TechFlow, June 24 — According to Cryptonews, California Democratic Senator Adam Schiff introduced a bill on Monday called the "Cryptocurrency Offender Income and Non-Disclosure Act" (COIN Act), which would ban the U.S. President, Vice President, and their immediate family members from engaging in cryptocurrency-related business activities during their term of office.
The proposed legislation strictly prohibits the issuance, sponsorship, or endorsement of any form of cryptocurrency, including meme coins, non-fungible tokens, and stablecoins. The bill also requires disclosure of digital asset sales exceeding $1,000 in value, with violators facing civil penalties equal to the profits gained and up to five years in prison.
Notably, just last week, Schiff voted in favor of the GENIUS Act, which establishes a regulatory framework for U.S. stablecoins and restricts members of Congress and certain executive officials from issuing stablecoins, but clearly exempts the President and Vice President.
