Senate Democrats Introduce COIN Act to Ban Crypto Profits for Public Officials

Senate Democrats led by Adam Schiff have proposed the COIN Act, a sweeping ethics bill targeting cryptocurrency activities by U.S. officials. The legislation directly responds to former President Donald Trump's reported $57.4 million earnings from a DeFi venture in 2024, seeking to prevent similar financial windfalls.

The bill imposes strict prohibitions on sitting officials from launching, promoting, or personally benefiting from cryptocurrencies, memecoins, NFTs, or stablecoins. These restrictions extend to a 180-day pre-office period and persist for two years after leaving public service. The proposed rules WOULD apply to all executive branch leaders including the President, Vice President, and Cabinet members.

This legislative move reflects growing concerns about conflicts of interest in digital asset markets, particularly following high-profile cases of politicians capitalizing on crypto ventures. The COIN Act represents the most aggressive attempt yet to establish ethical boundaries for public officials participating in cryptocurrency ecosystems.