To amend chapter 131 of title 5, United States Code, to prevent financial exploitation by public office holders, and for other purposes.
Summary
What This Bill Does
The bill requires prohibition on senior government officials and their immediate family members from issuing, sponsoring, or endorsing digital assets including cryptocurrencies, meme coins, tokens, NFTs, and payment stablecoins, defines definitions for Subchapter IV including covered individual, endorsement, immediate family member, and prohibited financial transaction encompassing digital asset securities, cryptocurrency, meme coins, tokens, and requires civil enforcement mechanism allowing Attorney General to bring actions against officials violating the digital asset prohibition, with penalties of up to $25,000 per violation, 10% of the financial interest. It relies on compliance mandates, reporting requirements, definition changes, and liability protections. The main policy areas are Finance.
Who Benefits and How
U.S. public and financial markets could face reduced risk, Retail investors and general public could face reduced risk, and General public and stablecoin users could face reduced risk.
Who Bears the Burden and How
Office of Government Ethics would take on compliance duties, Senior federal officials who violate digital asset prohibitions could face higher costs, and Senior federal officials engaged in digital asset transactions could face increased risk.
Key Provisions
- Requires prohibition on senior government officials and their immediate family members from issuing, sponsoring, or endorsing digital assets including cryptocurrencies, meme coins, tokens, NFTs, and payment stablecoins...
- Defines definitions for Subchapter IV including covered individual, endorsement, immediate family member, and prohibited financial transaction encompassing digital asset securities, cryptocurrency, meme coins, tokens...
- Requires civil enforcement mechanism allowing Attorney General to bring actions against officials violating the digital asset prohibition, with penalties of up to $25,000 per violation, 10% of the financial interest...
- Requires criminal penalties for prohibited digital asset financial transactions by public officials, including up to 5 years imprisonment for violations causing aggregate loss of $1M+ or financial benefit, up to 15...
- Requires new criminal code section 221 of title 18 establishing definitions and tiered criminal penalties for officials who profit from, accept bribes through, or conduct insider trading via prohibited digital asset...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill requires prohibition on senior government officials and their immediate family members from issuing, sponsoring, or endorsing digital assets including cryptocurrencies, meme coins, tokens, NFTs, and payment stablecoins, defines definitions for Subchapter IV including covered individual, endorsement, immediate family member, and prohibited financial transaction encompassing digital asset securities, cryptocurrency, meme coins, tokens, and requires civil enforcement mechanism allowing Attorney General to bring actions against officials violating the digital asset prohibition, with penalties of up to $25,000 per violation, 10% of the financial interest.
Key Policy Areas
Finance
Primary Purpose
The bill requires prohibition on senior government officials and their immediate family members from issuing, sponsoring, or endorsing digital assets including cryptocurrencies, meme coins, tokens, NFTs, and payment stablecoins, defines definitions for Subchapter IV including covered individual, endorsement, immediate family member, and prohibited financial transaction encompassing digital asset securities, cryptocurrency, meme coins, tokens, and requires civil enforcement mechanism allowing Attorney General to bring actions against officials violating the digital asset prohibition, with penalties of up to $25,000 per violation, 10% of the financial interest.
Policy Domains
Whole bill
Identified Gains
- U.S. public and financial markets
- Retail investors and general public
- General public and stablecoin users
- General public and retail investors
- General public (transparency beneficiaries)
Identified Costs
- Office of Government Ethics
- Senior federal officials who violate digital asset prohibitions
- Senior federal officials engaged in digital asset transactions
- Senior federal officials and their family members/business associates
- Senior federal officials (President, VP, Members of Congress, senior executive branch)
Sponsors
Legislative Progress
IntroducedMr. Schiff (for himself, Ms. Blunt Rochester, Ms. Cortez Masto, …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Congressional oversight committees, Department of Justice / Attorney General, Federal law enforcement
Positive-direction: Congressional oversight committees, General public (transparency beneficiaries)
Negative-direction: Department of Justice / Attorney General, Federal law enforcement, Federal officials required to file financial disclosures, Federal payment stablecoin regulators, Government Accountability Office, Immediate family members of senior officials, Office of Government Ethics, Public officials with stablecoin financial interests, Senior federal officials (President, VP, Members of Congress, senior executive branch), Senior federal officials engaged in digital asset transactions, Senior federal officials subject to financial disclosure (section 13103(f)), Senior federal officials who violate digital asset prohibitions
Cryptocurrency and digital asset exchanges, Cryptocurrency and digital asset industry, Cryptocurrency and digital asset markets
Positive-direction: General public and stablecoin users
Negative-direction: Cryptocurrency and digital asset exchanges, Cryptocurrency and digital asset industry, Cryptocurrency and digital asset markets, Cryptocurrency and digital asset platforms, Payment stablecoin issuers
Financial markets integrity, U.S. public and financial markets
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology