U.S. Senator Adam Schiff submits bill to ban the president, vice president and their families from engaging in cryptocurrency-related business activi

according to Cryptonews, Democratic Senator Adam Schiff of California proposed a bill on Monday called the "Cryptocurrency Openness in Negotiation Act" (COIN Act), which would prohibit the President, Vice President, and their immediate family members from engaging in cryptocurrency-related business activities during their tenure.

The bill proposes a strict ban on issuing, sponsoring, or endorsing any form of cryptocurrency, including meme coins, non-fungible tokens, and stablecoins. The bill also requires disclosure of digital asset sales worth more than $1,000, with violators facing civil penalties equivalent to the profit amount and up to five years in prison.