Democratic Senator Proposes Legislation to Address President Trump’s Cryptocurrency Involvement
June 23, 2025
In a move aimed at curbing potential financial exploitation by public officials in the digital asset space, California Senator Adam Schiff, alongside nine other Democratic senators, has introduced a new bill targeting cryptocurrency dealings linked to President Donald Trump. The legislation, known as the Curbing Officials’ Income and Nondisclosure (COIN) Act, comes amid growing concerns over ethical, legal, and constitutional issues related to the president’s crypto activities.
Background and Motivation for the COIN Act
The introduction of the COIN Act follows President Trump’s disclosure of $57.4 million in income connected to World Liberty Financial (WLF), a cryptocurrency platform with backing from members of his own family. This revelation intensified scrutiny on potential conflicts of interest and the role of digital assets in political corruption.
“President Donald Trump’s cryptocurrency dealings have raised significant ethical, legal and constitutional concerns over his use of the office of the presidency to enrich himself and his family,” Senator Schiff remarked. “That’s why I am introducing legislation to prevent the financial exploitation of any digital assets by public officials, including the president and the First Family.”
Key Provisions of the COIN Act
Unlike previous efforts, which primarily focused on barring elected officials from investing in stocks or other traditional assets while in office, the COIN Act seeks to extend these prohibitions explicitly to the cryptocurrency sphere. The proposed bill would disallow public officials from issuing, sponsoring, or endorsing cryptocurrencies, memecoins, non-fungible tokens (NFTs), and stablecoins during a period starting 180 days before assuming office and lasting until two years after leaving office.
The bill also specifically targets payment stablecoins, a category including WLF’s own USD1 stablecoin, announced earlier this year. Notably, this stablecoin has gained attention for its intended use in a $2 billion investment settlement with Binance, as declared by an Abu Dhabi-based company in May.
Trump Family’s Crypto Holdings and Adjustments
Reports indicate that President Trump’s family reduced its stake in World Liberty Financial from 75% in December to 40% in June, with estimated proceeds amounting to millions of dollars. According to a nonpartisan group, State Democracy Defenders Action, the president’s digital asset portfolio was valued at approximately $2.9 billion as of April, constituting about 40% of his total wealth.
Parallel Legislative Efforts in the House of Representatives
The COIN Act follows similar legislative initiatives in the House, where California Congresswoman Maxine Waters introduced the Stop Trading, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act. Waters’ bill aims to block Trump’s memecoin and address concerns over crypto-related corruption tied to the president.
Her legislative move coincided with a controversial dinner hosted by President Trump, which celebrated the top holders of his memecoin — a move that many critics deemed emblematic of undue influence and financial benefit derived from his position.
Challenges Ahead for the Legislation
Despite the proposals, the future of these bills remains uncertain. Democrats currently hold the minority in both the House and Senate, posing significant hurdles for passage. Additionally, even if the COIN or TRUMP acts were approved by Congress, they would face a likely veto from President Trump. Overriding such a veto would require a two-thirds majority vote in both chambers, an outcome difficult to achieve given the current political balance.
Conclusion
Senator Schiff’s introduction of the COIN Act marks one of the earliest Senate initiatives to confront the complex issue of cryptocurrency involvement by sitting officials. The move underscores growing bipartisan concerns about transparency, ethics, and the potential for digital assets to serve as vehicles for corruption and self-enrichment at the highest levels of government.
As digital currencies continue to expand their footprint in finance and politics, the debate over appropriate regulatory frameworks and conflict-of-interest safeguards remains central to maintaining the integrity of public office.
Source: Statements from Senator Adam Schiff’s office, Cointelegraph reporting, State Democracy Defenders Action