A new legislative initiative has emerged, aiming to address concerns regarding former President Donald Trump’s involvement in cryptocurrency. On Monday, Democratic Senator Adam Schiff introduced the Curbing Officials’ Income and Non-disclosure (COIN) Act, which seeks to curb what he describes as “Trump’s corruption” in the crypto sector. This proposal is a response to growing scrutiny of Trump’s World Liberty Financial, which manages various crypto ventures, including a stablecoin called USD1.
In a recent social media post, Senator Schiff criticized Trump for profiting from crypto activities, specifically citing sales of merchandise linked to TRUMP memecoins. He claimed that Trump has amassed over $1 billion from these ventures, often at the expense of users. The COIN Act aims to prevent the President, Vice President, and their families from endorsing or issuing any cryptocurrency assets.
It also proposes a cooling-off period of six months before taking office and two years afterward, during which officials would be barred from engaging in crypto-related activities. This is not the first attempt to limit Trump’s involvement in the cryptocurrency space. Earlier, Congressman Stephen Lynch introduced the STOP TRUMP in Crypto Act of 2025, aiming to extend the crypto prohibition to Congress members, asserting that Trump has profited unfairly from his position.
Additionally, Democratic Representative Sam Licardo proposed the MEME Act, which sought broader restrictions, including senior White House officials and their families. Despite the introduction of these bills, previous attempts have struggled to progress. The recently passed GENIUS Act notably excludes the President and Vice President from certain conflict of interest provisions, highlighting a complex legislative landscape surrounding Trump’s crypto empire, which has faced numerous allegations of corruption and conflict of interest.