U.S. Senator Adam Schiff has introduced a bill that would prohibit the President, the Vice President, and their immediate family members from engaging in cryptocurrency business while in office. The initiative, titled the COIN Act, calls for a complete ban on issuing, promoting, or endorsing any digital assets, including meme tokens, NFTs, and stablecoins.
The proposal comes amid growing interest in the crypto market from former President Donald Trump, who, according to financial disclosures, received $58 million from crypto-related projects in 2024.
Trading Ban and Mandatory Reporting
The COIN Act requires government officials to publicly report any sale of digital assets exceeding $1,000. Violations would result in fines equal to the total profit made and up to five years of imprisonment.
In a statement explaining the proposal, Schiff explicitly linked the bill to Trump’s activities, citing “serious ethical, legal, and constitutional risks” posed by his crypto involvement during his presidency.
Mixed Signals From Democrats
Despite his critical stance, Schiff himself supported the GENIUS Act last week, a bill establishing regulatory frameworks for stablecoins. That legislation prohibits the issuance of such tokens by members of Congress and certain officials, but does not apply to the President or Vice President.
This omission sparked dissatisfaction within the Democratic Party over the lack of provisions addressing potential conflicts of interest involving the President. Nevertheless, 18 Democrats, including Schiff, voted in favor of the initiative. Later, nine of them joined as co-sponsors of the COIN Act.
Other Attempts to Curb Trump’s Crypto Activity
The COIN Act is not the first attempt to limit Trump’s influence in the crypto space. Previously, Democrats introduced two other bills — the MEME Act and the Stop TRUMP in Crypto Act — but both failed to gain traction in the Republican-controlled Congress and did not reach a vote.
Scope of Trump’s Crypto Projects
According to financial reports, Trump earned the most from the sale of the WLFI token. In 2025, his crypto earnings may grow further due to a new token issuance valued at $390 million and revenue from his own meme coin, launched in January.
Additionally, the former President is involved in projects related to Bitcoin mining, tokenized assets, and digital ETFs.
Some analysts believe that his businesses benefited from decisions made during his presidency. For example, the SEC approved the registration of securities for Trump Media and Technology Group (TMTG), a company tied to a $2.3 billion Bitcoin treasury.
According to documents filed on June 13, the issuance includes 85 million shares, 29 million of which are associated with convertible bonds.
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