Schiff’s Crypto Crackdown—With a Catch
Senator Adam Schiff (D-CA) made headlines Monday with a new bill aimed at stopping the president and their family from cashing in on crypto while in office. The COIN Act would block the president, vice president, and their immediate relatives from launching or promoting cryptocurrencies, meme coins, or stablecoins. It also requires them to report digital asset sales over $1,000—with violations carrying fines and even jail time.
Schiff didn’t hold back in his criticism, calling out Donald Trump’s crypto dealings as “lucrative graft” and a glaring conflict of interest. But here’s the thing: just last week, Schiff voted for a different bill—the GENIUS Act—that *didn’t* include these same restrictions for the president.
A Contradiction in Plain Sight
The GENIUS Act, which Schiff and 17 other Senate Democrats backed, sets rules for stablecoins in the U.S. While it bars members of Congress and some officials from issuing their own, it conveniently leaves out the president and vice president. Democrats initially pushed for stricter language but folded when Republicans refused to budge.
That’s raised eyebrows, especially since Trump’s crypto ventures are booming. His family recently struck a deal involving a $2 billion investment funneled through a UAE-linked firm using Trump’s own stablecoin, USD1. Schiff’s office didn’t respond when asked why he supported a bill that allowed this.
Online, the reaction was sharp. Critics called the move hypocritical, with one writer labeling it “cynical” given Schiff’s recent vote. Others were less polite.
An Uphill Battle
Schiff isn’t the only Democrat trying to rein in Trump’s crypto dealings. Bills like the MEME Act and the Stop TRUMP in Crypto Act have been floated, but none stand a chance in the Republican-controlled Congress. There’s also a Senate investigation pending, but for now, it’s mostly noise.
The bigger question is whether this back-and-forth will spill into other crypto legislation. Market structure bills—which could shape the entire industry—are still in play. If Democrats keep pushing for presidential restrictions, it might complicate things. Then again, they’ve compromised before.
For now, Schiff’s COIN Act feels more like a statement than a solution. And with Trump’s crypto empire growing, it’s unclear if any of these efforts will actually slow him down.
