Stop Presidential Profiteering from Digital Assets Act

House Votes

This bill aims to stop people from making and selling digital coins or tokens that use the name, image, or other personal traits of certain federal officials or their immediate family to make money. It covers digital assets like cryptocurrencies, stablecoins, and meme coins. Even if the official says “yes,” it would still be illegal if the asset is likely to benefit them financially.

The Securities and Exchange Commission (SEC) would be in charge of enforcing these rules. Violators could face civil fines up to $250,000 per violation or have to give up all the money they made, whichever is higher. The SEC could also go to court to stop these assets from being sold. The SEC must write rules to carry this out within 180 days after the law takes effect.

• Who is affected: People and companies who create, promote, or sell digital coins or tokens; certain federal officials and their immediate family are protected.
• What changes: Using an official’s name, image, or similar traits on a digital asset for their financial gain is banned; consent is not a defense; SEC can fine and stop sales.
• When: The SEC must issue detailed rules within 180 days of the law taking effect.