Senator Adam Schiff has introduced a new bill, the COIN Act, that would restrict the U.S. President, Vice President, and their immediate family from owning or promoting cryptocurrency while in office. This move comes amid growing scrutiny of government officials’ crypto-related activities.

COIN Act Targets Presidential Crypto Activity

The Curbing Officials’ Income and Nondisclosure (COIN) Act was introduced just days after the U.S. Senate passed the GENIUS Act. The new legislation aims to close a legal gap that permits the President and Vice President to engage in crypto ventures while in office. Senator Schiff’s bill proposes a direct prohibition on launching, promoting, or profiting from digital assets, including stablecoins and NFTs, by top federal officials and their families.

In a public statement, Senator Schiff said, “Donald Trump and other senior administration officials have made a fortune off of crypto schemes.” He added, “I’m introducing the COIN Act to put a stop to this corruption in plain sight.”

The legislation would apply to executive branch officials, members of Congress, and their close family members. Violations may result in financial penalties or prison terms, according to early reports.

Concerns Over Trump’s Crypto Ventures

The bill appears to directly respond to recent reports concerning President Donald Trump’s cryptocurrency dealings. These include the launch of a memecoin named TRUMP, the founding of a DeFi platform called World Liberty Financial, and over $2.5 billion raised by Trump Media & Technology Group for Bitcoin accumulation.

Reports indicate that President Trump may have earned over $57 million through his crypto-linked projects. Schiff criticized these activities, claiming they raise “ethical, legal, and constitutional concerns” over the misuse of presidential power for financial gain.

The senator stated, “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.”

Tension Between COIN and GENIUS Acts

While Schiff has positioned the COIN Act as a reform bill to protect government ethics, it contradicts elements of the GENIUS Act passed earlier. The GENIUS Act seeks to control the issuing of stablecoins by some of the government employees, but not the President or Vice President.

This part of the law has gained some interest following the direct involvement of Trump in products related to crypto. The COIN Act is aimed at filling that loophole and imposing more guardrails on digital asset activity by top federal authorities.

The proposed bill also tries to bring uniformity in the laws related to conduct in the field of public service under the digital age, where it is ensured that the interests of the people are not undermined as they adopt crypto.

Growing Legislative Scrutiny of Crypto in Politics

The COIN Act is a trend in the politics in the U.S. where lawmakers are requesting stricter regulation of digital assets. With the emergence of more recent bills, such as the GENIUS Act, there is a growing concern regarding the overlap between crypto and governance.

A few of the financial regulators have urged transparency and protection to curb the usage of crypto as a tool to acquire personal benefit for people serving the nation. By passing the bill, Schiff will open a new page in the way elected officials and top-level officials may deal with digital finance.