Sen. Adam Schiff from the Democratic Party introduced a new bill, the COIN Act, aimed at blocking U.S. Presidents and their families from promoting or launching cryptocurrency ventures. Why did Democrats come up with a new bill, and what is at stake for Donald Trump?
The new act
The full name of the bill introduced by Adam Schiff is Curbing Officials’ Income and Nondisclosure Act. The new act is not explicitly aimed at ruining Trump’s cryptocurrency business. Rather, it bans all the sitting presidents, vice presidents, and their immediate family members (siblings, spouses, and children) from using their privileged position in the crypto space and other financial spaces. On top of cryptocurrencies, the act regulates (bans) endorsements and issuance of securities, commodities, and futures.
The act bars top officials and their families from endorsing crypto projects and other assets and using the likeness of their names or images for the promotion of crypto ventures. The legislation is also blocking the issuance and sponsorship of assets. The COIN Act does not prohibit presidents and their families from purchasing, holding, and sending cryptocurrencies. Crypto assets held by senior officials are subject to disclosures just like other financial assets.
Violators are penalized and are subjected to disgorgement of their illegal profit to the Treasury of the U.S. If the violation led to an aggregate loss of $1,000,000 or more to a citizen or several citizens of the U.S. or if the assets were used for bribery, violators can be subjected to criminal prosecution. Understandably, insider trading and fraud are also banned.
Democrats have tried to push similar regulations before. In the spring of 2025, they tried to add clauses that would ban Trump from the crypto business to the Genius Act, regulating stablecoins. However, Democrats didn’t succeed in amending the bill. Seemingly, that was the reason for creating a new one, fully dedicated to the ties of the top officials with the business.
Burgeoning crypto empire of the Trumps
As Trump and his family are closely tied to several cryptocurrency projects, the COIN Act threatens their well-being. Adam Schiff makes it clear in a video he posted on X.
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
In the video, Schiff says that from Trump’s recent financial disclosure, we learned that the POTUS has gained substantial amounts of money from selling branded goods with this image or name on them (including the Trump-labeled Bible).
However, Schiff continues, the most lucrative source of income for Trump and his family is the “cryptocurrency scheme.” One of the elements of this scheme is the Official Trump memecoin (the proceeds from this venture are not subjected to disclosures, as Trump launched the token before the inauguration).
Another element of the scheme mentioned by Schiff is the stablecoin USD1 launched by World Liberty Finance, a company closely tied to Donald Trump and his sons, Donald and Eric. Through his involvement in World Liberty Finance, Donald Trump alone made $57 million in the first quarter of 2025.
The COIN Act threatens these ventures, as its ban on involvement in the crypto business stretches from 180 days pre-term to two years following the end of the term. It would make proceedings from memecoins Official Trump and Melania illegal, as well as the Trump family’s involvement in World Liberty Finance.
In January 2025, Trump Media and Technology Group, the parent company behind Truth Social, announced it would allocate $250 million in cryptocurrencies through a new platform Truth.Fi. Eric Trump is the chief strategic officer of the new mining venture American Bitcoin. In May, the company announced it was going public. 98% of the company belongs to Eric Trump and Donald Trump Jr.
Future of the COIN Act
Schiff supported the GENIUS Act despite the fact that the restrictions for crypto businesses for senior officials were omitted from the bill. Generally, it shows that Schiff is not going to serve as a hurdle for crypto innovation in the U.S., while he is still concerned about eye-popping Trump’s conflict of interest.
As of the press time, the COIN Act has the support of nine Senate Democrats. It is too early to judge if the proposal will see success. Previously, Republicans showed no interest in limiting Trump’s involvement in the crypto business, so the COIN Act may be rejected just like the amendments to the GENIUS Act that were denied before. However, time will show if this defining bill will become the rule.
