Senator Adam Schiff Introduces Bill to Block U.S. President From Crypto

U.S. Senator Adam Schiff has introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act, a legislative proposal designed to establish clear ethical boundaries for public officials regarding crypto-related activities.

This bill specifically targets White House officials and their families, seeking to restrict their involvement in the launch, promotion, or personal profit-making of digital assets while in public service.

Senate Proposes COIN Act Bill

The COIN Act is being introduced soon after the U.S. Senate passed the GENIUS Act. Both laws address how public officials handle digital currency. The GENIUS Act, as we understand it, primarily focuses on stablecoins. It stops members of Congress and some high-level government employees from creating them. However, it does allow the President and Vice President to do so.

The COIN Act, on the other hand, takes it a step further. It bans a broader range of top public officials and their families from any direct or indirect involvement with digital money.

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,” Adam Schiff states on X.

Sources indicate that the COIN Act is essentially a response to the crypto activities of former President Donald Trump. He reportedly earned a substantial amount, approximately $57.4 million, from a DeFi project.

Furthermore, he launched his memecoin, TRUMP, and his company, Trump Media & Technology Group, got about $2.5 billion for a Bitcoin fund. These actions have raised concerns that presidential power could be exploited for personal gain.

Proposed Bill Objective

Notably, this proposed bill aims to avoid possible conflicts of interest. It strengthens current ethics rules and ensures that public officials are more transparent and accountable when dealing with crypto.

The COIN Act aims to prevent top U.S. officials, including the President and Vice President, from creating, supporting, or recommending digital assets such as memecoins, stablecoins, and NFTs.

CoinTab reported in May that the US Senate passed the GENIUS Act, but it faced many political hurdles. In particular, the World Liberty Foundation’s (WLF) USD1 stablecoin, backed by the Trump family, has sparked considerable debate. Critics are concerned about potential conflicts of interest arising from the President’s involvement.

However, earlier, the US Senate failed to pass the stablecoin bill in a crucial vote, as Democratic Senators sought further amendments. Senators Elizabeth Warren and Bernie Sanders voiced strong opposition to the bill, arguing it could lead to unfair profits for the President and exacerbate existing financial issues.

The post Senator Adam Schiff Introduces Bill to Block U.S. President From Crypto appeared first on Cointab.