Democratic lawmakers have introduced a sweeping new bill aimed at preventing U.S. public officials—including current and former presidents—from profiting from digital assets during and after their time in office.
Called the Curbing Officials’ Income and Nondisclosure (COIN) Act, the legislation is a direct response to growing concerns over Donald Trump’s deepening involvement in the cryptocurrency space. The bill was introduced by Senator Adam Schiff and co-sponsored by nine other Democrats, following revelations that Trump earned $57.4 million in 2024 through World Liberty Financial, a crypto platform with connections to his family.
Schiff accused Trump of leveraging public office for personal gain through digital assets, calling his activities a serious breach of ethical and constitutional standards.
The COIN Act would bar public officials—including the president, vice president, members of Congress, and senior executive officials—from issuing, promoting, or profiting from cryptocurrencies, such as meme coins, NFTs, and stablecoins. These restrictions would take effect 180 days before entering office and extend for two years after leaving, also applying to their immediate family members.
To bolster transparency, the bill would amend the Ethics in Government Act to mandate that digital asset holdings and transactions be disclosed in financial filings. It would also define crypto assets as financial interests under existing conflict-of-interest rules, requiring officials to recuse themselves from related decisions.
Another provision targets stablecoin issuers, requiring them to certify each quarter that no public official stands to profit from their tokens as a condition of regulatory approval.
The legislation also calls on the Government Accountability Office to deliver a report to Congress within a year, recommending updates to federal ethics laws in light of evolving crypto regulations.
Democratic calls for stricter rules have intensified in recent months amid Trump’s increasing crypto presence. Earlier this year, Rep. Maxine Waters accused Trump of using his meme coin, $TRUMP, to personally enrich himself while misleading investors. She also sounded alarms over World Liberty Financial’s USD1 stablecoin, warning it could be exploited by foreign entities to funnel money to Trump.
Waters further criticized a private gala Trump hosted for major $TRUMP holders, calling it a “pay-to-play scheme” that blurred the line between campaign fundraising and political favoritism.
The COIN Act joins a series of Democratic-led proposals targeting crypto activity by public officials, including the MEME Act spearheaded by Rep. Sam Liccardo and the Stop TRUMP in Crypto Act.
Despite pushback, Trump has continued expanding his digital asset ventures, with his family reportedly involved in multiple crypto initiatives—from stablecoins to a stake in a Bitcoin mining operation. Blockchain data has even linked major industry figures, such as Tron founder Justin Sun, to large holdings of Trump-branded tokens.
Democrats say the COIN Act is a critical step to ensure government integrity and prevent public office from being used as a gateway to personal crypto wealth.
