Democrats Unveil COIN Act to Halt Trump’s Crypto

Democrats Introduce COIN Act to Curb Trump’s Crypto Ventures Amid Corruption Allegations

In a bold new legislative move, Democrats are ramping up efforts to restrain President Donald Trump’s expanding influence in the cryptocurrency sector. On Monday, Senator Adam Schiff introduced the Curbing Officials’ Income and Non-disclosure (COIN) Act, aiming to stop what he describes as “Trump’s corruption in plain sight.”

This marks the third legislative effort by Democrats in 2025 to challenge Trump’s involvement in crypto ventures, as his digital currency empire continues to grow at breakneck speed—and with increasing controversy.

COIN Act Targets Presidential Crypto Engagement

The COIN Act sets out to establish a comprehensive ban on the President, Vice President, and their immediate family members from issuing, promoting, or endorsing cryptocurrency assets. It also proposes a cooling-off period—six months before assuming office and two years after leaving—during which no crypto-related activity would be permitted for top officials.

In a post on X (formerly Twitter), Schiff did not mince words:

“Donald Trump and other senior administration officials have made a fortune off of crypto schemes. Today, I’m introducing the COIN Act to put a stop to this corruption in plain sight.”

The announcement follows Trump’s recent high-profile memecoin launches, including TRUMP and MELANIA tokens, as well as his branded crypto merchandise line—ventures that Schiff alleges have netted the President over $1 billion at the expense of retail investors.

Democratic Pushback Against Trump’s Crypto Ambitions

The COIN Act is the latest in a growing list of Democratic-led legislative efforts aimed at curtailing Trump’s crypto dealings. These efforts reflect broader concerns about conflicts of interest, corruption, and abuse of executive power in a financial sector that still lacks robust regulatory oversight.

1. STOP TRUMP in Crypto Act (May 2025)

In late May, Representative Stephen Lynch introduced the STOP TRUMP in Crypto Act of 2025, a proposal that sought to extend the crypto ban to members of Congress as well.

Lynch accused Trump of using “the power of the presidency to shamelessly promote and profit from a series of crypto ventures tied to himself and his family.” He further claimed that the President had already amassed over $450 million from the TRUMP and MELANIA memecoins, while defrauding unwitting investors.

2. MEME Act

Another bill—the MEME Act, proposed by Democratic Representative Sam Licardo—called for a broader prohibition that included active senior White House officials and family members of Congress members.

Licardo argued that the explosive growth of Trump-linked digital assets posed “a fundamental threat to public trust and national financial integrity.”

The GENIUS Act: A Loophole?

Interestingly, the recently passed GENIUS Act—a bill supposedly designed to enhance government ethics and transparency—explicitly excludes the President and Vice President from its conflict-of-interest provisions.

Critics argue that this exclusion creates a dangerous loophole, essentially enabling Trump to continue exploiting his office for financial gain through crypto. It also highlights the partisan divide over how presidential financial interests should be regulated in the emerging Web3 economy.

Inside Trump’s Expanding Crypto Empire

Despite mounting scrutiny, Trump’s influence over the digital asset space appears to be growing rapidly. His crypto empire spans a wide array of tokenized projects, from meme coins to stablecoins, and is largely managed by the private firm World Liberty Financial (WLFI).

World Liberty Financial (WLFI): The Engine Behind Trump’s Tokens

Democrats' Double Standards on Trump's Crypto Ventures: Public Criticism vs. Quiet Legislative Support

WLFI has emerged as the primary financial vehicle behind Trump’s crypto initiatives, responsible for marketing, development, and token issuance. It’s also the issuer of USD1, a fast-growing dollar-pegged stablecoin that some insiders say is being quietly integrated into campaign-related financial systems.

Critics have raised red flags over WLFI’s operations, pointing to:

Opaque ownership structures
Alleged preferential government contracts
Potential laundering mechanisms
Conflict of interest due to its political ties

As of June 2025, WLFI’s token ecosystem is estimated to hold a market capitalization exceeding $1.5 billion.

A Political Minefield: Crypto, Corruption, and the Campaign Trail

The intersection of politics and cryptocurrency is quickly becoming one of the most contentious battlegrounds of the 2024–2025 election cycle.

Democrats argue that Trump’s crypto ventures are emblematic of a broader pattern of corruption and self-dealing. Meanwhile, Trump and his supporters frame the accusations as politically motivated attacks meant to stifle innovation and punish financial independence from traditional institutions.

Public Reaction and Market Sentiment

Market sentiment toward Trump-branded tokens has been volatile but largely bullish, especially among supporters who view the tokens as badges of ideological alignment. TRUMP and MELANIA tokens have consistently trended on social media, with trading volumes regularly exceeding $100 million per day.

At the same time, watchdog groups and investor advocacy organizations have issued multiple warnings about the speculative nature and lack of disclosures tied to these projects.

What Comes Next for the COIN Act and Other Proposals?

While the COIN Act brings sharp attention to ethical concerns in political crypto involvement, its legislative fate remains uncertain. With a Republican-controlled Senate and mounting legal pushback, the bill may struggle to gain the traction needed for passage.

So far:

The MEME Act has stalled in committee.
The STOP TRUMP Act remains under review.
Only the GENIUS Act has passed, albeit with key omissions.

Still, Democrats appear determined to keep pressing the issue, especially as Trump continues to blend presidential influence with personal profit in a sector that remains largely unregulated at the federal level.

Conclusion: Ethics, Influence, and the Future of Crypto in Politics

As Trump continues to shape the crypto landscape with his name-branded tokens and financial infrastructure, the COIN Act signals a growing urgency among lawmakers to draw clear ethical boundaries between public office and private gain.

Whether the bill succeeds or not, it underscores a critical question for the future of American democracy:

Should elected officials be allowed to profit from speculative financial technologies they might one day be responsible for regulating?

Until clear federal guidelines are passed, the fusion of cryptocurrency and political power will remain one of the most polarizing and impactful issues of this political era.