Sponsors
Referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Government Reform, and House Administration, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Last progress June 9, 2025 (8 months ago)
Introduced on June 9, 2025 by Joseph Neguse
Bans covered federal officials and candidates from buying, selling, or otherwise transacting in specified digital assets during defined periods around their service or campaign. Officials and candidates may comply by placing those digital assets into an approved qualified blind trust that follows set rules and must have its trust agreement publicly posted; violations carry civil and criminal penalties.
Defines "covered election" as elections for President, Vice President, U.S. Senator, U.S. Representative, Delegate to Congress, or Resident Commissioner of Puerto Rico.
Defines "covered individual" to include the President, Vice President, U.S. Senators, U.S. Representatives, Delegates to Congress, the Resident Commissioner of Puerto Rico, and candidates in covered elections.
Defines "covered investment" as any digital asset, and defines "digital asset" as any digital representation of value recorded on a cryptographically secured distributed ledger or similar technology.
Defines "prohibited financial transaction" to include (A) issuance, sponsorship, or endorsement of a covered investment; (B) purchase, sale, holding, or other conduct that causes a covered individual to obtain a covered investment; (C) acquiring comparable financial interests through synthetic means (e.g., derivatives such as options or warrants); and (D) acquiring comparable interests via aggregation or investment vehicles (e.g., mutual funds, ETFs).
Prohibits a covered individual from engaging in any prohibited financial transaction during: (1) the period from the date of filing as a candidate in a covered Federal election through the date of that election; (2) the covered individual's term of service; and (3) the 1-year period after the covered individual's service is terminated.
Primary effects fall on current federal officeholders and those running for federal office who hold digital assets: they must either cease covered transactions during specified campaign/service windows or transfer holdings into an approved qualified blind trust. That will increase demand for certified trust administrators and raise compliance costs (setup, administration, legal review). Ethics offices and enforcement agencies (civil enforcement entities and prosecutors) will see added workload to approve trusts, monitor compliance, and pursue violations. Financial institutions and custodians that handle digital assets may face new requirements to support approved trusts and to interact with oversight authorities. The public transparency requirement (posting trust agreements) increases visibility into how officials’ digital assets are managed but may raise privacy and security concerns for account holders and counterparties. Campaigns and candidates who hold digital assets may need to change fundraising or personal finance strategies, potentially affecting campaign finances and personal liquidity. Because penalties include criminal liability, some affected persons may choose divestment or preemptive compliance to avoid legal risk. Implementation will require administrative guidance about trust approval processes, monitoring mechanisms, and coordination among ethics offices and law enforcement.
STABLE GENIUS Act
Updated 3 days ago
Last progress May 19, 2025 (8 months ago)