WASHINGTON — A group of Senate Democrats that’s been helping Republicans pass crypto-friendly legislation plans to introduce legislation that would ban the president of the United States from issuing crypto tokens.But Sen. Adam Schiff (D-Calif.), lead sponsor of the bill, will introduce it only after the Senate has passed the friendly crypto bill ― meaning Republicans would have no reason to support it.The Senate is set to pass the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS Act, on Tuesday afternoon. Republicans rejected Democratic efforts to amend the bill to disallow the president from participating in crypto ventures. Schiff’s staff last week solicited Democratic co-sponsors for a new bill “we plan to introduce following the consideration of the GENIUS Act,” according to an internal email obtained by HuffPost. The message indicated the bill’s co-sponsors at the time included several Democrats who’ve supported the GENIUS Act in recent procedural votes. Schiff declined to comment Tuesday on his legislation ahead of its introduction. The GENIUS Act would set up favorable regulations for crypto assets known as stablecoins. It would still need to pass the House in some form before it can become law. Crypto advocates and haters alike view the legislation as a crucial first step in bestowing legitimacy on the scam-riddled industry. The bill likely would have passed sooner if Democrats hadn’t hesitated in light of President Donald Trump’s brazen promotion of crypto to enrich his family, including with a private dinner rewarding the top purchasers of his $TRUMP meme coin.“This is a policy that would legitimize corruption,” Sen. Elizabeth Warren (D-Mass.) said of the GENIUS Act in May as Democrats briefly balked at the legislation before getting back on board. Democrats, including Schiff, tried to change the bill to impose limits on the president’s participation in crypto ventures while holding public office, but Republicans rejected their proposals and the bill cleared a key procedural hurdle last week with 18 Democrats in support. Schiff’s new bill, the Curbing Officials’ Income and Nondisclosure (COIN) Act, would prohibit public officials, including the president, vice president and high-ranking executive branch employees, from issuing, sponsoring or endorsing digital assets, including meme coins, stablecoins and NFTs. The Schiff bill won’t stand much chance of becoming law unless Democrats can find leverage to win over Republicans. With the GENIUS Act out the door, they may have missed their best chance to do so, though crypto advocates are hoping Congress passes another major crypto regulation bill soon. The COIN Act’s Democratic co-sponsors as of last week included several Democratic GENIUS Act supporters, according to the email from Schiff’s staff, such as Sens. Catherine Cortez Masto (Nev.), Kyrsten Gillibrand (N.Y.), Andy Kim (N.J.) Ben Ray Luján (N.M.), Ellisa Slotkin (Mich.) and Sen. Lisa Blunt Rochester (Del.), who supported the GENIUS Act on a procedural vote in May but not the most recent one last week. Close