Schiff Seeks Ban on Official Crypto Profits

Senator Adam Schiff has introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act, seeking to ban the president, vice president, their immediate families, and other top officials from issuing, sponsoring, or endorsing cryptocurrencies, NFTs, stablecoins, or memecoins during and shortly after their terms. The bill is a direct response to former President Donald Trump’s lucrative crypto ventures, specifically his involvement in World Liberty Financial and the USD1 stablecoin, which reportedly earned him over $57 million in 2024. The COIN Act mandates public disclosure of substantial digital asset sales and imposes severe penalties, including potential prison time for violators. Schiff introduced the bill after bipartisan passage of the GENIUS Act, a stablecoin framework that notably omitted such restrictions on presidents and vice presidents despite Democratic calls for tighter rules. The legislation highlights concerns over conflicts of interest and ethical risks from public officials profiting from digital assets while in office. Its prospects remain uncertain as Republicans have so far refused to include these restrictions in broader crypto regulation.