H.R. 3314, the Stop Presidential Profiteering from Digital Assets Act, prohibits anyone from creating, promoting, or selling cryptocurrency and other digital assets that use the name, likeness, image, or other identifying characteristics of the President, Vice President, members of Congress, Senate-confirmed federal officials, or their immediate family members—even if those officials consent to or authorize the use. The Securities and Exchange Commission would enforce the law with authority to impose civil penalties of up to $250,000 per violation or an amount equal to any financial gains from the violation, whichever is greater, and can seek court orders to stop distribution of prohibited digital assets. The SEC must issue implementing regulations within 180 days of the bill becoming law. The legislation effectively treats any such digital asset as a violation regardless of whether the covered individual approved it.
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.