Curbing Officials' Income and Nondisclosure (COIN) Act
- Bill Number
- S. 2143
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 1
- Policy Area
- Government Operations and Politics
- Status
- Introduced
- Latest Action
- 2025-06-23: Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
- Last Updated
- 2025-07-31T20:58:22Z
AI-Generated Summary
Purpose The legislation aims to prevent public office holders and their immediate family members from engaging in financial activities involving digital assets, such as cryptocurrencies, to reduce risks of exploitation and conflicts of interest. It establishes new rules on prohibited transactions, enhances disclosure requirements, and introduces penalties for violations.
Key Provisions
- Prohibited Transactions: Covered individuals (those required to file financial disclosures under existing law) and their immediate family members are barred from issuing, sponsoring, or endorsing digital assets like securities, commodities, meme coins, non-fungible tokens, or payment stablecoins. This ban applies during their term of service, 180 days before it begins, and 2 years after it ends. Routine public purchases or sales are excluded.
- Civil Penalties: Violations can result in fines up to $25,000 per instance, 10 percent of the asset's value, or the amount of any financial gain, whichever is greater, plus disgorgement of profits to the U.S. Treasury.
- Criminal Penalties: New offenses include up to 5 years imprisonment for violations causing at least $1 million in losses or personal financial benefit; up to 15 years for related bribery or insider trading; and potential disqualification from office.
- Disclosure Requirements: Officials must report digital assets exceeding $1,000 in value, and these are added to existing financial interest rules.
- Stablecoin Issuer Certifications: Issuers must certify that no public officials profit from their stablecoins, with quarterly recertifications and public posting; non-compliance can lead to revocation of approval or criminal penalties for false statements.
- GAO Report: Requires a report within 360 days recommending updates to ethics laws based on new digital asset regulations.
Significant Changes to Existing Law
- Adds a new Subchapter IV to Chapter 131 of Title 5, United States Code, creating specific prohibitions on digital asset activities.
- Introduces Section 221 in Title 18, United States Code, for criminal penalties tied to these prohibitions.
- Expands disclosure rules in Section 13104 of Title 5 to cover cryptocurrencies and similar assets.
- Amends Section 208 of Title 18 to treat digital assets as financial interests subject to conflict-of-interest rules.
- Establishes a certification process for payment stablecoin issuers involving the Office of Government Ethics.
Potential Impacts
- On government agencies: Increases oversight by the Department of Justice, Office of Government Ethics, and financial regulators; may require new enforcement resources and coordination.
- On citizens: Enhances transparency in officials' financial dealings, potentially reducing public distrust, but could limit family members' investment options in digital assets.
- On international relations: Minimal direct effects, though stricter U.S. rules on digital assets might influence global standards or affect foreign officials interacting with U.S. markets.
Main Stakeholders Affected
- High-level public officials and their immediate family members.
- Digital asset issuers, including cryptocurrency and stablecoin companies.
- Federal regulators such as the Office of Government Ethics, Treasury Department, and securities/commodities agencies.
- The general public, through improved accountability measures.
Notable Legal, Constitutional, or Political Implications
- Treats certain official conduct as unofficial acts, potentially affecting immunity claims in civil or criminal cases.
- Supplements existing conflict-of-interest and bribery laws without replacing them.
- Requires intent considerations in some criminal provisions but clarifies that creating a financial interest is not necessary for liability.
- Introduces public certification and disclosure mandates that could raise administrative burdens but aim to promote ethical standards in emerging financial technologies.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (10)
Sen. Blunt Rochester, Lisa [D-DE], Sen. Cortez Masto, Catherine [D-NV], Sen. Gallego, Ruben [D-AZ], Sen. Gillibrand, Kirsten E. [D-NY], Sen. Luján, Ben Ray [D-NM], Sen. Slotkin, Elissa [D-MI], Sen. Kim, Andy [D-NJ], Sen. Blumenthal, Richard [D-CT], Sen. Alsobrooks, Angela D. [D-MD], Sen. Kelly, Mark [D-AZ]
Recent Actions
- 2025-06-23: Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
- 2025-06-23: Introduced in Senate
Bill Versions
- Curbing Officials' Income and Nondisclosure (COIN) Act — issued 2025-06-23 — PDF (17 pages)