Democrats Push for Crypto Regulation, Targeting Trumps Ties to Industry: Schiff Introduces COIN Act to Prevent Officials from Issuing or Sponsoring Cryptocurrencies

U.S. Senator Adam Schiff Introduces New Bill to Prevent Government Officials from Issuing or Sponsoring Cryptocurrencies A new bill has been introduced by U.S. Senator Adam Schiff, a California Democrat, aimed at preventing President Donald Trump and other top government officials from issuing or sponsoring cryptocurrencies. The legislation, known as the Curbing Officials’ Income and Nondisclosure (COIN) Act, would prohibit the president, vice presidents, members of Congress, and other significant government officials from issuing, sponsoring, or endorsing digital assets, including meme coins, NFTs, or stablecoins, during their service and for two years after it. The bill is part of a larger effort by Democrats to establish regulations for the wider U.S. crypto markets. Schiff was among the many Democrats who voted to pass the stablecoin bill last week, but concerns over government officials' involvement in crypto businesses arose during the debate over the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Some have argued that the better place to argue contentions of government corruption is in the market structure bill that's at the heart of what the sector is seeking in Washington. Schiff's bill is backed by at least four other Senate Democrats and joins at least four other bills that similarly seek to block senior government officials and lawmakers from taking a direct hand in crypto businesses. The crypto industry's leading political action committee, the Fairshake super PAC, spent more than $10 million dollars to oppose Schiff's chief Democratic opponent in his successful run for the Senate last year. He's been stamped with an A grade for being strongly supportive of digital assets policy by advocacy group Stand With Crypto. To succeed, any crypto bill needs significant support from Senate Democrats to bolster the reliable favor of almost all the Republicans in that chamber. Schiff is among the 18 Democrats who came out in favor of the GENIUS Act. He's not the only crypto ally in Congress looking askance at the president's family connections to tens of millions in disclosed digital assets profits. Representative Ritchie Torres, a New York Democrat, is among the most vocal supporters of crypto in the House of Representatives, and he introduced a bill last month that's broadly in line with what Schiff is pursuing. Similar legislation has also been introduced by other Democrats, including Senator Chris Murphy of Connecticut; Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee; and Representative Sam Liccardo of California. Such bills are highly unlikely to progress in the Republican-controlled Congress, though their supporters may seek to insert them in other legislation, such as the crypto industry's other legislative priority. In recent years, President Trump has transitioned from a crypto skeptic to a digital assets entrepreneur, launching waves of non-fungible tokens (NFTS), a self-branded memecoin, and backing World Liberty Financial's various crypto efforts, including its own stablecoin. Trump has said repeatedly that he's eager to sign significant crypto legislation to secure the U.S. as an industry leader. However, many Democrats object to his family standing to profit from the policies Trump's administration would write. The COIN Act aims to prevent this potential conflict of interest by prohibiting government officials from issuing or sponsoring cryptocurrencies during their service and for two years after it. This legislation could have a significant impact on the U.S. crypto market and could potentially set a precedent for other countries to follow suit.