Senator Adam B. Schiff introduces bill to prevent financial exploitation by public officials

A new bill, S. 2143: Curbing Officials’ Income and Nondisclosure (COIN) Act, aims to prevent financial exploitation by public officials and increase transparency surrounding their financial interests, particularly in digital assets. The bill prohibits certain financial transactions related to digital assets and imposes civil and criminal penalties for violations.

Public officials are prohibited from issuing, endorsing, or trading securities like cryptocurrencies, with penalties including fines and potential imprisonment. The bill also requires officials to disclose digital assets exceeding $1,000 in value and mandates certification by stablecoin issuers that no public officials profit from their issuance.

Coinbase Global, Inc., Grayscale Bitcoin Trust, and Grayscale Ethereum Trust may be affected by the bill as they operate in the cryptocurrency space. Senator Adam B. Schiff has proposed several bills related to firearm trace data, assisted reproduction expenses, and the preservation of the Rim of the Valley Corridor.

Senator Adam B. Schiff’s estimated net worth is $1.9 million, ranking 227th in Congress, with $768.5K in publicly traded assets. He has engaged in stock trading, with notable transactions including a sale of up to $50K of AbbVie stock in December 2021. This article provides insights into Schiff’s financial activities and net worth status.

Read more at Nasdaq: New Bill: Senator Adam B. Schiff introduces S. 2143: Curbing Officials’ Income and Nondisclosure (COIN) Act