Democrat Senator Adam Schiff has introduced new legislation aimed at restricting public officials from engaging in crypto-related activity.
The bill, titled the Curbing Officials’ Income and Nondisclosure (COIN) Act, seeks to ban the president, lawmakers, and their immediate family members from issuing, endorsing, or sponsoring digital assets—including meme coins, NFTs, and stablecoins.
The proposed restrictions would apply for 180 days before taking office and extend for two years after leaving public service. According to Schiff, the legislation is designed to “prevent conflicts of interest and undue influence in the rapidly evolving digital asset sector.”
Comes Days After Passage of GENIUS Act Amid Trump Crypto Debate
The timing of the COIN Act is significant. Just last week, Schiff voted in favor of the GENIUS Act, a bipartisan bill regulating stablecoins that had previously faced delays due to concerns over President Trump’s crypto-related activities. That legislation ultimately passed, clearing the path for broader stablecoin adoption under regulatory oversight.
Schiff’s COIN Act, cosponsored by nine other Democratic senators, reflects growing concern within the party about high-ranking officials using their influence to promote or profit from digital assets while in—or immediately after—public office.
Crypto Community Braces for Potential Impact
If passed, the COIN Act could reshape the relationship between crypto and politics in the U.S., particularly as digital assets play a growing role in campaign funding, financial innovation, and public discourse. The bill signals that Democrats intend to draw a clear line between financial influence and policymaking as the crypto industry matures.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/senator-adam-schiff-proposes-coin-act-to-ban-crypto-endorsements-by-public-officials/