Democratic Senator Adam Schiff introduced key legislation in the form of the COIN Act on June 23, 2025, aimed at countering the potential corruption that could occur in the White House due to U.S. President Donald Trump’s heavy involvement in digital assets, as per a media release on Schiff’s website.
The COIN Act will put safeguards to prevent exploitation of digital asset provisions by public officials in the U.S. Government.
The bill is co-sponsored by the following U.S. Senators: Lisa Blunt Rochestor, Catherine Cortez Masto, Ruben Gallego, Kirsten Gillibrand, Ben Ray Lujan, Elissa Slotkin, Andy Kim, Richard Blumenthal, and Angela Alsobrooks.
“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. 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. We need far greater scrutiny of the president’s financial dealings, and to stop him and any other politician from profiting off of such schemes,” said U.S. Senator Adam Schiff.
This new piece of legislation comes after the U.S. Senate approved the GENIUS Act with a vote of 68-30, which officially gives a framework for stablecoins and companies that issue them.
The passing of the GENIUS Act sparked concerns among key senators and members from both Democrats and Republicans about the possibility of corruption in the U.S. Administration, particularly for Trump and his family.
As per a Reuters report, the Trump Family raised more than $400 million for World Liberty Financial, and Trump has reported $57.35 million from token sales alone.