Bill > HR3573

This bill aims to restrict digital asset activities for high-level government officials, including the President, Vice President, Members of Congress, and their immediate family members (defined as "covered individuals"). The legislation prohibits these individuals from owning digital assets that would allow them unilateral control, serving in leadership roles for digital asset issuers, receiving compensation for digital asset sales or marketing, or trading digital assets while possessing non-public information. The bill broadly defines "digital assets" to include cryptocurrencies, stablecoins, memecoins, non-fungible tokens (NFTs), and various financial products derived from digital assets. Additionally, the bill includes anti-evasion provisions that prevent covered individuals from circumventing these restrictions through intermediaries, trusts, or other entities, with specific rules defining "beneficial ownership" that capture indirect financial interests or control. Companies required to file SEC reports are also prohibited from conducting digital asset transactions on behalf of covered individuals. Violations would be subject to penalties similar to those applied to other government ethics violations, effectively creating a comprehensive framework to limit government officials' involvement in the cryptocurrency and digital asset markets.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/3573/all-info