Senator Schiff’s COIN Act: A Bid to Regulate Government Officials’ Crypto Earnings
On June 23, Democratic Senator Adam Schiff from California introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act in the US Senate. This legislation aims to limit senior government officials, including the President, from leveraging digital assets for personal financial gain. The introduction comes after unsettling revelations regarding former President Donald Trump’s profits from a cryptocurrency venture, which amounted to over US$57 million from the Trump family’s DeFi project, World Liberty Financial, in 2024.
Concerns Over Ethical Practices
Schiff underscored the need for “commonsense guardrails” to regulate the use and ownership of digital assets, aiming to align them with existing guidelines for traditional financial instruments. The senator’s move follows intense scrutiny of Trump’s cryptocurrency dealings, which have raised significant ethical and legal concerns about their influence on the integrity of presidential duties. As Schiff noted, “We need far greater scrutiny of the president’s financial dealings, and to stop him and any other politician from profiting off such schemes.”
The most recent financial filings revealed that Trump made substantial undisclosed earnings from his personal memecoin, $TRUMP, with reports suggesting that these profits could reach US$350 million. This situation has sparked an urgent need for legislative oversight.
Legislative Provisions of the COIN Act
The COIN Act proposes vital amendments to the Ethics in Government Act of 1978, which would impose stricter guidelines on senior government officials regarding digital assets. Key provisions include:
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Prohibition on Endorsements: Officials, including the President, Vice President, and Congress members, would be banned from issuing, sponsoring, or endorsing any digital assets. This restriction would apply to their immediate families and would commence 180 days before they assume office and last for two years after their departure.
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Enhanced Disclosure Requirements: The bill mandates that officials must explicitly include digital assets in their financial disclosures, ensuring transparency.
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Stablecoin Oversight: Stablecoin issuers would be required to certify quarterly that no senior officials are benefiting financially from their stablecoin operations, thereby streamlining their regulatory approval process.
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Conflict of Interest Legislation: The act aims to strengthen existing laws to cover potential conflicts of interest involving digital assets.
- Government Accountability Report: There will be a requirement for the Government Accountability Office to present a report within 360 days to Congress, offering recommendations to fortify federal ethics laws around digital assets.
Broader Context and Legislative Landscape
The COIN Act is part of a series of legislative attempts by Democrats to curb what they consider the unethical monetising of public office through cryptocurrencies. Previous measures included amendments to the GENIUS Act, which sought to reinforce corruption safeguards, and the introduction of the Stop Trump In Crypto Act of 2025, a reaction to Trump’s cryptocurrency-related fundraising efforts.
Despite the passage of the GENIUS Act on June 17, it did not include provisions to prevent Trump’s potential benefits from stablecoins, highlighting the ongoing tensions surrounding the intersection of politics and cryptocurrency.
As the debate continues, the COIN Act represents a critical step towards redefining the ethical landscape for government officials and their involvement in the rapidly evolving digital asset market. If enacted, this legislation could serve as a benchmark for future policies aimed at safeguarding the public interest against the potentially exploitative use of cryptocurrencies by those in power.
