Breaking: Dems Drop the Hammer on Trump's Crypto Cash Grab with New COIN Act

Schiff and Squad Aim to Block Public Officials from Raking in Digital Dough

Holy smokes, folks! Democratic lawmakers just threw down the gauntlet with a new bill that's set to slam the brakes on U.S. public officials, including the big boss himself, from cashing in on digital assets while in office and even after they pack up their desks. Talk about a game-changer!

This bombshell, dubbed the Curbing Officials’ Income and Nondisclosure, or COIN, Act, is the Dems' latest move to tackle what they see as President Donald Trump's shady financial ties to the wild world of crypto ventures. It's like a financial firewall, folks!

The bill's mastermind, Senator Adam Schiff, along with nine other Democratic heavyweights, rolled out this legislative thunderbolt after jaw-dropping reports surfaced that Trump pocketed a cool $57.4 million in 2024 through World Liberty Financial, a crypto platform that's tighter than a drum with his family. Can you believe it?

Schiff isn't mincing words, folks. He's blasting the president's digital dealings as a serious ethical and constitutional no-no, pointing to what he calls Trump's blatant use of the White House as his personal piggy bank. It's like a financial free-for-all in there!

The COIN Act is no joke, folks. It's laser-focused on shutting down what its sponsors call the "financial exploitation of digital assets" by elected officials and their nearest and dearest. It's like a digital asset lockdown!

Get this: according to the bill's fine print, the COIN Act would straight-up ban current and former public officials, from the president to members of Congress and high-ranking execs, from issuing, sponsoring, or hyping up digital assets like meme coins, NFTs, and stablecoins. It's like a digital asset detox!

And here's the kicker: this crackdown would kick in 180 days before they even take office and keep them on a tight leash for two whole years after they hit the road. Even their immediate family members aren't getting a free pass. It's like a digital asset dynasty crackdown!

But wait, there's more! The bill is also set to beef up the Ethics in Government Act, making sure digital assets get the spotlight in financial disclosures and transaction reports. And get this: it's gonna make it crystal clear that holding or trading crypto counts as a financial interest under conflict of interest laws, forcing officials to step back from any related decisions. It's like a digital asset ethics overhaul!

And hold onto your hats, folks: the bill's also demanding that stablecoin issuers certify every quarter that no public official is getting rich off their tokens if they want to stay in the regulatory good graces. It's like a digital asset accountability blitz!

But that's not all! The COIN Act is calling for the Government Accountability Office to drop a report on Congress's desk within 360 days, dishing out recommendations on how to keep federal ethics laws fresh as crypto oversight frameworks evolve. It's like a digital asset ethics roadmap!

Now, folks, this pressure to throw up these guardrails has been building for months, with Democratic lawmakers going ballistic over Trump's expanding crypto empire. It's like a digital asset showdown!

Just earlier this year, Rep. Maxine Waters went full-on scorched earth, accusing Trump of using his memecoin, $TRUMP, to line his pockets while pulling the wool over investors' eyes. It's like a digital asset deception!

And in April, Waters sounded the alarm over World Liberty Financial's USD1 stablecoin, warning that the token could be a secret weapon for foreign actors to funnel cash straight to the president. It's like a digital asset espionage thriller!

She even slammed Trump's private shindig for top $TRUMP memecoin holders, calling it a "pay-to-play scheme" that blurred the lines between campaign cash grabs and political favor-trading. It's like a digital asset corruption scandal!

These red-hot concerns have already sparked a wildfire of Democratic-led legislative efforts. Waters and her crew have thrown their weight behind bills like the MEME Act, led by Rep. Sam Liccardo, and the Stop TRUMP in Crypto Act, both laser-focused on keeping public officials and their families from owning or promoting digital assets while in the hot seat. It's like a digital asset crackdown crusade!

But despite all the noise, Trump's not backing down. He's still charging full steam ahead, expanding his digital asset empire. His family's even getting in on the action, backing multiple crypto ventures, from stablecoins to a rumored stake in a Bitcoin mining project. It's like a digital asset dynasty!

And get this: blockchain data's been spilling the beans, linking big-time crypto industry players, like Tron founder Justin Sun, to massive holdings of Trump-affiliated tokens. It's like a digital asset who's who!