Bill > HR3314

This bill aims to prevent the creation and sale of digital assets (such as cryptocurrencies or meme coins) that use the name, image, likeness, or other identifiable traits of high-ranking government officials or their immediate family members for financial gain. The bill defines "covered individuals" as the President, Vice President, Members of Congress, Senate-confirmed federal officials, and their immediate family members. Under the proposed legislation, it would be unlawful to issue, promote, market, or sell a digital asset that uses a covered individual's identifiable traits and could potentially result in financial gain, even if the individual has given consent. The Securities and Exchange Commission (SEC) would have exclusive enforcement authority, with the power to impose civil penalties up to $250,000 per violation or an amount equal to the gross financial gain, whichever is higher. The SEC would also be able to seek injunctive relief to stop the distribution of such digital assets. The bill requires the SEC to develop implementing regulations within 180 days of enactment, and it applies broadly to various forms of digital representations of value recorded on cryptographically secured distributed ledgers.

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https://www.congress.gov/bill/119th-congress/house-bill/3314/all-info