COIN Act: A New Chapter in Democrats’ Effort to Curb Trump’s Cryptocurrency Ventures
By Alexey Borovets | June 24, 2025
In a bold legislative move, Senator Adam Schiff (D-CA) has introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act, targeting cryptocurrency involvement by U.S. presidents and their families. This development marks a significant turn in the ongoing political conflict surrounding former President Donald Trump’s expanding cryptocurrency business empire.
What Is the COIN Act?
The COIN Act aims to prohibit sitting presidents, vice presidents, and their immediate family members—including spouses, siblings, and children—from endorsing, launching, or otherwise promoting cryptocurrency ventures or other financial assets such as securities, commodities, and futures while in office. The legislation goes further to ban the use of their image or name likeness in marketing such financial products.
Unlike outright bans on cryptocurrency ownership, the Act does not forbid holding or transacting cryptocurrencies, but requires full disclosure of such assets, akin to other financial holdings. Violations of the law carry severe consequences: illegal profits must be returned to the U.S. Treasury, and criminal prosecution is on the table if violations involve losses exceeding $1 million, bribery, fraud, or insider trading.
Background and Legislative History
Democrats previously sought to limit Trump’s crypto activities through proposed amendments to the GENIUS Act, which addresses stablecoin regulation. Those efforts ultimately failed due to partisan opposition, prompting Schiff and allies to draft the COIN Act as a focused legislative response explicitly targeting conflicts of interest among top government officials.
As of publication, the COIN Act has garnered support from nine Senate Democrats but faces an uncertain future given Republican resistance, particularly since former President Trump remains a polarizing figure with strong backing within his party.
Trump’s Cryptocurrency Empire at Stake
Senator Schiff has been vocal about Trump’s lucrative crypto interests, framing the COIN Act as an anti-corruption measure. In a recent video posted on X (formerly Twitter), Schiff cited Trump’s financial disclosures confirming substantial earnings from branded merchandise, including the “Trump-labeled Bible,” but highlighted that cryptocurrencies form the largest source of income.
Key components of Trump’s crypto business include:
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Official Trump Memecoin: Launched before Trump’s 2021 inauguration, proceeds from this token currently evade financial disclosure requirements.
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USD1 Stablecoin: Issued by World Liberty Finance, a company linked to Donald Trump and his sons Donald Jr. and Eric Trump. Donald Trump reportedly earned $57 million from this venture during the first quarter of 2025 alone.
These activities are potentially imperiled by the COIN Act’s restrictions, which apply starting 180 days before a president’s term until two years after leaving office. This timeline could render the Trump family’s ongoing crypto projects illegal if the bill passes.
Further expanding their crypto footprint, the Trump Media and Technology Group announced in January 2025 a $250 million cryptocurrency allocation via the platform Truth.Fi. Additionally, Eric Trump serves as Chief Strategic Officer at American Bitcoin, a mining company now preparing for a public offering, with 98% ownership controlled by Eric and Donald Jr.
Implications and Next Steps
The COIN Act represents a targeted attempt to address “corruption in plain sight,” as Schiff put it, by disentangling influential political figures from potentially self-dealing and opaque cryptocurrency enterprises. While Schiff has also expressed support for balanced crypto innovation in the U.S., his primary concern is mitigating conflicts of interest exemplified by Trump’s crypto dealings.
Given the current Senate dynamics and Republican opposition to regulating Trump’s financial activities, the bill’s passage is far from guaranteed. However, the COIN Act may signal increasing legislative scrutiny of cryptocurrencies used by high-ranking officials and their families.
As the debate unfolds, stakeholders will be watching closely to see whether this bill becomes a landmark statute defining ethical boundaries for presidential crypto involvement or another partisan casualty. The evolving regulatory landscape could have broader consequences for the governance of cryptocurrency markets and political transparency in the United States.
Related Articles:
- U.S. Senate Passes Landmark Genius Act Targeting Stablecoin Regulation
- Senate Crypto Bill Collapses: Partisan Divide or Trump’s Digital Fortune to Blame?
- Trump Media’s $250M Crypto Launch: A New Frontier
Cryptocurrency Market Snapshot (June 24, 2025):
- Bitcoin (BTC): $107,265.00 (+1.85%)
- Ethereum (ETH): $2,411.73 (-1.13%)
- BNB (BNB): $644.04 (+0.60%)
- Solana (SOL): $144.05 (-0.05%)
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