US authorities are demanding that President Donald Trump reconsider his approach to cryptocurrencies! According to Adam Schiff, a Democratic Party senator, the White House leader should not profit from cryptocurrency.
President Trump and his family members should not benefit from promoting cryptocurrencies, Schiff asserts. In addition, he has called for a ban on government officials, including the president, vice president, congressmen, and their families, from issuing or promoting their own crypto assets. These provisions were outlined in a document called the Curbing Officials’ Income and Nondisclosure (COIN) Act. The bill restricts government employees from launching, promoting, or sponsoring various types of digital assets, including memecoins, NFTs, and stablecoins. The ban applies “180 days prior to and 2 years after” an individual’s time in office.
“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,” Schiff emphasized.
Previously, Trump had planned an executive order to make cryptocurrencies a priority in US policy. Industry representatives might even gain advisory roles in the administration.
Recall that in January 2025, just days before his inauguration, Trump announced the launch of his own cryptocurrency. "My NEW Official Trump Meme is HERE!" the president wrote in a post on Truth Social. Within 24 hours, the OFFICIAL TRUMP (TRUMP) token surged fivefold, peaking at $34.50 per coin. Analysts at the Financial Times estimate the project has netted the president $350 million since its debut.
