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- The COIN Act bans U.S. presidents, vice presidents, and their families from engaging in crypto during their terms.
- Any crypto transaction over $1,000 must be disclosed.
- Violations could result in heavy fines and up to five years in prison.
Senator Adam Schiff has introduced a new bill aimed at restricting political leaders from exploiting digital assets while in office. Known as the COIN Act, the legislation targets the president, vice president, and their immediate family members. It would prohibit them from creating, endorsing, or promoting any form of crypto, including tokens, NFTs, or stablecoins.
The proposal mirrors the increasing concerns over high levels of politics in crypto that are current issues. Schiff hopes this bill will clearly draw the line between public service and personal gain in the digital asset space. Schiff made such a bold step because there has been a growing focus on cryptos by former US president Donald Trump’s ventures.
For this very reason, the bill prohibits high-ranking officials from taking part in such affairs with the aim of preventing conflicts of interest. Schiff further argues that the bill rests on ethical grounds to prevent policies from being influenced by an individual’s personal investments in the crypto-business industry.
New Crypto Bill Adds Rules Beyond GENIUS Act
The bill does not only ban advertising and issuance completely; it also obliges the public to reveal any crypto transactions above $1. This measure aims to guarantee transparency and reduce the chance of hiding financial gain.It is true that penalties under the act are very high.
Those found guilty of violating it would have to pay a fine equal to the amount of profit they made and could also spend up to five years in jail. Schiff is of the opinion that these regulations will serve as a preventative measure against misbehavior and contribute towards at least reducing public perception about corruption.
According to this bill, these regulations are being laid down in a framework that is distinct from those under the previous Digital Asset Law. Before, Schiff and some Senate Democrats supported the GENIUS Act, which is about rules for stablecoins but it does not include the presidency among those targets.
Democratic lawmakers criticized the vote, arguing it left a loophole unaddressed. Schiff aims to close that gap by introducing the COIN Act. Even with support from nine other Senate Democrats, the bill still faces a tough path in a Congress deeply divided along party lines.
Trump’s Growing Crypto Activity Raises Flags
In the crypto sector, President Donald Trump is still active. He made $58 million in just 2024 from digital tokens. His earnings from selling tokens and meme coins and running mining projects have raised concerns about political influence over financial technologies.
Forecasters predict the crypto revenues of Trump to make steady growth, especially in 2025 when there will be a $390 million token sale. Participation of his media company in a $2.3 billion Bitcoin treasury deal has created even more pressure for stricter regulation.
Although Congress may not pass the COIN Act in the immediate future, it shows that politicians are taking a more serious stance on political-crypto interrelationships. The demand for integrity in digital finance encapsulates this development currently under way at Washington.
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