Democratic Senator Adam Schiff from the United States has proposed a bill that completely bans the president, vice president, and their families from profiting from cryptocurrencies during their term. The primary target of the bill is former President Donald Trump. The political and public backlash against Trump's earnings of $57 million through cryptocurrencies last year was the direct background for submitting the bill.
Officially named the 'Curbing Officials' Income and Nondisclosure Act (COIN)', the bill aims to completely block the president, high-ranking administrative officials, congressional members, and their direct family members from engaging in revenue activities related to the cryptocurrency ecosystem. In particular, it prohibits issuing, promoting, or directly selling all types of digital assets, including meme coins, Non-Fungible Tokens (NFT), and stablecoins.
Senator Schiff strongly argued that this bill is a "measure to prevent the dangerous combination of politics and digital assets". He emphasized that "the structure of openly generating cryptocurrency revenue by President Trump and high-ranking administrative officials is a clear conflict of interest" and that "there is a need to distinguish public officials' official judgments from private interests".
If the bill passes, these individuals must mandatorily report the sale of digital assets over $1,000, and violations will result in penalties including asset seizure and up to 5 years of federal punishment. This measure essentially implies a direct brake on Trump's cryptocurrency-related activities.
President Trump is known to have earned hundreds of billions of won through various cryptocurrency asset investments in 2024, actively expanding across the virtual asset industry including Bitcoin mining, fund-type ETFs, and issuing his own tokens. Recently, his media company TMTG received approval from the US Securities and Exchange Commission (SEC) for a $2.3 billion Bitcoin asset strategy.
Contrary to the previous trend, Senator Schiff had supported the 'GENIUS Act' just a week ago, which did not directly restrict the president's cryptocurrency activities. However, through this COIN bill, he revealed an intention to supplement those vulnerabilities, with 9 Democratic senators currently supporting the bill.
While it is uncertain whether Schiff's bill will pass through the Republican-dominated Congress, the proposal is expected to have a significant impact on the industry by initiating discussions about conflicts of interest between digital assets and political circles. It has been placed on the first experimental platform for maintaining distance between cryptocurrencies and power.
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