Senator Schiff’s COIN Act Targets Trump’s Crypto Ventures Amid Conflict of Interest Concerns
- Senator Schiff introduces legislation to curb President Trump’s growing interest in cryptocurrency
- Trump’s World Liberty Financial and its USD1 stablecoin under scrutiny for corruption claims
Democratic Senator Adam Schiff has unveiled a new bill aimed at addressing President Donald Trump’s increasing involvement in the cryptocurrency sector. The Curbing Officials’ Income and Non-disclosure (COIN) Act is designed to combat what Schiff refers to as “Trump’s corruption” in the realm of digital assets.
In a recent social media post, Schiff criticized Trump’s crypto endeavors, particularly highlighting the sale of branded merchandise related to TRUMP memecoin. The senator alleges that Trump has profited substantially from the cryptocurrency market, amassing over $1 billion at the expense of users.
“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.”
Resistance Against Trump’s Crypto Interests
The COIN Act proposes a ban on the President, Vice President, and their family members from issuing or endorsing any cryptocurrency assets. Additionally, it includes a cooling-off period before and after holding office, during which top officials would be prohibited from engaging in cryptocurrency-related activities. Schiff believes that this legislation will effectively address concerns surrounding Trump’s crypto dealings.
This is not the first attempt to curb Trump’s involvement in the crypto sector. Congressman Stephen Lynch previously introduced the STOP TRUMP in Crypto Act of 2025, extending the crypto ban to members of Congress. Another proposal, the MEME Act by Democratic Representative Sam Licardo, sought to widen the ban to include active senior White House officials and family members of Congress members.
It’s worth noting that the recently passed GENIUS Act excludes the President and Vice President from conflict of interest provisions, leaving a gap in regulating their crypto activities.
Trump’s cryptocurrency empire, managed largely by World Liberty Financial (WLFI), has faced scrutiny and allegations of corruption. Despite the introduction of multiple bills targeting his crypto ventures, the impact on Trump’s digital currency initiatives remains unclear.