Bill > HR3849

This bill, known as the "STABLE GENIUS Act," aims to prohibit certain high-ranking government officials and election candidates from engaging in specific financial transactions involving digital assets. A "digital asset" is defined as any digital representation of value recorded on a cryptographically secured distributed ledger, such as cryptocurrency. The bill covers elected officials including the President, Vice President, Senators, Representatives, and candidates for these positions, and restricts their ability to issue, purchase, hold, or otherwise obtain digital assets during their candidacy, term of service, and for one year after leaving office. To comply with the law, covered individuals must place any existing digital assets in a "qualified blind trust" approved by their supervising ethics office, where a trustee who has no close personal or business relationship with the official will manage the assets. Violations can result in significant penalties, including civil monetary penalties up to $250,000, potential disgorgement of profits, and criminal charges that could include fines and imprisonment of up to years if the violation causes financial losses of $1 million or more or provides financial benefit to the individual or their associates. The bill is designed to prevent potential conflicts of interest and protect the integrity of public officials' financial dealings.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/3849/all-info