Internet reports, Cryptonews reported that U.S. Democratic Senator Adam Schiff of California on Monday proposed a bill called the "Official Income Curbing and Non-Disclosure Act"(COIN Act), which would prohibit the U.S. president, vice president and their immediate family members from engaging in cryptocurrency-related business activities while in office. The bill proposes to strictly ban the issuance, sponsorship or endorsement of any form of cryptocurrency, including memin, non-homogeneous tokens and stablecoins. The bill also requires disclosure of sales of digital assets worth more than $1,000, and violators face civil penalties equivalent to the amount of the profit and up to five years in prison.