Senator introduces bill to curb Trump’s crypto ties
California Senator Adam Schiff and nine Democratic colleagues introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act to address concerns over President Donald Trump’s involvement in cryptocurrency.
The legislation aims to prevent “financial exploitation of digital assets” by public officials, including the president and their families.
“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,” Schiff stated.
The bill would prohibit covered officials from issuing, sponsoring, or endorsing cryptocurrencies, memecoins, NFTs, and stablecoins starting 180 days before and extending two years after their time in office.
The legislation specifically targets payment stablecoins, such as the USD1 (CRYPTO:USD1) stablecoin launched by World Liberty Financial (CRYPTO:WLFI), a crypto platform backed by Trump’s family.
In May, an Abu Dhabi-based firm announced plans to use USD1 to settle a $2 billion investment in Binance.
Trump’s family reportedly reduced its stake in WLFI from 75% in December to 40% in June, with potential sales worth millions.
The nonpartisan group State Democracy Defenders Action estimated Trump’s digital asset holdings at $2.9 billion, about 40% of his wealth.
In the House, California Representative Maxine Waters introduced the Stop Trading, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act to block Trump’s memecoin and address crypto-related corruption.
Both bills face uncertain prospects, as Democrats hold the minority in Congress.
Even if passed, the legislation would likely be vetoed by Trump and require a two-thirds majority in both chambers to override.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Australian Dollar breaks 0.69 as hot US CPI raises 50-bp Fed hike risk
Philadelphia Fed President Paulson supports gradual rate hikes but warns inflation is still “stuck ” above target
Core inflation is "stuck" in the 2.5%-3% range, with triple pressures from tariffs, energy, and AI data center demand. Paulson insists on gradual rate hikes while setting clear trigger conditions—if inflation expectations shift upwards or wage pressures build, he will move more quickly. Meanwhile, Governor Waller stated that if October's core CPI rises 0.3% month-on-month, a 50 basis point rate hike in December should be considered. Dallas Fed's Logan said at least two more rate hikes are needed.
During Anthropic IPO roadshow, OpenAI also discloses financial data: Q3 revenue falls short, losses far exceed expectations
OpenAI's revenue in Q3 reached $10 billion, marking a nearly 50% quarter-on-quarter increase. Its annualized run rate is approximately $50 billion, but operating losses have expanded from $10.1 billion to $10.9 billion. Competitor Anthropic has begun its IPO roadshow, with Q3 revenue of $17 billion and losses of only $567 million, leading in both scale and profitability.
Petrobras (PBR.US) Achieves Record Oil and Gas Production in Q3; Adjusted Net Profit Up 78% Year-on-Year, Raises Full-Year Production and Capital Expenditure Guidance
Petrobras released its Q3 2026 financial results after the US market close on November 10.
Crypto prices
More
