U.S. Senator Adam Schiff has submitted a bill aimed at prohibiting the President, Vice President, and their families from engaging in Crypto Assets-related business activities.

According to a report by Cryptonews on June 24, Deep Tide TechFlow news states that California Democratic Senator Adam Schiff proposed a bill named the "COIN Act" on Monday, which would prohibit the President, Vice President, and their immediate family members from engaging in crypto assets-related business activities during their term.

The bill proposes to strictly prohibit the issuance, sponsorship, or endorsement of any form of Crypto Assets, including meme coins, non-fungible tokens, and stablecoins. The bill also requires the disclosure of sales of digital assets valued over $1,000, with violators facing civil penalties equivalent to the profit amount and up to five years in prison.

Schiff directly linked the proposal to President Trump's Crypto Assets trading. According to financial disclosures released last Friday, Trump earned $58 million from his Crypto Assets business in 2024, primarily from the sale of WLFI coins.

It is worth noting that just last week, Schiff voted in favor of the GENIUS bill to establish a regulatory framework for stablecoins in the United States, which restricts members of Congress and certain executive officials from issuing stablecoins, but clearly exempts the President and Vice President.