US Senator proposes crypto ban for top officials
Trump’s crypto earnings, including $58 million in 2024, have reignited ethical concerns about public office and private profit.
Senator Adam Schiff has proposed a bill to ban top officials and their families from engaging in crypto ventures while in office. The COIN Act seeks to ban top officials from endorsing, creating, or promoting cryptocurrencies, NFTs, and stablecoins.
The proposal follows growing scrutiny of President Donald Trump’s involvement in digital assets. Schiff pointed directly to Trump’s financial gains, which included $58 million from token sales in 2024 and a projected $390 million in 2025.
He argued that such activities raise ‘ethical, legal and constitutional’ concerns, especially concerning public office.
Under the COIN Act, any sale of digital assets over $1,000 must be disclosed. Violators could face penalties equal to their profits and up to five years in prison.
Despite this push, Schiff previously voted for the GENIUS Act, which exempted the president and vice president from stablecoin restrictions—a move some critics see as contradictory.
The bill has gained support from nine Senate Democrats but is unlikely to pass under a Republican-controlled Congress. Democrat-led measures, such as the MEME Act and the Stop TRUMP in Crypto Act, have similarly struggled to gain traction.
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