Democrats Target Trump’s Crypto Influence with Proposed COIN Act

California Senator Adam Schiff has introduced the COIN Act, a legislative measure aimed at prohibiting current and former political officials from leveraging cryptocurrencies for personal gain. The bill specifically targets Donald Trump, who recently hosted a private dinner to reward holders of his memecoin. Schiff's proposal seeks to ban presidents, vice presidents, and senior officials from creating, promoting, or investing in crypto assets, NFTs, or stablecoins during their tenure and for two years thereafter.

The MOVE comes amid growing scrutiny of Trump's ties to World Liberty Financial, a family-linked crypto platform accused of enriching the former president. Schiff's legislation frames crypto regulation as a conflict-of-interest issue, with decentralized finance becoming an unlikely battleground for electoral accountability.