New Legislation Aims to Restrict Cryptocurrency Activities for Civil Servants
Senator Adam Schiff (D-Calif.) proposed new legislation on Monday, aiming to prevent civil servants, including the president and their families, from engaging in specific cryptocurrency activities amid rising concerns regarding Trump’s involvement in the sector.
The proposed law, known as the Restricting Officials Income and Private (COIN) Act, would bar the president, vice president, high-ranking executive staff, special government employees, and members of Congress from issuing, sponsoring, or endorsing digital assets.
These limitations would also apply to similar roles within the government.
Schiff expressed serious worries, stating, “President Donald Trump’s cryptocurrency trade has raised significant ethical, legal, and constitutional issues, especially regarding enriching himself and his family through the presidency.”
He added, “This legislation is essential to prevent civil servants, including the president and his family, from financially exploiting digital assets. We really need to scrutinize the president’s financial dealings more closely and prevent him and other politicians from benefiting from such actions.”
Trump and his family are broadening their involvement in the cryptocurrency market, with his administration advocating for more favorable regulations for the industry.
Recently, Trump and his sons launched Crypto Venture, World Liberty Financial, and financial disclosures indicate that Trump has earned approximately $57 million from this endeavor.
Additionally, he initiated Meme Coin just before his presidency and hosted a dinner with significant investors regarding $Trump Token last month.
Trump Media & Technology Group, which oversees Truth Social, has secured $2.5 billion to establish a Bitcoin reserve and is planning to launch multiple cryptocurrency-related financial products.
In the meantime, various lawmakers are focusing on establishing a regulatory framework for cryptocurrency stability, with several Senate Democrats, including Schiff, collaborating with Republicans on this front.
Despite attempts to add provisions in legislation preventing presidents and civil servants from profiting off digital assets, these restrictions were not included in recent bills cleared by the Senate.
The focus is now shifting to the House, with Trump encouraging lawmakers to expedite the passing of the law with minimal alterations.
Interestingly, Schiff seems to have benefitted from cryptocurrency industry spending in last year’s primary; a crypto super PAC, FairShake, expended $10 million against his opponent, former representative Katy Porter (D-Calif).
