Key Highlights:
- New bill would ban U.S. officials and their families from promoting or issuing crypto.
- The COIN Act targets ethical concerns surrounding Trump’s crypto ventures.
- Covers a timeframe of 180 days before and two years after holding office.
COIN Act Seeks to Limit Political Ties to Crypto
Democratic Senator Adam Schiff has introduced the COIN (Curbing Officials’ Income and Nondisclosure) Act, a new bill that would ban the President and other top public officials from issuing or endorsing digital assets. The ban includes meme coins, NFTs, and stablecoins. The legislation is aimed at preventing conflicts of interest and ensuring greater transparency in financial dealings. It comes in response to former President Trump’s deepening involvement in crypto, including profits from World Liberty Financial’s USD1 stablecoin.The Political Backdrop
Trump reportedly earned over $57 million in 2024 from token sales linked to the USD1 stablecoin. Schiff argues such ties raise ethical red flags. Despite Democratic support, the bill’s passage may be difficult due to the party’s minority status in Congress. Other lawmakers, including Rep. Ritchie Torres, have also proposed measures to limit presidential profiteering from crypto ventures.
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