Democratic Senator Introduces Bill To Address Trump’s Crypto Ties
California Senator Adam Schiff and nine Democratic lawmakers introduced the COIN Act to prevent financial exploitation of digital assets by public officials, particularly targeting President Donald Trump's cryptocurrency connections. The legislation follows Trump's disclosure of $57.4 million in income from World Liberty Financial (WLF), a crypto platform linked to his family. Schiff emphasized ethical concerns regarding Trump's use of the presidency for personal gain. The COIN Act aims to prohibit public officials from engaging with cryptocurrencies, memecoins, NFTs, and stablecoins 180 days before and two years after their term. The bill specifically addresses payment stablecoins, with WLF announcing a USD1 stablecoin. Trump's digital asset holdings are valued at $2.9 billion, constituting about 40% of his wealth. Concurrently, Congresswoman Maxine Waters introduced the TRUMP in Crypto Act to curb Trump's crypto activities. Both bills face uncertain support and potential vetoes from Trump, requiring significant bipartisan backing to become law.
