The proposed bill from Senator Adam Schiff followed similar legislation in the House of Representatives from Maxine Waters in response to the president’s memecoin dinner.
California Senator Adam Schiff and nine other Democratic lawmakers have introduced legislation to prevent what they called “financial exploitation of digital assets” by the US president and other public officials.
In a Monday announcement, Schiff and several Democratic senators said they had introduced the Curbing Officials’ Income and Nondisclosure, or COIN, Act, in response to US President Donald Trump’s connections to the cryptocurrency industry. The proposed legislation followed Trump’s disclosure of $57.4 million in income tied to World Liberty Financial (WLF), the crypto platform backed by members of his family.
“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,” said Schiff. “That’s why I am introducing legislation to prevent the financial exploitation of any digital assets by public officials, including the president and the First Family.”
