Senator Adam Schiff has introduced legislation, dubbed the COIN Act, aimed at prohibiting public officials from holding or trading cryptocurrencies, memecoins, NFTs, and stablecoins.
The bill specifically targets potential conflicts of interest, barring officials from engaging with these digital assets starting 180 days before their term and extending two years after leaving office.
A key focus of the legislation is President Trump’s significant financial ties to World Liberty Financial (WLF) and its USD1 stablecoin, seeking to restrict such connections.
Passage of the COIN Act faces significant hurdles in Congress, including the potential for a presidential veto and the requirement for a two-thirds majority vote to override it.
The proposal reflects heightened scrutiny of cryptocurrency’s role in the wealth and financial dealings of elected officials.
It aligns with broader regulatory efforts, such as Congresswoman Maxine Waters’ TRUMP in Crypto Act, designed to govern crypto involvement among public officeholders.