- Senator Schiff’s COIN Act targets Trump crypto’s ventures, on the back of conflict of interest concerns
- Trump’s World Liberty Financial and its USD1 stablecoin remain active despite growing scrutiny and corruption claims
Democrats are back with a new bill aimed at containing President Donald Trump’s growing crypto interest.
On Monday, Democratic Senator Adam Schiff unveiled a legislative proposal, the Curbing Officials’ Income and Non-disclosure (COIN) Act, to stop “Trump’s corruption.”
In an X post, the lawmaker slammed Trump’s recent crypto endeavours. He cited the sale of branded merchandise to TRUMP memecoin, alleging that he has made a fortune of over $1 billion from the sector at the expense of users.
“Donald Trump and other senior administration officials have made a fortune off of crypto schemes. Today, I’m introducing the COIN Act to put a stop to this corruption in plain sight.”
Trump’s crypto interest faces resistance
The bill establishes a prohibition against the President, the Vice President, and their family members from issuing or endorsing any cryptocurrency assets. Furthermore, it includes a cooling-off period of six months prior to taking office and two years after leaving office.
During this time, top officials would not be allowed to engage in any activities related to cryptocurrencies. According to Schiff, the bill would definitively address concerns linked to Trump’s crypto dealings.
Unsurprisingly, this isn’t the first proposal to try and curb Trump’s interest in the sector. There have been two other bills aimed at Trump’s crypto ventures.
STOP TRUMP Act laid the groundwork
In late May, Congressman Stephen Lynch introduced a STOP TRUMP in Crypto Act of 2025, which would have extended the crypto ban to Congress members. At the time, Lynch claimed,
“Since returning to office, President Trump has used the power of the presidency to shamelessly promote and profit from a series of crypto ventures tied to himself and his family.”
He alleged that the President earned over $450 million from TRUMP and MELANIA memecoins, while defrauding investors.
Another proposal, the MEME Act, by Democratic Representative Sam Licardo, proposed a wider ban to include active senior White House officials and family members of Congress members.
Worth noting, however, that the recently passed GENIUS Act excludes the President and the Vice President from conflict of interest provisions.
Trump and his family have built a vast cryptocurrency empire. This empire includes a variety of digital currencies, ranging from memecoins to stablecoins.
Most of these projects are managed by World Liberty Financial (WLFI). WLFI is also responsible for its fastest-growing stablecoin, USD1.
Alas, his crypto ventures have been marred by scandals and corruption claims, including a conflict of interest in the space. Apart from the GENIUS Act, none of the other three proposals has advanced to offer insights into how they would directly impact his crypto dealings.
