Senator Adam Schiff Pushes Crypto Ban for Presidents

Crypto News Regulation

Senator Adam Schiff Pushes Crypto Ban for Presidents After Backing Loophole Law

Written by Aaron S.,

Editor-In-Chief

Last Updated: June 24, 2025

Key Takeaways

Democratic Senator Adam Schiff introduced a bill to ban top US leaders and their families from profiting off crypto while in office;
The COIN Act targets the creation and promotion of digital assets by presidents, with fines and jail time for violations;
Despite backing this ban, Schiff voted for the GENIUS Act, a law that exempts presidents from similar crypto limits.

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Senator Adam Schiff Pushes Crypto Ban for Presidents After Backing Loophole Law

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Democratic Senator Adam Schiff introduced a bill on June 23 to stop the president, vice president, and their families from making money through crypto while in office.

The new proposal, called the Curbing Officials’ Income and Nondisclosure (COIN) Act, would ban the country’s top elected leaders and their close family members from creating, promoting, or backing cryptocurrencies, stablecoins, non-fungible tokens (NFTs), or meme tokens.

It would also require them to report any sales of digital assets worth more than $1,000. If they break these rules, they could face a fine equal to the amount earned and up to five years in prison.

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In a video posted on X on June 23, Schiff said:

President Donald Trump’s cryptocurrency dealings have raised significant ethical, legal and constitutional concerns over his use of the office of the presidency to enrich himself and his family.

He added that stronger rules are needed to stop current and future presidents from using their position for personal gain.

Schiff also criticized President Trump’s upcoming stablecoin. He called it part of the "lucrative graft going on in the White House" and said it showed why a ban is needed.

However, Schiff voted for the GENIUS Act, a bill that establishes a legal framework for issuing and trading stablecoins in the US, on June 17. That law bans lawmakers and certain officials from launching their own stablecoins, but it makes an exception for the president and vice president.

On June 21, Texas Governor Greg Abbott signed Senate Bill 21, which officially established the Texas Strategic Bitcoin BTC $89,496.44 Reserve. What does the law include? Read the full story.