Senator Adam Schiff Moves to Ban Presidents and Families From Profiting Off Crypto
Senator Adam Schiff has introduced legislation that would bar the president, vice president, and their family members from participating in crypto-related company ventures. It also suggests penalties including fines and prison time for violations. The bill, titled the Curbing Officials’ Income and Nondisclosure (COIN) Act, comes amidst rising concern over the intertwining of politics and digital assets, particularly in the context of former President Donald Trump’s expanding crypto footprint. The COIN Act proposes a strict ban on releasing, sponsoring, or endorsing any cryptocurrency, including meme coins, NFTs, and stablecoins.
New Bill Requires Disclosure of Digital Asset Sales Over $1,000
The new bill also mandates disclosure of any sale of digital assets worth over $1,000. Violators, including a sitting president, would face a civil penalty equal to the amount of profit made and up to five years in prison. Schiff directly linked the proposal to Trump’s crypto dealings. Seven of them also voted in favor of the GENIUS Act. Other Democratic-led proposals targeting Trump’s crypto ventures include the MEME Act and the Stop TRUMP in Crypto Act, though none are expected to pass in a Republican-controlled Congress.
Trump Continues to Capitalize on Crypto Market Momentum
Meanwhile, Donald Trump continues to capitalize on crypto market momentum. According to financial disclosures released last Friday, the former president pulled in $58 million from crypto endeavors in 2024, mainly through WLFI token sales. That total trailed only his hospitality income and is expected to rise further in 2025 with an anticipated $390 million token sale and gains from his meme coin, released in January. His involvement in Bitcoin mining, tokenized assets, and digital ETFs is raising concerns about potential conflicts of interest. Critics have noted that some of his businesses have seen benefits from favorable policy decisions during his time in office. As reported, the SEC has approved Trump Media and Technology Group’s (TMTG) registration statement tied to a $2.3 billion Bitcoin treasury initiative. The June 13 filing covers 85 million shares, including 29 million linked to convertible notes.
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