Senator Adam Schiff of California rolled out a bill on Monday aimed squarely at the highest office in the land. It would bar the president, vice president and their immediate family from getting into any crypto business while wearing the badge of public office. The move comes as concern is growing over political power mixing with digital money moves.
Strict Ban On Crypto Endorsements
According to the Curbing Officials’ Income and Nondisclosure (COIN) Act, no sitting president or vice president could issue, sponsor or endorse any cryptocurrency, meme coin, NFT or stablecoin.
The same rule would cover their spouses and children. Based on reports, the plan even makes them report any sale of digital assets over $1,000. That simple step could force more transparency on deals that happen behind closed doors.
Heavy Penalties For Violators
The COIN Act sets clear penalties for anyone who steps out of line. Civil fines would match the profit made on a bad deal. Anyone who breaks the rule could also face up to five years in prison.
It’s a steep price. That level of punishment sends a strong signal that these are not harmless side projects but serious conflicts of interest.
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
Links To Trump’s Crypto Deals
Schiff did not hide why he pushed this bill. Based on reports, US President Donald Trump pulled in $58 million from crypto ventures in 2024, mostly from WLFI token sales.
That haul was second only to his hotel and resort earnings. And he’s eyeing another $390 million token sale in 2025, plus gains from his meme coin that launched in January.
His companies are also involved in Bitcoin mining and a proposed $2.3 billion Bitcoin treasury plan under Trump Media and Technology Group.
The SEC cleared that $2.3 billion filing on June 13, covering 85 million shares and 29 million tied to convertible notes.
Challenges In A Divided Congress
Getting this through won’t be easy. Nine Senate Democrats have signed on as co-sponsors. Of those, seven backed last week’s GENIUS Act, which set stablecoin rules for Congress but left the president untouched.
That split vote showed how tricky it is to balance broad crypto rules with a law aimed at one person. The House is under Republican control, and any bill that could put a president in a bind is likely to stall in committee.
Featured image from Pexels, chart from TradingView
