Bill > S1803

This bill establishes comprehensive restrictions on financial transactions for high-level government officials and political candidates, focusing specifically on digital assets. The bill defines "covered individuals" as including the President, Vice President, Senators, Representatives, and candidates for these positions, and prohibits them from engaging in certain financial transactions involving digital assets (defined as digital representations of value recorded on cryptographically secured distributed ledgers) during their candidacy, term of service, and for one year after leaving office. To comply, covered individuals must place any existing digital asset investments in a "qualified blind trust" that meets specific requirements, such as having a trustee who cannot have a close personal or business relationship with the official and must divest assets within six months. The bill imposes significant penalties for violations, including civil monetary penalties up to $250,000 and potential criminal charges with imprisonment up to 18 years if the violation results in financial losses over $1 million or provides personal financial benefit. The legislation aims to prevent potential conflicts of interest and insider trading by government officials in emerging digital asset markets, requiring transparency and limiting personal financial activities during and after public service.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/senate-bill/1803/all-info