Schiff wants to ban officials from endorsing Trump-linked cryptocurrencies

• Schiff proposes legislation against promoting cryptocurrencies by politicians
• Trump made over $57 million in crypto profits
• Stablecoin USD1 has a capitalization above US$ 2,2 billion

Democratic Senator Adam Schiff presented this Monday (24) a new bill focusing on financial activities linked to crypto assets of public figures, including former President Donald Trump.

💥BREAKING:

CALIFORNIA SENATOR ADAM SCHIFF HAS INTRODUCED THE COIN ACT TARGETING TRUMP'S CRYPTO TIES.

THE BILL SEEKS TO BLOCK PUBLIC OFFICIALS INCLUDING THE PRESIDENT AND FIRST FAMILY FROM PROFITING OFF DIGITAL ASSETS 👀🪙 pic.twitter.com/vOA82Iy4PQ

— DustyBC Crypto (@TheDustyBC) June 24, 2025

The proposal, called the COIN Act (acronym for Limitation of Employee Income and Non-Disclosure), aims to prohibit public officials and their immediate family members from issuing, sponsoring or promoting cryptocurrencies while in office, in addition to restricting such activity for up to two years after the end of their term.

According to the legislation, the ban would apply to any digital asset, ranging from governance tokens to memecoins, NFTs and stablecoins. Schiff justified the measure by saying it required “far greater scrutiny of the president’s financial transactions and to prevent him and any other politician from profiting from such schemes.”

The bill's introduction comes shortly after the GENIUS Act, which regulates stablecoins and has received bipartisan support, even after criticism over Trump's ties to digital assets. World Liberty Financial, a company linked to the former president, launched the USD1 stablecoin in March and airdropped its native token WLFI to investors. As data According to CoinGecko, USD1 already has a market capitalization of over $2,2 billion.

According to Trump's most recent financial disclosure, he reportedly made around $57,35 million from selling tokens associated with World Liberty Financial in 2024.

Schiff’s proposal is not isolated. Representative Ritchie Torres has also introduced a similar bill, with the explicit aim of preventing the president from profiting from cryptocurrencies. However, with Democrats currently in the minority in both the Senate and the House, such measures are likely to face resistance. Still, the debate over the use of digital assets by elected officials is gaining momentum amid the growing adoption of cryptocurrencies in the political environment in the United States.