U.S. Senator <a href="https://twitter.com/SenAdamSchiff/status/1937104134580191559">Adam Schiff</a> (D-Calif.) has introduced a significant piece of legislation, the Curbing Officials' Income and Nondisclosure (COIN) Act, aimed at prohibiting the President, Vice President, and their immediate families from profiting from cryptocurrency activities while in office. This bold move directly addresses growing concerns about potential conflicts of interest, particularly in light of President Donald Trump's increasing ventures in the crypto space.
<h3>Addressing Ethical Concerns in Digital Assets</h3>
The COIN Act proposes a strict ban on issuing, sponsoring, or promoting any form of digital asset, including meme coins, NFTs, and stablecoins, for public officials. This prohibition would extend to members of Congress and senior executive officials, and notably, it covers a period of 180 days prior to and two years after an individual's service. Senator Schiff explicitly stated that the legislation is a direct response to reports of President Trump's substantial earnings from crypto-related activities in 2024, emphasizing the need to prevent "corruption in plain sight."
<h2>Key Provisions of the COIN Act</h2>
Beyond the outright ban on issuing and promoting digital assets, the COIN Act includes several critical reforms designed to enhance transparency and accountability. It mandates that public officials disclose their digital asset holdings in annual financial reports and periodic transaction reports. Furthermore, it codifies that the issuance, purchase, sale, or holding of digital assets are considered financial interests requiring public officials to recuse themselves from official matters under conflict of interest statutes. The bill also requires <a href="https://www.cryptoknowmics.com/news/stablecoins-and-xrp-redefining-cross-border-payments-landscape/">stablecoin</a> issuers to certify quarterly that public officials are not personally profiting from stablecoin issuance to receive regulatory approval.
<h2>Navigating the Legislative Landscape</h2>
While the COIN Act has garnered support from several Democratic senators, its path to becoming law remains uncertain. Similar legislation has been introduced in the House of Representatives, but passing such bills in a divided Congress, and potentially overriding a presidential veto, presents a significant challenge. Nevertheless, this legislation highlights the increasing intersection of cryptocurrency and politics, as lawmakers grapple with establishing ethical guardrails in the rapidly evolving digital asset market.

Senator Schiff Introduces 'COIN Act' to Ban Presidents from Crypto Profits

Senator Adam Schiff introduces the COIN Act to prohibit presidents and public officials from crypto profits, citing ethical concerns.

Senator Schiff Introduces 'COIN Act' to Ban Presidents from Crypto Profits

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