Bill > S1668

This bill aims to prohibit high-ranking government officials, including the President, Vice President, Members of Congress, and Senate-confirmed appointees, from engaging in certain cryptocurrency and digital asset transactions. Specifically, the bill makes it illegal for these "covered individuals" to issue, sponsor, or endorse cryptocurrencies, meme coins, tokens, non-fungible tokens (NFTs), stablecoins, or other digital assets sold for money. The prohibition applies during the individual's term of service and for one year after leaving their position. Violations can result in significant civil and criminal penalties, including fines up to 10% of the financial interest's value or potential financial gains, and potential imprisonment of up to 5 years for more serious offenses. The bill also includes provisions that cover indirect financial interests through derivatives, investment funds, or third-party entities. Notably, the law does not prohibit routine financial transactions that are accessible to the general public, such as simply buying or selling digital assets. The bill introduces these restrictions to prevent potential conflicts of interest and corruption among government officials in the emerging digital financial landscape.

https://www.congress.gov/bill/119th-congress/senate-bill/1668/all-info