Schiff Introduces COIN Act to Restrict Presidential Crypto Involvement

U.S. Senator Adam Schiff unveiled the COIN Act, targeting cryptocurrency engagement by high-ranking officials. The bill explicitly prohibits the president, vice president, and their families from crypto-related ventures during tenure, including issuing or endorsing digital assets like meme coins and NFTs.

The legislation follows heightened scrutiny over political figures capitalizing on digital assets, with direct reference to former President Trump's crypto activities. Violations could result in civil penalties matching profits earned and potential imprisonment up to five years.

Disclosure mandates now extend to digital asset transactions exceeding $1,000, reflecting growing concerns about conflicts of interest at the highest levels of government. Schiff framed the proposal as necessary to curb what he termed "corruption in plain sight" within the executive branch.