Trump’s Crypto Fortune Sparks Senate Bill to Ban Officials from Profiting Off Digital Assets
A new political clash over crypto ethics is unfolding in Washington, as Democratic Senator Adam Schiff pushes forward a bill aimed at blocking public officials—including the US president—from personally cashing in on digital assets.
The move comes amid growing concern over President Donald Trump’s financial entanglements in the crypto sector, including a reported US$57.3 million gain in 2024 from his family’s decentralised finance platform, World Liberty Financial.
COIN Act Targets Conflicts Between Public Office and Private Crypto Wealth
The legislation, known as the COIN Act (Curbing Officials’ Income and Nondisclosure), seeks to tighten the rules on crypto dealings for top government figures.
If passed, it would forbid senior officials and their immediate family members from issuing, sponsoring, or publicly endorsing any form of digital asset—from stablecoins to memecoins—starting six months before they take office and lasting two years after they leave.
Schiff said the bill is designed to close ethical loopholes that have allowed political leaders to benefit financially from digital markets while in power.
“We need far greater scrutiny of the president’s financial dealings, and to stop him and any other politician from profiting off of such schemes.”
He referred to Trump and his family's actions as the “financial exploitation of digital assets.”
A Direct Shot at Trump’s Expanding Crypto Empire
Trump’s crypto ambitions have become increasingly public in recent months.
His personal memecoin, $TRUMP, has reportedly brought in an additional US$350 million, although these figures have not yet appeared in official filings.
The family’s stake in World Liberty Financial, which launched its own USD-backed stablecoin earlier this year, has already dropped from 75% to 40%, suggesting significant profits may have been realised.
In May, a company in Abu Dhabi announced plans to use WLF’s stablecoin in a US$2 billion deal involving Binance, prompting further scrutiny.
Meanwhile, estimates place Trump’s current digital asset holdings at around US$2.9 billion—roughly 40% of his net worth.
How the COIN Act Would Change Disclosure Rules
Under Schiff’s proposal, digital assets would face similar reporting and conflict-of-interest requirements as traditional financial instruments.
Officials would be required to report crypto holdings and transactions, including sales exceeding US$1,000, and could face prison time and forfeiture of profits if found in violation.
Stablecoin issuers would also be required to certify quarterly that no senior officials are profiting from their tokens to qualify for smoother regulatory review.
The bill includes a provision directing the Government Accountability Office to review and recommend further ethics reforms related to crypto within 360 days of enactment.
Previous Attempts Fell Short—Is This One Different?
Schiff’s initiative follows a string of unsuccessful efforts to limit financial entanglements between Trump and the crypto industry.
Just last week, the GENIUS Act passed the Senate with measures focused on stablecoin governance—but without provisions targeting presidential conflicts of interest.
Schiff, who supported that bill, now appears to be filling the gap with the COIN Act.
In parallel, House Democrats have pushed their own proposals.
Representative Maxine Waters introduced the TRUMP in Crypto Act on the same day Trump hosted a private dinner celebrating top holders of his memecoin—a move critics called “blatantly corrupt.”
However, with Democrats in the minority and Trump holding veto power, the chances of the COIN Act becoming law remain slim.
Overriding a presidential veto would require a two-thirds majority in both chambers—an uphill battle under the current political climate.
Should Politicians Be Allowed to Build Crypto Fortunes While in Office?
Trump’s growing footprint in crypto raises a pressing question that Congress can no longer ignore—should public officials be allowed to turn digital influence into personal profit while holding the highest offices in the land?
Schiff’s bill might not survive the partisan divide, but it sets the stage for a critical debate about power, money, and the future of digital finance in American politics.
YouQuan
Snake
Aaron
Max Ng
Alex
Hui Xin