US Senator Adam Schiff has introduced a new bill that aims to prevent President Donald Trump and his family members from enriching themselves via crypto.
The potential legislation, titled the Curbing Officials’ Income and Nondisclosure (COIN) Act, would prohibit the president, vice president, high-ranking executive branch employees, special government employees and members of Congress from issuing, sponsoring or endorsing digital assets.
The ban would last from 180 days prior to an individual’s public services until two years afterward, and it would also extend to officials’ immediate family members.
If passed, the bill would also require public officials to include crypto assets in their annual financial disclosures and periodic transaction reports.
Schiff (D-California) says in a new press release that Trump’s crypto deals “have raised significant ethical, legal and constitutional concerns over his use of the office of the presidency to enrich himself and his family.”
“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. We need far greater scrutiny of the president’s financial dealings, and to stop him and any other politician from profiting off of such schemes.”
Trump’s recent financial disclosure with the U.S. Office of Government Ethics indicated he pocketed more than $57.3 million worth of income from the decentralized finance (DeFi) platform World Liberty Financial (WLFI).
Income from Trump’s controversial memecoin, Official Trump, wasn’t listed on the disclosure because it was released in 2025.
Ethereum (ETH) founder Vitalik Buterin said earlier this year that political coins represented “vehicles for unlimited political bribery.”
In a February letter to the U.S. Department of Justice (DOJ) and the Office of Government Ethics, officials at the nonprofit consumer advocacy organization Public Citizen argued that Trump could be in violation of federal law regulating gifts to government officials.
The president hosted the top 220 TRUMP memecoin holders at his private national golf club in Washington, DC last month. The announcement of the event caused the price of the asset to skyrocket.
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