This bill would prohibit high-ranking government officials from issuing, sponsoring, or endorsing cryptocurrencies and other digital assets for profit. The restrictions would apply to the President, Vice President, Members of Congress, Senate-confirmed appointees, and certain Executive Office staff, along with their spouses and dependent children. Officials would be banned from engaging in these activities during their service and for one year after leaving office, though they could still buy, sell, or hold digital assets that are generally available to the public.
Violators would face both civil and criminal penalties, with civil fines up to 10 percent of the financial interest's value or any gains made, whichever is greater. Criminal penalties could include up to five years in prison for violations that cause losses of $1 million or more to others, or that involve corrupt exchanges for official acts. The bill explicitly states that any conduct related to these prohibited transactions would be considered unofficial acts, meaning officials could not claim immunity from prosecution.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.