Buckle up, folks: Adam Schiff is on a quest to stop U.S. presidents from treating Bitcoin wallets like piggy banks. Yes, that Adam Schiff. If your crypto portfolio involves any former reality-TV-host-turned-president, you may want to hold onto your Tether.
Schiff’s new legislative opus, the COIN Act (Curbing Officials’ Income and Nondisclosure), straight-up bans presidents, veeps, their assorted cabinet friends, and their families from launching or shilling crypto coins, NFTs, or that hot new dog-themed memecoin—at least while they’re in office. Oh, and you’d better not try to sneak in any last-minute altcoin shenanigans on your way out, because he’s slapped a “no profiteering” grace period on either end of your public service. Because, you know, nobody loves a goodbye scam.
The act envisions a world where the Kardashians first families have to disclose every digital asset sale over $1,000. Stuck with a rare Pepe NFT or meme coin and got greedy? Hope you like government-subsidized meals, because breaking these rules could earn you a prison stint. 😬
This crusade was spurred on by Trump stacking up crypto coin like it’s “The Apprentice: Blockchain Edition.” Rumor has it his pals at World Liberty Financial (WLF) helped him rack up $57 million in 2024. (Suddenly, Dogecoin looks quaint.) Schiff’s worried, so now his bill is sponsored by nine Senate Democrats—some of whom previously said, “regulation, shmegulation” during that GENIUS Act thing, but hey, we all have a right to evolve…especially when the New York Times is watching.
Senator Ben Ray Luján chimed in with the kind of earnestness only someone who’s never photoshopped a bored Shiba Inu onto a $100 bill can deliver:
“President Trump is using the highest office in the land to profit off a personal meme coin – it’s beneath the presidency, and it’s blatant corruption. This kind of self-dealing is a serious conflict of interest and a violation of public trust. That’s why my colleagues and I are introducing the COIN Act to ensure that the President and their immediate family can’t exploit public office to cash in on digital assets.”
Meanwhile, Trump’s WLF coins are allegedly so popular, even folks in Abu Dhabi are getting in on the action (seriously, $2 billion transferred!). The Trump family trimmed its stake in WLF from 75% to 40%, which, according to critics, is sort of like only stealing half the cookies from the jar if you’re already caught red-handed. 🍪
Even with hot names like MEME Act and COIN Act, these bills face the legislative equivalent of trying to explain TikTok to the Senate: A Republican-controlled Congress that isn’t feeling the joke. But hey, if all else fails, there’s always the sequel—“Keeping Up With the Coin-dashians.”
Read More
2025-06-24 11:38