“Donald Trump’s crypto activities raise significant ethical, legal, and constitutional concerns regarding the use of the presidency for personal gain,” Schiff stated.

The COIN Act imposes a blanket ban on the creation, promotion, or sponsorship of cryptocurrencies—including memecoins, NFTs, and stablecoins—by presidents and their families. The bill also mandates disclosure of digital asset sales above $1,000, regardless of the official’s position. Violations carry penalties equal to any illegal gains and up to five years in prison—even for sitting presidents.

Political Context and Contradictions
The COIN Act’s introduction is notable given that just last week, Schiff voted in favor of the “Guiding and Establishing National Innovation for U.S. Stablecoins” (GENIUS Act), which establishes a stablecoin regulatory framework but exempts the president and vice president from its restrictions. The apparent contradiction has sparked criticism, as the GENIUS Act passed the Senate with support from Schiff and 17 other Democrats, despite objections over its lack of limits for top officials.

Nine Senate Democrats now co-sponsor the COIN Act, seven of whom also backed the GENIUS Act. The movement reflects a bipartisan push for stricter oversight of digital asset dealings among America’s highest-ranking leaders.

Background: Lawmakers’ Crypto Earnings Under Scrutiny
According to recently released financial disclosures, President Donald Trump reportedly earned nearly $58 million from crypto projects in 2024—primarily through WLFI token sales, second only to his hotel revenues. In 2025, Trump is expected to generate an additional $390 million from token sales and his own memecoin launched in January.

Meanwhile, the SEC has greenlit Trump Media and Technology Group’s registration of 85 million shares tied to a planned $2.3 billion bitcoin reserve initiative.

Multiple Legislative Efforts Target Crypto Profits
The COIN Act joins a growing list of bills targeting conflicts of interest in crypto among US officials. In February, California Democrat Sam Liccardo proposed the MEME Act, while Congresswoman Maxine Waters filed the "Stop TRUMP in Crypto Act of 2025" (HR 3573) in May—each seeking to ban top officials and their families from profiting off digital asset projects.