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Adds a new paragraph (9) to subsection (a) requiring disclosure of the identity and category of value of specified cryptocurrencies and other digital assets sold for remuneration with a fair market value exceeding $1,000 as of the close of the preceding calendar year; updates cross-references in subsections (b)(1)(B) and (d)(1) to include the new paragraph (9).
Adds a new subsection (e) to clarify that, for purposes of subsection (a), a "financial interest" includes an interest in the issuance, purchase, sale, or holding of specified cryptocurrencies and other digital assets sold for remuneration.
Adds new 18 U.S.C. 221, "Prohibited financial transactions," defining terms (including 'covered individual' referencing 5 U.S.C. 13103(f)), defining 'prohibited financial transaction' (including various digital-asset-related securities, security futures, commodities, cryptocurrencies, tokens, NFTs, payment stablecoins, synthetic and aggregated interests as described), excluding routine purchases, and creating criminal offenses and penalties for covered individuals who knowingly violate 5 U.S.C. 13152(a) and benefit from or cause significant loss from such prohibited financial transactions; includes bribery and insider-trading provisions tied to violations of 5 U.S.C. 13152(a) and 15 U.S.C. 78j(b), penalties (fines or imprisonment, disqualification), intent rule, and a clause deeming such conduct beyond the scope of official duties for immunity purposes.
Amends the table of sections for Title 18 by inserting a new item for the newly added section 221 immediately after the item relating to section 220.
Adds a new Chapter 131 to Title 5, United States Code, establishing provisions titled 'Prohibited financial transactions.'
Amends the table of sections for Title 5 by adding an entry for the newly added Chapter 131.
Makes many kinds of financial dealings in digital assets by covered government officials illegal, adds criminal penalties for profiting or trading on those dealings, expands ethics and financial-disclosure rules to require reporting of certain crypto holdings, and forces payment stablecoin issuers to certify that public officials do not profit from their stablecoins. It also requires a Government Accountability Office report with recommendations on updating federal ethics laws to reflect any new digital‑asset regulatory frameworks within about a year.
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
Introduced June 23, 2025 by Adam Schiff · Last progress June 23, 2025
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
Introduced in Senate