Democrats Introduce COIN Act to Stop Trump and Officials Profiting from Crypto

Highlights:

• COIN Act bans public officials from launching, promoting, or earning from crypto projects.
• Officials must report crypto sales over $1,000 or face fines and up to 5 years in jail.
• Bill follows Trump’s $57M crypto income, raising concerns about misuse of public office.

On June 23, California Senator Adam Schiff and nine other Democratic lawmakers introduced a new bill called the Curbing Officials’ Income and Nondisclosure (COIN) Act. The bill seeks to impose a firm ban on the creation, promotion, or endorsement of any type of cryptocurrency — including meme coins, NFTs, and stablecoins — by public officials. The move follows growing concern about the rising connection between politics and crypto, especially with former President Donald Trump’s deeper involvement in the space.

Donald Trump and other senior administration officials have made a fortune off of crypto schemes.

Today, I'm introducing the COIN Act to put a stop to this corruption in plain sight. pic.twitter.com/8wieNSCPgC

— Adam Schiff (@SenAdamSchiff) June 23, 2025

COIN Act Sets Tough Rules for Officials in Crypto

The new bill also says that public officials must report any sale of digital assets over $1,000. Anyone who breaks this rule, even a sitting president, could face a fine equal to their profit and up to five years in jail. The bill also bans public officials from dealing with crypto starting 6 months before they take office and lasting for 2 years after they leave.

The bill would update current ethics laws to include digital assets in financial reports. It also says that owning or trading crypto counts as a financial interest, so officials must avoid related decisions. Stablecoin issuers must also report every three months that no public official is making money from their tokens to get approval.

Another part of the bill asks the Government Accountability Office to give Congress a report within 360 days. The report will suggest how to update ethics laws as crypto rules grow. Democrats have been pushing for these rules for months, mostly because of Trump’s growing involvement in crypto.

Schiff Targets Trump’s Crypto Moves with New Bill

Schiff stated that the bill was introduced specifically in response to Trump’s involvement in crypto. He believes Trump’s actions raise serious concerns about using the presidency to make money for himself and his family.

Along with backing pro-crypto policies, Trump has introduced his own meme coin, TRUMP, and launched a DeFi platform called World Liberty Financial. His media company, Trump Media & Technology Group, has also raised around $2.5 billion to build a Bitcoin treasury. Reports say Trump made over $57 million from World Liberty Financial, which raised concerns that he may have used his position as president for personal financial gain.

Schiff said:

“President Donald Trump’s cryptocurrency dealings have raised significant ethical, legal and constitutional concerns over his use of the office of the presidency to enrich himself and his family. That’s why I am introducing legislation to prevent the financial exploitation of any digital assets by public officials, including the president and the First Family.”

Earlier this year, Rep. Maxine Waters said Trump used his $TRUMP coin to profit and mislead investors. In April, she warned that the USD1 stablecoin could help foreign groups send money to him. She also called his private event for $TRUMP holders a “pay-to-play scheme.” These concerns led Democrats to support new bills.

Waters backed the MEME Act and the Stop TRUMP in Crypto Act, both aiming to stop public officials and their families from owning or promoting crypto while in office. Despite criticism, Trump has kept growing his role in the crypto space. His family has supported several crypto projects, including stablecoins and a reported share in a Bitcoin mining company.