WASHINGTON D.C. – Today, Senator Andy Kim (D-NJ) joined Senator Adam Schiff (D-CA) and eight Democratic Senators in introducing the Curbing Officials’ Income and Nondisclosure (COIN) Act to enact commonsense guardrails to prevent the financial exploitation of digital assets by public officials, including the president and their immediate family.   

This legislation follows recent White House financial disclosure reporting revealing that President Trump raked in $57.3 million from his crypto venture with World Liberty Financial in 2024.  

“Americans deserve to have full faith in their public officials. From meme coins to NFTs, we need to set the necessary guardrails to root out corruption, stop those in power from exploiting digital assets, and rebuild this sacred trust between government and the American people,” said Senator Andy Kim. 

“President Donald Trump’s cryptocurrency dealings have raised significant ethical, legal and constitutional concerns over his use of the office of the presidency to enrich himself and his family. That’s why I am introducing legislation to prevent the financial exploitation of any digital assets by public officials, including the president and the First Family. We need far greater scrutiny of the president’s financial dealings, and to stop him and any other politician from profiting off of such schemes,” said Senator Adam Schiff.   

The COIN Act includes critical reforms to safeguard against public officials exploiting digital assets for their own personal profits.   

Specifically, this legislation seeks to:  

• Amend the Ethics in Government Act of 1978 to prohibit public officials – including the president, vice president, high-ranking executive branch employees and special government employees, and Members of Congress – from issuing, sponsoring, or endorsing digital assets, including meme coins, NFTs, or stablecoins. This prohibition covers 180 days prior to and 2 years after an individuals’ service. It also extends to individuals’ immediate family members.  

• Require public officials to include digital assets in their annual financial disclosures and periodic transaction reports.  

• Codify that the issuance, purchase, sale or holding of digital assets are considered financial interests public officials must consider when recusing themselves from official matters under the criminal conflict of interest statute.  

• Require stablecoin issuers to certify quarterly with the Office of Government Ethics and regulators that public officials are not personally profiting from the issuance of such stablecoins to receive regulatory approval.   

• Require the Government Accountability Office to submit to Congress within 360 days a report with recommendations to update federal ethics laws to incorporate future regulatory frameworks related to digital assets.  

Full text of the bill is available here. 

This legislation is also cosponsored by U.S. Senators Lisa Blunt Rochester (D-Del.), Catherine Cortez Masto (D-Nev.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Ben Ray Luján (D-N.M.), Elissa Slotkin (D-Mich.), Richard Blumenthal (D-Conn.) and Angela Alsobrooks (D-Md.). 

The bill is endorsed by Public Citizen, the Project on Government Oversight, Citizens for Responsibility and Ethics in Washington (CREW), and Democracy Defenders Action.   

Senator Kim has prioritized work to combat corruption in government and politics since coming to Congress, including campaign finance reform, restoring the full strength of the Voting Rights Act, and through introducing legislation as a member of the House to ban senior officials across the three branches of federal government from trading individual stocks. Before being elected to the U.S. Senate, Kim represented New Jersey’s Third Congressional District in the U.S. House and was a career public servant working in national security and diplomacy at the White House, State Department, and Pentagon. Learn more about Senator Kim’s service on behalf of New Jersey here.  

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