In a sharp escalation of the political battle over cryptocurrency and ethics in government, Democratic lawmakers have unveiled new legislation aimed at blocking U.S. public officials from personally profiting from digital assets both during and after their time in office.
The bill, dubbed the Curbing Officials’ Income and Nondisclosure (COIN) Act, was introduced by Senator Adam Schiff, with support from nine other Democratic co-sponsors. The move follows growing scrutiny over former President Donald Trump’s financial ties to cryptocurrency ventures, including revelations that he earned $57.4 million in 2024 through World Liberty Financial, a crypto platform reportedly tied to his family.
Aimed at Preventing Digital Asset Exploitation by Officials
The COIN Act proposes sweeping reforms to prevent elected officials and their immediate families from issuing, promoting, or investing in digital assets such as:
- Meme coins
- NFTs
- Stablecoins
- Other crypto-based financial instruments
Under the bill’s provisions:
- The restriction would begin 180 days before taking office and extend to two years post-tenure
- Applies to the President, Vice President, members of Congress, and high-ranking executive officials
- Immediate family members are subject to the same limitations
“This legislation is about restoring public trust,” said Sen. Schiff. “President Trump’s crypto dealings have blurred ethical lines and raised serious constitutional questions about abuse of office for personal gain.”
Expanding Disclosure & Ethics Requirements
The COIN Act also seeks to amend the Ethics in Government Act to ensure digital assets are explicitly treated as financial interests, thereby requiring:
- Mandatory disclosure of crypto holdings and transactions in annual financial reports
- Officials to recuse themselves from decisions involving crypto markets or companies in which they have direct or indirect interests
- Clear conflict-of-interest designations when holding or trading any form of digital asset
Stablecoin issuers would also face new compliance measures: they must certify quarterly that no public official or their family profits from the issuance of their tokens, as a prerequisite for regulatory approval.
Part of a Broader Legislative Push
The COIN Act builds on a growing series of Democratic-led efforts to curb crypto involvement among elected officials, many of them targeting Trump’s alleged financial activities. Other recent proposals include:
- The MEME Act – introduced by Rep. Sam Liccardo to prohibit memecoin issuance by elected officials
- The Stop TRUMP in Crypto Act – another bill targeting crypto-based campaign fundraising and profiteering
Rep. Maxine Waters, a vocal critic of Trump’s crypto dealings, earlier this year warned that Trump’s memecoin $TRUMP could be a tool for self-enrichment and foreign influence. Waters also flagged USD1, a stablecoin issued by World Liberty Financial, as a possible channel for foreign actors to covertly support the former president.
Waters condemned Trump’s private gala for top $TRUMP holders as a “pay-to-play scheme” and called for more aggressive guardrails around crypto-based campaign activity.
Trump’s Expanding Crypto Empire
Despite criticism, Trump has continued to expand his crypto presence, with his family reportedly backing:
- Multiple stablecoin projects
- A Bitcoin mining operation stake
- NFT campaigns and digital collectible ventures
Blockchain analytics have even linked prominent industry players, such as Tron founder Justin Sun, to large holdings in Trump-affiliated tokens.
GAO Tasked with Long-Term Recommendations
A key provision in the COIN Act instructs the Government Accountability Office (GAO) to submit a comprehensive report to Congress within 360 days, offering recommendations for updating federal ethics laws as digital assets and crypto oversight frameworks evolve.
Political & Market Implications
If passed, the COIN Act would represent one of the most aggressive efforts yet to draw a hard line between public service and personal crypto profit. It could also reshape how politicians and their families engage with the booming digital asset economy.
For now, the bill faces an uncertain path in the Senate, particularly amid Republican resistance and Trump’s continued popularity among crypto-friendly voters. Still, the legislation underscores intensifying pressure to regulate the intersection of politics, money, and blockchain.
