Senator Introduces Bill to Halt Trump’s Crypto Activity—But Voted to Allow It Last Week
Sen. Adam Schiff (D-CA) introduced the COIN Act, which aims to prohibit the president, vice president, and their families from profiting off cryptocurrencies while in office. The bill mandates reporting of digital asset sales over $1,000 and imposes civil fines and potential prison time for violations. Schiff criticized Donald Trump's cryptocurrency dealings as unethical and called for greater scrutiny of presidential financial activities. However, Schiff recently voted for the GENIUS Act, which allows the president and vice president to engage in stablecoin activities, raising concerns about his commitment to addressing corruption. Nine Senate Democrats co-sponsored the COIN Act, despite many having supported the GENIUS Act. Other legislative efforts to limit Trump's crypto ventures exist but face challenges in a Republican-controlled Congress. An inquiry into Trump's crypto activities is ongoing in the Senate.
