Sponsors (11)
The bill strengthens transparency, conflict‑of‑interest rules, and oversight for officials and stablecoin issuers—improving market integrity and trust—but does so by creating new disclosure duties, compliance costs, and broad criminal exposures that may chill participation and raise administrative and enforcement burdens.
Federal employees and taxpayers: new disclosure, recusal, and ethics rules (including treating digital assets as financial interests and giving OGE clearer authority) increase transparency and reduce conflicts of interest in government decision-making.
Investors, consumers, and markets: stronger deterrents against officials using office to promote crypto (criminal penalties, certification requirements) reduce insider‑trading and promotional distortions, improving market integrity and public trust.
Financial firms, law enforcement, and the public: issuer certification and public posting (and authority to revoke noncompliant stablecoins and refer violations to the Attorney General) create stronger oversight of the payment stablecoin sector.
Federal employees: expansive criminal-liability provisions could expose covered individuals to felony charges for broad categories of digital-asset activity, including cases without clear intent, chilling lawful private financial activity.
Federal employees: mandatory disclosure of crypto holdings over $1,000 and related reporting increase privacy exposure and administrative burdens that may deter qualified applicants from public service.
Taxpayers and agencies: implementation, verification, enforcement, and potential prosecutions will impose administrative and enforcement costs on agencies and the public to track, verify, and litigate new requirements.
Based on analysis of 6 sections of legislative text.
Requires crypto disclosure and conflicts coverage for officials, criminalizes certain digital-asset transactions by covered officials, mandates payment-stablecoin issuer certifications, and orders a GAO report.
Introduced June 23, 2025 by Adam Schiff · Last progress June 23, 2025
Creates new criminal offenses and ethics rules targeting federal officials who use or fail to disclose financial interests in cryptocurrencies and other digital assets. It requires executive branch employees to report certain digital-asset holdings, treats those holdings as reportable financial interests for conflict-of-interest rules, imposes criminal penalties for covered officials who engage in specified digital-asset transactions tied to disclosure/recusal violations, sets certification and ongoing reporting rules for payment stablecoin issuers, and directs the GAO to recommend updates to federal ethics law within one year.