Democratic Senator Adam Schiff introduced a bill on June 23 to stop the president, vice president, and their families from making money through crypto while in office.
The new proposal, called the Curbing Officials’ Income and Nondisclosure (COIN) Act, would ban the country’s top elected leaders and their close family members from creating, promoting, or backing cryptocurrencies, stablecoins, non-fungible tokens (NFTs), or meme tokens.
It would also require them to report any sales of digital assets worth more than $1,000. If they break these rules, they could face a fine equal to the amount earned and up to five years in prison.
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In a video posted on X on June 23, Schiff said:
President Donald Trump’s cryptocurrency dealings have raised significant ethical, legal and constitutional concerns over his use of the office of the presidency to enrich himself and his family.
He added that stronger rules are needed to stop current and future presidents from using their position for personal gain.
Schiff also criticized President Trump’s upcoming stablecoin. He called it part of the “lucrative graft going on in the White House” and said it showed why a ban is needed.
However, Schiff voted for the GENIUS Act, a bill that establishes a legal framework for issuing and trading stablecoins in the US, on June 17. That law bans lawmakers and certain officials from launching their own stablecoins, but it makes an exception for the president and vice president.
On June 21, Texas Governor Greg Abbott signed Senate Bill 21, which officially established the Texas Strategic Bitcoin
$105,022.06
Reserve. What does the law include? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
