Yeliz Akmaca 
California Senator Adam Schiff and nine Democratic lawmakers have introduced a new bill called the COIN Act. The aim is to restrict public officials from profiting through digital assets. The senators took this step in direct response to the Trump family’s crypto connections.
The proposal targets the President, Vice President, members of Congress, and senior officials. Family members of these individuals are also included. The law bans digital earnings starting 180 days before holding office and lasting for two years after leaving.
Trump’s family-related World Liberty Financial (WLF) platform announced $57.4 million in revenue for 2024, which sparked the COIN Act initiative. The bill aims to prevent ethical violations and ensure transparency.
Schiff said, “President Donald Trump’s cryptocurrency dealings raised significant ethical, legal, and constitutional concerns about using the presidency to enrich himself and his family. Therefore, I am introducing legislation to prevent any financial exploitation of digital assets by the president and the First Family, including public officials.”
Key Provisions of the COIN Act
The bill severely restricts digital asset activities. Notable points include:
- Broad Scope: Covers all digital assets like memecoins, NFTs, and stablecoins. Mining, sponsoring, and promoting these assets will be prohibited.
- Clear Timeline: The law applies 180 days before the term begins and continues for two years after the term ends. Family members are also subject to these bans.
- Increased Transparency: Every transaction over $1,000 must be reported. Digital assets must be included in annual income disclosures.
- Harsh Penalties: Profits will be forfeited to the government. Fines and imprisonment may also apply.
- Legal Update: The GAO will prepare an ethics rule proposal within 360 days after the law’s enactment, marking a significant step in digital asset regulation.
Political Tensions: Will the COIN Act Pass?
Trump’s USD1 stablecoin initiative and $TRUMP memecoin launch have intensified conflict-of-interest debates. As of April, Trump’s digital assets were reported at $2.9 billion, representing 40% of his total wealth.
In May, an Abu Dhabi-based company planned a $2 billion investment in Binance with the WLF stablecoin. Also, the family’s stake in WLF dropped from 75% in December to 40% in June. This decline means millions in potential gains. However, the COIN Act’s passage remains uncertain. Democrats are in the minority in the Senate, and Trump is likely to veto it. The bill requires a two-thirds majority in both chambers to pass.
Senator Schiff had previously supported the GENIUS Act, but that bill excluded the president and vice president. The COIN Act aims to close this gap and prevent the misuse of public office for personal profit.
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