Schiff Proposes Ban on Trump and Officials Issuing Cryptocurrencies Amid Stablecoin Bill Progress

U.S. Senator Adam Schiff, a California Democrat, has introduced the COIN Act to prohibit top government officials, including former President Donald Trump, from issuing or endorsing digital assets during their tenure and for two years after. The move comes as the Senate advances broader crypto market regulation, following the passage of the stablecoin bill last week.

Schiff's legislation targets concerns over potential conflicts of interest, echoing debates during the GENIUS Act deliberations. At least four similar bills are under consideration, reflecting growing scrutiny of crypto involvement by public figures.

The stablecoin bill's progress was briefly stalled by these concerns, with some lawmakers arguing corruption discussions belong in the broader market structure legislation the industry seeks. Schiff's proposal specifically bans presidents, vice presidents, and Congress members from dealing in meme coins, NFTs, or stablecoins.