The US Senate is considering the COIN Act, a bill initiated by Democratic Senator Adam Schiff from California. This document proposes a complete ban on the president, vice president, and their close relatives participating in any activities related to cryptocurrencies while in office.
This is reported by Finway
Restrictions for Top Officials and Their Families
The COIN Act imposes strict restrictions: the president, vice president, and their family members are prohibited from creating, promoting, or sponsoring cryptocurrencies, including meme coins, NFTs, and stablecoins. Additionally, the document requires mandatory reporting of sales of digital assets exceeding $1000, regardless of the individual’s position.
“Donald Trump’s cryptocurrency activities raise significant ethical, legal, and constitutional concerns regarding his use of the presidential office for personal enrichment,” Schiff stated.
Violating these norms results in a fine equal to the illegally obtained profit and up to five years of imprisonment, even if it pertains to the sitting president.
Contrast with Other Legislative Initiatives
It is worth noting that recently, Schiff supported the passage of the GENIUS Act, which creates a regulatory framework for stablecoins in the US. However, this document does not contain any restrictions for the president and vice president, which has drawn criticism from some Democrats. Despite this, the GENIUS Act was supported in the Senate: Schiff and 17 other Democrats voted “in favor,” although nine of them, including Schiff, became co-sponsors of the new COIN Act.
The increased interest in legislative regulation is linked to Donald Trump’s financial reports, which indicate that in 2024, he earned nearly $58 million from participation in crypto projects, particularly from WLFI tokens. A new token sale of $390 million is expected in 2025, along with revenues from his own meme coin, which Trump launched in January.
Furthermore, the US Securities and Exchange Commission approved the Trump Media and Technology Group’s application to register 85 million shares related to the initiative to create a $2.3 billion Bitcoin reserve.
The issue of restrictions for officials in the cryptocurrency market is also reflected in other legislative initiatives. In February 2025, Congressman Sam Liccardo proposed the MEME Act, aimed at prohibiting officials and their families from profiting from crypto assets. A similar goal is pursued by bill HR 3573, introduced by Maxine Waters in May: it imposes restrictions on the president, vice president, members of Congress, and their families regarding participation in crypto projects.