A significant bipartisan legislative initiative is gaining momentum in the U.S. Senate, seeking to impose stringent prohibitions on cryptocurrency-related activities for high-ranking government officials and their immediate families. This concerted effort reflects escalating concerns over potential conflicts of interest and the ethical implications of public servants engaging in speculative digital asset markets while occupying positions of power.
The cornerstone of this legislative push is the Curbing Officials’ Income and Nondisclosure (COIN) Act, recently introduced by Senator Adam Schiff (D-CA). This proposed legislation aims to outright ban the President, Vice President, and their closest relatives from participating in any cryptocurrency-related business during their tenure. Specifically, the bill would prohibit them from creating, promoting, or sponsoring digital assets, encompassing a broad range including memecoins, Non-Fungible Tokens (NFTs), and stablecoins. Beyond direct prohibitions, the COIN Act also mandates rigorous disclosure requirements, obliging officials to declare any digital asset sales exceeding $1,000, irrespective of their governmental role. Non-compliance could trigger severe penalties, including fines equivalent to illicit gains and imprisonment for up to five years, provisions that would apply even to an incumbent President.
Senator Schiff publicly articulated the impetus behind the COIN Act, directly referencing concerns regarding President Donald Trump’s cryptocurrency ventures. “Donald Trump’s cryptocurrency activities raise significant ethical, legal, and constitutional concerns regarding his use of the presidential office for personal enrichment,” Schiff stated. These apprehensions are underscored by recent financial disclosures detailing President Trump’s substantial earnings from various crypto projects. Financial reports for 2024 indicate that he garnered nearly $58 million from diverse digital asset initiatives, a sum reportedly second only to his income derived from hotel businesses. Furthermore, projections for 2025 anticipate a new token sale generating an estimated $390 million, alongside continued revenue streams from a memecoin initially launched in January. Concurrently, the U.S. Securities and Exchange Commission (SEC) has approved the registration of 85 million shares for Trump Media and Technology Group, a move tied to a substantial $2.3 billion Bitcoin storage initiative.
A Broader Legislative Trend
The COIN Act is not an isolated legislative proposal but rather an integral part of a wider trend aimed at establishing clear ethical parameters for public officials within the burgeoning digital asset sector. Earlier this year, Representative Sam Liccardo (D-CA) introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which proposes analogous prohibitions on government officials and their families profiting from crypto assets. More recently, in May, Congresswoman Maxine Waters introduced the Stop TRUMP in Crypto Act of 2025 (HR 3573). This bill specifically targets preventing the President, Vice President, members of Congress, and their families from accruing profits through cryptocurrency projects, thereby highlighting a multi-pronged effort across both chambers of Congress to mitigate these perceived conflicts of interest.
However, the introduction of the COIN Act has simultaneously illuminated certain legislative complexities and perceived inconsistencies. Notably, just one week prior to its submission, Senator Schiff cast a vote in favor of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. While the GENIUS Act establishes a comprehensive regulatory framework for stablecoins within the U.S., it conspicuously omits restrictions applicable to the President and Vice President. This perceived divergence drew criticism from some within the Democratic Party, despite the GENIUS Act ultimately passing the Senate with support from Senator Schiff and seventeen other Democratic senators. Presently, nine Democratic senators are co-authors of the COIN Act, with seven of them having also supported the GENIUS Act, thereby underscoring the nuanced and continually evolving landscape of cryptocurrency regulation and ethics within the U.S. government.
Blockchain developer and writer, Daniel combines hands-on coding experience with accessible storytelling. He holds multiple blockchain certifications and authors technical explainers, protocol deep-dives, and developer tutorials to help readers navigate the intersection of code and finance.