Senator Schiff Proposes Bill to Ban Officials from Crypto Involvement

U.S. Senator Adam Schiff has introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act, aiming to prevent government officials, including the president and members of Congress, from issuing or endorsing cryptocurrencies during their term and for two years after. This legislation adds to existing bills targeting conflicts of interest among senior officials in the crypto space.

Key points include:

COIN Act follows concerns raised during the debate over the GENIUS Act, which seeks to regulate U.S. stablecoins.
The bill aims to address ethical concerns related to President Trump's cryptocurrency activities.
Schiff's efforts are supported by several other Senate Democrats; however, similar bills face challenges in the Republican-controlled Congress.
Trump, previously a crypto skeptic, has engaged in various digital asset ventures, creating NFTs and promoting a memecoin.

Despite the pushback from some Democrats, Schiff's support for crypto legislation remains strong, having voted in favor of the GENIUS Act. Other Democrats, including Representative Ritchie Torres, have also proposed similar measures.