Trump’s Crypto Ties Still Toxic With Some Dems, Including One Seen as Industry Ally

Senator Adam Schiff, a Democrat known for his support of digital assets, has introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act. This bill aims to prevent high-ranking government officials, including the President, Vice President, and members of Congress, from issuing, sponsoring, or endorsing digital assets—including meme coins, NFTs, and stablecoins—during their term and for two years afterward. The bill’s introduction follows the recent passage of the GENIUS Act, a stablecoin bill Schiff also supported.

Schiff’s rationale centers on concerns about potential conflicts of interest, particularly citing President Trump’s cryptocurrency dealings as raising ethical, legal, and constitutional questions. He alleges Trump used his presidential office to enrich himself and his family through various crypto ventures. This concern is shared by other Democrats, leading to the introduction of similar legislation by Representative Ritchie Torres, Senator Chris Murphy, Representative Maxine Waters, and Representative Sam Liccardo.

Despite Schiff’s A grade from Stand With Crypto for his pro-digital asset stance and the Fairshake super PAC’s significant financial support during his Senate campaign, the COIN Act faces an uphill battle. Its success hinges on broad Democratic support in a Republican-controlled Congress. While Schiff’s support for the GENIUS Act demonstrates his commitment to crypto regulation, his new bill highlights a growing rift within the Democratic party regarding the intersection of government officials and the crypto industry.

President Trump’s evolution from crypto skeptic to active participant in the space, including the launch of NFTs and a memecoin, fuels this conflict. While Trump advocates for crypto-friendly legislation to position the U.S. as a leader, Democrats express reservations about his family’s potential to profit from such policies. This clash underscores the complexities of navigating crypto regulation in the current political climate, with the possibility of the COIN Act’s provisions being incorporated into broader crypto legislation as a compromise.