Schiff Introduces Bill to Ban Trump and Officials from Crypto Involvement Amid Stablecoin Debate

U.S. Senator Adam Schiff, a California Democrat, has introduced the COIN Act, aiming to prohibit top government officials—including former President Donald Trump—from issuing or endorsing cryptocurrencies during their tenure and for two years after. The move comes as the Senate shifts focus from the recently passed stablecoin bill to broader crypto market regulation.

Schiff's legislation targets meme coins, NFTs, and stablecoins, reflecting concerns over potential conflicts of interest. The proposal follows contentious debates during the GENIUS Act deliberations, where similar provisions briefly stalled progress on the stablecoin bill.

At least four other bills addressing government officials' crypto involvement are circulating in Congress. Market participants argue such measures belong in comprehensive market structure legislation rather than stablecoin-specific rules.