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119-s-2143119th CongressWALLET

Curbing Officials' Income and Nondisclosure (COIN) Act

Sponsored By: Senator Schiff, Adam B. [D-CA]

Introduced

Summary

Bar public officials from certain digital-asset financial transactions and tighten ethics rules for cryptocurrencies and stablecoins. This bill would create civil and criminal penalties, force stablecoin issuers to certify no official profit, and direct a GAO review of federal ethics law for digital assets.

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  • Public officials and their immediate family members would be prohibited from specified digital-asset transactions during service, for the 180-day period before service, and for 2 years after leaving office.
  • Violators would face civil fines and disgorgement, including penalties up to $25,000 per violation or a percentage of the interest's value; knowing violations that cause at least $1 million in aggregate losses could bring criminal penalties up to 5 years and stiffer penalties for bribery or insider-trading offenses.
  • Permitted payment stablecoin issuers would have to certify that no public official profits, recertify within 90 days and quarterly thereafter, and face revocation or criminal referral for false certifications; the GAO would report within 360 days with recommended ethics updates for digital-asset rules.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 2 costs, 1 mixed.

Quarterly certification for stablecoin issuers

If enacted, a company seeking approval as a permitted payment stablecoin issuer would have to certify to the Office of Government Ethics and its regulator that no public official has a tied financial interest. The issuer must recertify within 90 days after the first coin and then every quarter. The Office would post certifications. Regulators could revoke approval for missing certifications and must refer suspected violations to the Attorney General. False certifications could lead to criminal charges under 18 U.S.C. 1001.

New crypto disclosure and recusal rules

This bill would make federal disclosure and conflict rules cover many digital assets. If enacted, reporting officials would have to list any crypto, token, NFT, or payment stablecoin they held last year worth more than $1,000 at year-end. The bill would also count such digital-asset holdings as a "financial interest" for conflict-of-interest rules, which could force recusal or other limits for covered officials.

Ban and penalties for officials' crypto deals

If enacted, covered federal officials and their immediate family could not issue, sponsor, or endorse certain digital assets. The ban would apply during service, for 180 days before service, and for two years after service. The Attorney General could bring civil cases with penalties up to $25,000 per violation, 10% of the interest's value, or the amount of the violator's gain, plus disgorgement. Serious criminal violations tied to $1,000,000 in losses or gains could bring fines and up to 5 years in prison. Bribery or insider-style violations could bring fines or up to 15 years and possible disqualification from office.

Sponsors & CoSponsors

Sponsor

Schiff, Adam B. [D-CA]

CA • D

Cosponsors

  • Sen. Blunt Rochester, Lisa [D-DE]

    DE • D

    Sponsored 6/23/2025

  • Sen. Cortez Masto, Catherine [D-NV]

    NV • D

    Sponsored 6/23/2025

  • Sen. Gallego, Ruben [D-AZ]

    AZ • D

    Sponsored 6/23/2025

  • Sen. Gillibrand, Kirsten E. [D-NY]

    NY • D

    Sponsored 6/23/2025

  • Sen. Luján, Ben Ray [D-NM]

    NM • D

    Sponsored 6/23/2025

  • Sen. Slotkin, Elissa [D-MI]

    MI • D

    Sponsored 6/23/2025

  • Sen. Kim, Andy [D-NJ]

    NJ • D

    Sponsored 6/23/2025

  • Sen. Blumenthal, Richard [D-CT]

    CT • D

    Sponsored 6/23/2025

  • Sen. Alsobrooks, Angela D. [D-MD]

    MD • D

    Sponsored 6/23/2025

  • Sen. Kelly, Mark [D-AZ]

    AZ • D

    Sponsored 6/24/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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