Labor & Employment Law Daily Wrap Up, SENATE NEWS—Senate Dems introduce new bill to restrict crypto activities by government officials, (Jun 25, 2025)
Organizations Mentioned:Office of Government Ethics | Public Citizen
Senator Schiff said President Trump is “cashing in” with crypto ventures like the $TRUMP meme coin and USD1 stablecoin.
Ten Democrat senators led by Senator Adam Schiff (D-Cal) introduced a bill to prevent high-ranking public officials from exploiting digital assets for their own profits. The Curbing Officials’ Income and Nondisclosure (COIN) Act would restrict certain cryptoasset activities and require crypto-related financial disclosures by the president, vice president, high-ranking executive branch employees and special government employees, and Members of Congress, along with their family members.
The senators point to President Donald Trump earning $57.3 million in 2024 from his crypto venture, World Liberty Financial, according to a financial disclosure.
“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,” said Schiff in a press release. “That’s why I am introducing legislation to prevent the financial exploitation of any digital assets by public officials, including the president and the First Family.”
Prior similar bills. The bill joins a gaggle of proposed legislation to limit crypto activities by senior government officials. The End Crypto Corruption Act of 2025 was introduced by Sens. Jeff Merkley (D-Ore) and Chuck Schumer (D-NY), and the Modern Emoluments and Malfeasance Enforcement Act (MEME Act) was introduced by Sen. Chris Murphy (D-Conn.) in the Senate and by Rep. Sam Liccardo (D-Cal.) in the House. The Stop TRUMP in Crypto Act of 2025 (H.R. 3573) was introduced by House Financial Services Committee Democrats, led by Ranking Member Maxine Waters (D-Cal.).
Requirements. The bill would impose three main requirements for public officials:
Prohibit public officials—including the president, vice president, high-ranking executive branch employees and special government employees, and Members of Congress—from issuing, sponsoring, or endorsing digital assets, including meme coins, NFTs, or stablecoins. This prohibition covers 180 days prior to and 2 years after an individuals’ service. It also extends to individuals’ immediate family members.
Require public officials to include digital assets in their annual financial disclosures and periodic transaction reports.
Codify that the issuance, purchase, sale or holding of digital assets are considered financial interests public officials must consider when recusing themselves from official matters under the criminal conflict of interest statute.
The bill would also impose requirements for non-officials:
Require stablecoin issuers to certify quarterly with the Office of Government Ethics and regulators that public officials are not personally profiting from the issuance of such stablecoins to receive regulatory approval.
Require the Government Accountability Office to submit to Congress within 360 days a report with recommendations to update federal ethics laws to incorporate future regulatory frameworks related to digital assets.
Co-sponsors and endorsements. The COIN Act was cosponsored by U.S. Senators Lisa Blunt Rochester (D-Del), Catherine Cortez Masto (D-Nev), Ruben Gallego (D-Ariz), Kirsten Gillibrand (D-N.Y.), Ben Ray Luján (D-N.M.), Elissa Slotkin (D-Mich), Andy Kim (D-N.J.), Richard Blumenthal (D-Conn), and Angela Alsobrooks (D-Md).
“President Trump is using the highest office in the land to profit off a personal meme coin—it’s beneath the presidency and it’s blatant corruption,” said Senator Ben Ray Luján. “This kind of self-dealing is a serious conflict of interest and a violation of public trust.
The bill was endorsed by Public Citizen, the Project on Government Oversight, Citizens for Responsibility and Ethics in Washington (CREW), and Democracy Defenders Action.
“When Donald Trump rewarded 220 of the biggest investors in his personal meme coin with a private dinner and tour of the White House, that was not only a vulgar display of greed, it also revealed how wealthy special interests could buy presidential favors,” said Craig Holman, Ph.D., Public Citizen. “The COIN Act is desperately-needed legislation to stop government officials from exploiting cryptocurrency for personal gain and selling official favors.”
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