- Senator Adam Schiff introduced the COIN Act to prevent the president, vice president, and their families from participating in cryptocurrency businesses while in office.
- The bill proposes civil fines and up to five years in prison for violations, along with mandatory reporting of digital asset sales above $1,000.
- Last week, Schiff supported the GENIUS Act, which allows the president and vice president to engage in stablecoin ventures.
- Democrats have introduced several bills aimed at limiting presidential involvement in crypto, but none are likely to pass with current congressional leadership.
- Recent developments involve the Trump family’s involvement with stablecoins and related investments, drawing increased scrutiny from lawmakers.
On Monday, Senator Adam Schiff introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act in the U.S. Senate. The proposal would prohibit the president, vice president, and their immediate family members from holding interests or conducting business in cryptocurrencies, meme coins, NFTs, or stablecoins while in office.
The COIN Act establishes civil penalties equal to any profits gained from prohibited digital asset activities and authorizes up to five years in prison for violators. It also requires disclosure of any digital asset sales greater than $1,000 by the covered officials. In a statement, Schiff described the bill as a measure to address perceived conflicts of interest surrounding presidential financial dealings. “We need far greater scrutiny of the president’s financial dealings, and to stop him and any other politician from profiting off of such schemes,” Schiff said.
Despite introducing this bill, Schiff recently voted for the GENIUS Act. This legislation outlines a framework for stablecoin operations in the U.S. and excludes the president and vice president from key conflict of interest restrictions. Critics have noted that this could enable current or future presidents to benefit from stablecoin activities.
Stablecoins are digital assets that aim to maintain a consistent value, often by pegging to the U.S. dollar. Earlier this year, World Liberty Financial launched its own stablecoin, USD1. In May, the Trump family entered an agreement to facilitate a $2 billion investment transfer using USD1 as a settlement tool via Binance, further increasing political attention on the issue.
Some Democrats, including Schiff and others, have sponsored or introduced related bills such as the MEME Act and the Stop TRUMP in Crypto Act. However, these efforts face significant challenges in Congress. There is also an ongoing inquiry into Trump‘s crypto ventures by the Senate Permanent Subcommittee on Investigations.
It remains unclear whether excluding the president from conflict of interest provisions in stablecoin laws will impact upcoming market structure bills that could regulate broader digital asset activities across the industry.
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