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- The COIN Act bans U.S. officials and their families from promoting or profiting off digital assets before, during, and after their time in office.
- The bill responds to Trump’s reported $57.4 million crypto earnings and aims to tighten ethics laws around crypto holdings.
Democrats in Congress have introduced the COIN Act, a new bill targeting crypto holdings by public officials, including President Donald Trump. The proposal seeks to close what lawmakers describe as ethical gaps in the political system, especially in light of Trump’s rising involvement in cryptocurrency.
Lawmakers Move to Block Personal Gains from Digital Assets
Notably, the newly proposed COIN Act, short for Curbing Officials’ Income and Nondisclosure Act, is the latest step by Democrats to control how public officials engage with digital assets.
As revealed, the bill was introduced by Senator Adam Schiff and backed by nine other Democrats. Furthermore, the bill follows recent reports that President Trump earned over $57 million in 2024 from World Liberty Financial, a crypto company with ties to his family. Schiff said Trump’s involvement raises ethical questions, accusing him of using public office for private financial gain.
It is essential to add that the COIN Act proposes a clear ban. It would stop current and former public officials, including the President, Vice President, members of Congress, and senior executive officials, from issuing, promoting, or endorsing digital assets such as NFTs, meme coins, and stablecoins.
The restriction would take effect 180 days before assuming office and continue for two years after leaving. It also covers immediate family members, blocking them from the same activities to close loopholes.
Meanwhile, as mentioned in our previous article, a major U.S. stablecoin bill that was once considered a key step toward crypto regulation is now on shaky ground. Pro-crypto Democrats once withdrew support for the GENIUS Act, initially putting U.S. stablecoin regulation at risk.
However, the hurdles have been crossed, and the GENIUS Act has now passed the Senate, a step closer to becoming law.
New Rules Seek Transparency and Prevent Influence
The bill bans involvement in crypto promotions and introduces new rules for financial transparency. It calls for an update to the Ethics in Government Act, making it mandatory for digital assets to be declared in financial disclosures and transaction reports.
Lawmakers want to clarify that owning or trading in digital assets will now count as a financial interest. This means public officials must avoid decision-making that could benefit their crypto holdings.
Another key part of the bill would require stablecoin companies to certify that no public official profits from their token every quarter. Without this step, they will not get regulatory approval. The Government Accountability Office has also been asked to prepare a report within 360 days, offering recommendations on updating ethics laws as crypto oversight grows.
Similarly, the push for regulation comes after several Democrats, including Representative Maxine Waters, raised alarm over Trump’s activities in the crypto space. From the $TRUMP memecoin to hosting private events for top holders, lawmakers are concerned that digital assets are now being used to fund political ambitions or influence.
The COIN Act is one of several recent legislative efforts to bring accountability to digital assets in public service. Meanwhile, regarding crypto regulations, CNF reported recently that India is preparing to release a pivotal crypto discussion paper, marking a potential turning point for its digital asset policy.
