Democratic lawmakers in Washington have introduced a bill to prohibit U.S. public officials from earning money through digital assets during and after their tenure in office.
The legislation, known as the Curbing Officials’ Income and Nondisclosure Act or COIN Act, was filed this month in response to reports that President Donald Trump made $57.4 million in 2024 from a crypto platform linked to his family.
Who and Why
Adam Schiff led the effort, joined by nine other Democratic senators. They acted after news that Trump’s World Liberty Financial venture paid him millions last year.
Schiff argued that such deals raise serious ethical and legal doubts. He said public trust falls when leaders use their office for private gain.
Scope of the COIN Act
The COIN Act would bar sitting and former officials from issuing, sponsoring or promoting memecoins, non-fungible tokens and stablecoins.
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The ban begins 180 days before taking office and lasts for two years after leaving. Family members of those officials would face the same rules. The goal is to close what sponsors call the financial exploitation of digital assets by anyone in power.
Updated Disclosure Rules
The bill also updates the Ethics in Government Act to force officials to list digital assets in financial filings.
It would make trading or holding crypto count as a financial interest under conflict of interest laws. That change means officials must step aside from any decision that affects cryptocurrencies they or their family own.
Stablecoin Oversight
To win approval, stablecoin issuers would have to certify every quarter that no public official benefits from their tokens.
The requirement aims to give regulators a clear check on whether any leader profits from new coin designs. Supporters say this will bring stablecoins under the same scrutiny as stocks and bonds.
Government Accountability Report
The COIN Act contains a provision for the Government Accountability Office to study federal ethics rules and offer ways to adapt them as crypto laws evolve.
The GAO would have 360 days to deliver its report to Congress. Lawmakers hope this step will keep ethics rules up to date with emerging financial technology.
Schiff said President Trump’s crypto work has raised “significant ethical, legal and constitutional concerns.” In his view, the president’s deals with World Liberty Financial show how easily an official could steer policy to reward personal ventures. He called for more scrutiny of all leaders’ digital asset ties.
Trump’s Crypto Footprint
Since entering the White House, Trump has pushed for lighter crypto rules. Last fall, he and his sons launched World Liberty Financial, which issues a stablecoin tied to U S dollars.
According to his latest disclosure, Trump earned about $57 million from that project in 2024. Crypto now contributes the majority of his net worth apart from his real estate ventures. He has said the venture aims to boost innovation in finance.
Supporters expect a lively debate when the bill reaches the Senate floor. Some Republicans argue it is aimed at one person and could chill investment by public servants. Schiff and his colleagues say it simply levels the playing field and protects voters.
Also Read: Trump Family Quietly Reduces Stake in Core Crypto Venture, World Liberty Financial, from 60% to 40%