To stop this practice, Senator Adam Schiff (D-CA) has introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act. The proposed legislation comes amid growing concerns over former US President Donald Trump’s ties to the cryptocurrency industry. Schiff, joined by nine other Democratic lawmakers, aims to prevent the "financial exploitation of digital assets" by public officials.
Fourth, the COIN Act could renew a ban on the issuance, sponsorship or endorsement of cryptocurrencies, memecoins, non-fungible tokens, and stablecoins. The ban would cover “180 days before and 2 years after” a person’s term in office. This legislation would be the first in the Senate to take meaningful steps against Donald Trump’s ties to the burgeoning crypto industry. It goes in tandem with complementary actions taken by Maxine Waters in the House of Representatives.
Aside from addressing other bad actors, Schiff’s legislation was largely a response to Donald Trump’s disclosure of $57.4 million in income related to World Liberty Financial (WLF). WLF is a crypto platform launched by members of Donald Trump’s family.
President Donald Trump’s cryptocurrency dealings have raised significant ethical, legal and constitutional concerns over his use of the office of the presidency to enrich himself and his family." - Senator Adam Schiff
Donald Trump’s family allegedly lowered its interest in WLF to 40% in June from 75% last December. The revenues from possible WLF sales alone are in the range of hundreds of millions dollars.
That's why I am introducing legislation to prevent the financial exploitation of any digital assets by public officials, including the president and the First Family." - Senator Adam Schiff
Whether intended or not, the COIN Act could end up sailing through both chambers of Congress. Donald Trump will probably veto it. To override the veto would take a two-thirds vote in both chambers.
