A bill titled the COIN Act (“Curbing Officials’ Income and Nondisclosure”) has been introduced in the United States Senate by Democratic Senator Adam Schiff from California. The initiative proposes stricter restrictions for the President, Vice President, and their family members regarding participation in the cryptocurrency industry while in public office.
This is reported by Business • Media
Overview of the COIN Act
According to the document, the President of the United States, the Vice President, and their immediate relatives are prohibited from engaging in any activities related to cryptocurrencies, including the creation, promotion, and sponsorship of cryptocurrencies, meme coins, NFTs, and stablecoins. The bill also requires public disclosure of the sale of digital assets exceeding $1,000, regardless of the individual’s position.
“Donald Trump’s cryptocurrency activities raise significant ethical, legal, and constitutional concerns regarding his use of the presidential office for personal enrichment,” Schiff stated.
Severe penalties are proposed for violators: fines equal to the amount of illegal profit and up to five years of imprisonment, even if it involves the sitting President of the country.
Legislative Initiatives and Congressional Reaction
The COIN Act represents yet another attempt to regulate the activities of top officials in the digital asset sector. Recently, similar bills, the MEME Act and HR 3573, have also been introduced in the U.S. Congress, imposing analogous prohibitions on officials and their families regarding cryptocurrency earnings. In February 2025, Congressman Sam Liccardo presented the MEME Act, and in May, Congresswoman Maxine Waters proposed HR 3573, which expands the ban to members of Congress.
The introduction of the COIN Act has sparked discussions, as just a week prior, Schiff supported the passage of the GENIUS Act, which establishes a regulatory framework for stablecoins but does not impose restrictions on the President and Vice President. Despite criticism from several Democrats, the GENIUS Act passed in the Senate, receiving support from Schiff and 17 other Democrats. Currently, nine Democratic senators have co-sponsored the COIN Act, seven of whom also supported the GENIUS Act.
The issue of top officials’ active participation in the cryptocurrency business has become particularly relevant following the release of Donald Trump’s financial reports. In 2024 alone, he earned nearly $58 million from cryptocurrency projects, notably from WLFI tokens, second only to his earnings from the hotel business. In 2025, a sale of new tokens worth $390 million and profits from his own meme coin, launched in January, are expected.
Additionally, the U.S. Securities and Exchange Commission has approved the Trump Media and Technology Group’s application to register 85 million shares related to the establishment of a $2.3 billion Bitcoin reserve.