U.S. Democratic Senators propose "Official Income Curbing and Non-Disclosure Act" in response to Trump's relationship with the crypto industry

PANews reported on June 24 that according to Cointelegraph, U.S. Senator Adam Schiff and nine Democratic lawmakers proposed the Curbing Official Income and Non-Disclosure Act (COIN Act), which intends to prohibit President Trump and public officials from issuing, promoting or endorsing cryptocurrencies within 180 days to 2 years before and after their terms. The proposal is a direct response to the $57.4 million in revenue disclosed by World Liberty Financial (WLF), a crypto platform associated with President Trump's family, and the USD1 stablecoin launched by WLF in March this year.

The bill specifically targets payment stablecoins and requires the expansion of the existing STOCK Act reporting scope to include digital assets. Congresswoman Maxine Waters has previously proposed a similar "Stop Trump Crypto Corruption Act," but the Democrats in both houses are in the minority, and the bill's prospects for passage are in doubt.