DAMN THE MAN, SAVE THE CRYPTO: SCHIFF'S BILL TAKES AIM AT POLITICO-CRYPTO HANDSHAKES
Potential Wealth Earned from Cryptocurrencies May Be Restricted for Presidents and their Relatives under a Fresh Suggestion
Senator Adam Motherfuckin' Schiff from California threw down the gauntlet Monday with a bill that's gonna make the White House sit up and take notice. This bill's a hard stop for the Prez, Veep, and their nuclear families jumping into crypto businesses while they're still rockin' the champagne wishes and ballot dreams. That's right: it's a crypto shakedown!
The enraging little pearl called the Curbing Officials' Income and Nondisclosure (COIN) Act is a warning shot fired across the bows of Washington. This badass piece of legislation would sharpen the goddamn knives for any current or future president or vice president who dares to mess around with crypto, meme coins, NFTs, or stablecoins, as well as their conniving spouses and offspring. Greedy bastards who sell more than a grand-worth of digital assets will have to come clean and report the damn deals like the rest of us plebs.
Now, I bet you're thinkin', "What's the big deal, these politicians are rich as fuck anyway, who gives a flying you-know-what?" Well, here's the kicker: anyone who steps outta line and fudges the books, aka commits a violation, faces some heavy-handed penalties. Civil fines will be doled out to equal the massive profits gained from cheating the system. And if that ain't enough to scare the shit out of you, here's the cherry on top: violators could kiss five years of their freedom goodbye.
I mean, come on, folks! That's a steep price for a little side-hustle in crypto land. It sends a clear-as-day message that these ain't your run-of-the-mill hobby projects but serious conflicts of interest that need to be nipped in the bud.
You might wonder why Schiff's gettin' all hot and bothered. Well, let me fill you in: it seems that the last guy, Trump, raked in around $58 million from crypto ventures in 2025, mostly from WLFI token sales. That measly little haul was only second to the ear-bustin' profits he pocketed from his hotels and resorts. But it ain't over yet, folks, because Trump is eyeing another $390 million token sale in 2026, and he's got a meme coin that dropped in January.
And the cherry on this shit sundae? His friggin' companies are involved in Bitcoin mining and a $2.3 billion Bitcoin treasury plan under the Trump Media and Technology Group. The SEC cleared him to move forward on that shit on June 13, covering 85 million shares and 29 million tied to convertible notes.
Passin' this bill through Congress ain't gonna be easy. Nine Senate Democrats have piled on as co-sponsors, but seven of them were on board with last week's Genius Act, which set some rules for stablecoins but left the president out to dry. Balancing broad crypto rules and a law aimed solely at one person, like the Prez, is a delicate dance indeed.
Featured image from Pexels, chart from TradingView
Editorial Process
The COIN Act, a legislative proposal introduced by Senator Adam Schiff in June 2025, is an attempt to prevent public officials from exploiting the crypto market for personal gain during and shortly after their term[1][3][5]. The COIN Act targets high-ranking officials, including the president, vice president, members of Congress, senior executive employees, and their immediate families[1][3][5]. Its key provisions include a six-month ban on crypto activities prior to and two years following the term of office, mandatory disclosure of digital asset sales, and civil fines and penalties for violators[3].
This move is a response to growing concerns about the ethical and legal issues surrounding presidential involvement in the cryptocurrency world, such as conflicts of interest and influence peddling[1][3]. The legislation's critics argue that the bill's scope is overly broad, and its bipartisan support raises questions about the political motivations behind it[1][3].
As of late June 2025, the COIN Act has attracted nine Senate Democrats as co-sponsors, though support remains tentative given the prospect of difficulties passing the bill through the Republican-controlled Senate[4]. If successful, the COIN Act could set an important precedent and represent a significant shift in the relationship between public office and the opportunities presented by the crypto market.
The COIN Act, introduced by Senator Adam Schiff, aims to restrict high-ranking officials, including the President, Vice President, and their families, from exploiting the cryptocurrency market for personal gain during and shortly after their term. This legislation includes a six-month ban on crypto activities before and two years after the term, mandatory disclosure of digital asset sales, and penalties for violators. This move addresses growing concerns about potential conflicts of interest and influence peddling in the cryptocurrency world, but its critics argue that the bill's scope is broad, and its political motivations are questionable.
