Democratic lawmakers are taking fresh aim at former President Donald Trump’s expanding involvement in the cryptocurrency industry. On Monday, Senator Adam Schiff introduced the Curbing Officials’ Income and Non-disclosure (COIN) Act, a bill designed to prevent what he described as "Trump’s crypto corruption."
In a post on X (formerly Twitter), Schiff criticized Trump’s ventures into crypto, pointing to his TRUMP-branded merchandise and memecoins. He alleged Trump has profited over $1 billion from these initiatives at the expense of everyday investors.
“Donald Trump and other senior officials have made a fortune off of crypto schemes. The COIN Act is meant to put an end to this corruption in plain sight,” Schiff stated.
The COIN Act proposes banning the President, Vice President, and their immediate family from launching or endorsing any cryptocurrency. It also introduces a mandatory “cooling-off” period—six months before taking office and two years after leaving office—during which officials would be prohibited from participating in crypto-related activities. Schiff argues this would close ethical loopholes and limit potential abuses.
This isn’t the first attempt by Democrats to curb Trump’s crypto dealings. Back in May, Representative Stephen Lynch introduced the STOP TRUMP in Crypto Act of 2025, which sought to extend restrictions to members of Congress. Lynch accused Trump of misusing his political position to promote personal crypto projects and claimed Trump made over $450 million from TRUMP and MELANIA-branded memecoins.
Another bill, the MEME Act, led by Representative Sam Licardo, aimed to bar senior White House staff and lawmakers’ family members from involvement in cryptocurrencies.
Despite the wave of legislative proposals, the GENIUS Act, which recently passed, notably exempts both the President and Vice President from key conflict-of-interest provisions. This omission has drawn criticism as Trump’s crypto operations continue to grow.
Much of Trump’s digital asset empire is run through World Liberty Financial (WLFI), which manages a range of tokens, including its fast-growing stablecoin USD1. However, these ventures have faced scrutiny, with critics citing potential conflicts of interest and repeated allegations of misconduct.
So far, apart from the GENIUS Act, none of the other bills have made significant legislative progress or clarified how they would concretely rein in Trump’s crypto involvement.
June 2025, Cryptoniteuae