Newton Gitonga
Cryptocurrencies remained elevated on Tuesday as Donald Trump declared a ceasefire between Israel and Iran, cooling the escalating Middle East tensions.
Bitcoin has jumped from weekend lows or around $98,000 to $105,809 at press time.
Also, top altcoins like Ethereum, XRP, and Solana gained up to 10% in the past 24 hours amid renewed optimism.
While analysts anticipate continued uptrends and potential breakouts, investor attention remained on political-themed cryptos due to the renewed regulatory developments.
In a bold move to distinguish public services from private gains, Senator Adam Schiff dropped the COIN (Curbing Official’s Income and Nondisclosure) Act yesterday.
According to Adam Schiff, the COIN Act would prohibit the president, the vice president, his kids, and the first family, as well as top executive officials or special employees like Elon Musk.
It would prohibit them from issuing a digital currency, from endorsing, or sponsoring one.
Schiff’s bill seeks to ban the US president, Vice president, senior officials, and their families from advertising or profiting from digital asset undertakings while in office.
The market reacted swiftly to these developments, with PolitiFi coins’ market cap increasing by nearly 10% from $2,006,990,100 to press time’s $2,203,062,675.
The notable gain followed massive rallies in top political-tied tokens.
Department of Government Efficiency, Pepe Trump, and the America Party memes soared up to 30% in the previous 24 hours.
The sector’s trading volume increased remarkably within the past day to $622,950,060.
That reflects renewed investor and trader interest in cryptocurrencies linked to politicians.
The activity surge comes as PolitiFi tokens remain in the spotlight following the proposed legislation, which follows mounting concerns over Trump’s crypto investments.
Schiff stated that the president and his sons earned around $57 million in Q1 2025 from the World Liberty stablecoin venture.
The US president also participated in activities related to digital exchange-traded funds (ETFs), tokenized assets, and Bitcoin mining.
Furthermore, Trump’s crypto regulation moves have raised worries over conflicts of interest.
Recently, he argued HOUSE to act “Lighting fast” in passing the Genius bill.
Understanding the COIN Act
The bill aims to prevent mixing politics with digital asset profits.
Donald Trump and other senior administration officials have made a fortune off of crypto schemes.
Today, I’m introducing the COIN Act to put a stop to this corruption in plain sight.
If passed, the COIN Act would ban high-ranking government officials from various crypto undertakings.
First and foremost, it will bar officials from launching, endorsing, or advertising any virtual assets, including NFTs, stablecoins, meme tokens, and tokenized ETFs.
Violations would attract serious consequences, including a 5-year jail term and profit forfeiture.
While Schiff’s bill applies to all high-ranking officials, it has likely stemmed from Trump’s crypto dealings.
The US president launched his meme token in January days before his inauguration.
He recently organized a private dinner with holders of his meme token, a move that attracted a massive backlash.
Moreover, Trump Media has reaffirmed its plan to accumulate Bitcoin worth $2.3 billion.
Schiff added that the president has profited from various branded merchandizes, including Watches, Sneakers, and the Make America Pray Again Bible.
Schiff believes such levels of crypto involvement pose serious ethical risks.
The Senator’s concerns match Ethereum’s Buterin, who called politician-backed cryptos ‘vehicles for unlimited political bribery.”
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