Trump's Crypto Ventures Have Been 'Lucrative,' But Adam Schiff Says He Is Bringing In A Law To End 'Corruption In Plain Sight'

Rep. Adam Schiff (D-Calif.) introduced legislation Monday aimed at curbing the alleged corruption in cryptocurrency ventures by President Donald Trump and other senior administration officials.

What Happened: In a video posted on X, Schiff said the so-called COIN Act wants to end the ongoing “corruption in plain sight.”

“The presidency has been super lucrative for Donald Trump,” he said. “Nothing has been more lucrative than the cryptocurrency schemes that he and his kids have been involved in.”

According to Schiff, the act would prohibit the U.S. President, Vice President, their immediate families and executive officials from issuing and promoting cryptocurrencies, including meme coins, non-fungible tokens and stablecoins. The act also requires public officials to include cryptocurrencies in their annual financial disclosures and periodic transaction reports. 

Furthermore, the bill would apply the criminal conflict of interest provision requiring officials to recuse themselves from official matters that would influence their cryptocurrency wealth.

The White House didn’t immediately return Benzinga’s request for comment.

See Also: XRP Sheds 10% In Seven Days – So Why Are Traders Still Bullish?

Why It Matters: Recent financial disclosures revealed that Trump’s investment in the family-backed cryptocurrency platform World Liberty Financial generated him over $57.35 million last year.

But that’s not all. A slew of cryptocurrency ventures pushed by Trump and his family have sparked controversy, particularly since his return to the White House.

The Trump family’s backing of the dollar-pegged stablecoin USD1 was fiercely opposed by Sen. Elizabeth Warren (D-Mass.), who argued that the GENIUS Act, also known as the stablecoin bill, would enable this corruption

The Official Trump (CRYPTO: TRUMP) memecoin, launched just days before Trump took the presidential oath, has also raised concerns. Trump hosted a private dinner for the top holders of the coin, including controversial cryptocurrency mogul Justin Sun.

Read Next: 

• Senate Passes GENIUS Act—Coinbase’s Brian Armstrong Calls It ‘Big Milestone,’ Scott Bessent Says Passage Could Drive Stablecoins Into A $3.7 Trillion Market

Photo Courtesy: Lev Radin on Shutterstock.com

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.