memecoins to NFTs and Bitcoin reserve. Trump himself raked in over $57 million in 2024 through World Liberty Financial (WLF), a cryptocurrency firm that launched the USD1 stablecoin. 

The Trump family had a massive 75% stake in WLF, but has reportedly scaled down to 40% in a bid to mitigate scrutiny, without totally relinquishing profit. The Trump Family also launched the TRUMP memecoin and NFTs tied to public bonuses, one which recently led to exclusive gathering at the White House. Furthermore, he is in advanced talks to establish a $2.5 billion Bitcoin Reserve Strategy for his company Truth Media & Technology Group. 

If the bill passes, it would move oversight to the next level. It would ensure tighter ethical rules for crypto activities by government officials and close down loopholes in existing disclosure laws. Additionally, it will signal to other countries that even national leaders are answerable to ethical laws. 

Will the COIN Act Survive the Chambers?

It’s very unlikely that the bill will survive Congress due to Trump’s strong influence. First, Republicans hold both houses, which increases the possibility of stalling, amending, or even killing the bill. Convincing each senator on the importance of the bill will take forever. Secondly, Trump could label the bill as a witch hunt, and would likely veto it if passed. 

The COIN Act is a major leap towards regulating the crypto industry and ensuring senior officials are accountable for their financial dealings. It underscores the importance of transparency and oversight in crypto activities by serving political figures. The bill is expected to face opposition from the GOP that have long stood by Donald Trump’s digital asset agenda.