Senator Schiff Proposes COIN Act to Curb Political Endorsements of Cryptocurrency
U.S. Senator Adam Schiff introduced new legislation on Monday aimed at limiting the intersection of politics and cryptocurrency. The proposed bill, called the Curbing Officials’ Income and Nondisclosure (COIN) Act, seeks to ban top government officials—including the president and immediate family members—from endorsing or promoting digital assets such as cryptocurrencies, NFTs, meme coins, or stablecoins.
The legislation would prohibit such activities during a 180-day window before entering office and extend for two years after an official’s term ends.
Schiff, a California Democrat, unveiled the proposal in response to growing concerns over former President Donald Trump’s involvement in crypto ventures, which he says raise serious ethical and legal questions.
"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 in a statement.
The COIN Act has received support from nine Democratic co-sponsors and enters the conversation at a time when digital assets are gaining influence in political fundraising and public discourse.
Crypto and Political Influence Under the Microscope
The bill comes just a week after Schiff voted in favor of the bipartisan GENIUS Act, a major stablecoin regulation bill that had previously stalled amid controversy over Trump’s financial ties to the crypto sector. The GENIUS Act passed with cross-party support and is now headed to the House of Representatives.
At the center of the debate is World Liberty Financial, a Trump-linked crypto initiative that launched the USD1 stablecoin in March and conducted an airdrop to early supporters. The project’s native token, WLFI, has also gained traction. According to data from CoinGecko, USD1 currently boasts a market cap of $2.2 billion.
Trump’s 2024 financial disclosure reports indicate he earned more than $57 million from World Liberty Financial token sales this year alone—a figure that has fueled criticism and calls for tighter rules around political figures' financial entanglements in emerging markets like crypto.
A Growing Legislative Push
Schiff isn’t alone in calling for reform. Representative Ritchie Torres, also a Democrat, introduced similar legislation last month designed to prevent any president from financially benefiting through cryptocurrency projects while in or shortly after leaving office.
Still, with Democrats currently holding minority positions in both chambers of Congress, the future of such proposals remains uncertain. Even so, the push signals growing concern over how digital assets are being used—or potentially abused—within the highest levels of government.