The political scene in the United States is going through turbulent times: Senator Adam Schiff, a Democrat from California, known for his criticism of Donald Trump, submitted the COIN Act (Curbing Officials’ Income and Nondisclosure) bill for consideration. The essence of the document is that the president, vice president and their close relatives will not be able to engage in any commercial activities related to cryptocurrencies throughout their term in office. Everything from the release of meme coins and NFT to the promotion of stablecoins and the management of crypto funds is banned.
Schiff openly declares his intentions. In his official statement, he expressed "serious ethical, legal and constitutional concerns" about the crypto business associated with the current President Trump. He claims that the presidency is being used for personal gain.
The COIN Act also requires senior officials to declare any transactions with digital assets in excess of $1,000. Violators face confiscation of illegally obtained funds and imprisonment for up to five years. It is important to note that presidential immunity does not apply in this case. Theoretically, the president could end up behind bars by walking right out of his office.
It's funny, but it turns out to be an interesting political incident. Just the other day, the same Schiff supported the GENIUS law, which sets the long-awaited rules for stablecoins in the United States. But here's what's interesting: GENIUS modestly ignored the issue of restrictions for government officials. And although some Democrats were outraged, the law was passed anyway. Schiff and 17 other party members voted in favor, which caused discontent. And now nine Democratic senators (and seven of them voted for GENIUS) have become co-authors of the COIN Act.
COIN Act is not the first such attempt. Back in February 2025, Congressman Sam Liccardo (Democrat from California) proposed a MEME Act with a similar ban on officials. And in May, Trump's famous opponent, Maxine Waters, introduced HR 3573 ("Stop TRUMP in Crypto Act"), expanding the circle of "suspects" to members of Congress. It seems that the Democrats have started downright legislative activity, and they want to deprive Trump of the opportunity to make money on the crypt at any cost.
But the most important question is not even about these prohibitions. The question is, can the state legislatively block senior officials from accessing an entire sector of the economy, especially when this industry mixes the personal and the public so much? The answer to this question will determine not only the fate of COIN Act, but also how the government will interact with the crypto market in the future, when any official can become a meme– both in a good and a bad way.