[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1668 Placed on Calendar Senate (PCS)]
<DOC>
Calendar No. 71
119th CONGRESS
1st Session
S. 1668
To amend chapter 131 of title 5, United States Code, to prohibit the
President, Vice President, Members of Congress, and individuals
appointed to Senate-confirmed positions from issuing, sponsoring, or
endorsing certain financial instruments, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 7, 2025
Mr. Merkley (for himself, Mr. Schumer, Ms. Warren, Ms. Hirono, Mr. Van
Hollen, Mr. Reed, Mrs. Gillibrand, Ms. Cortez Masto, Mr. Wyden, Mr.
Sanders, Mr. Kim, Ms. Alsobrooks, Mr. Booker, Mr. Markey, Ms.
Duckworth, Ms. Slotkin, Mr. Kelly, Ms. Blunt Rochester, Mr. Blumenthal,
and Mrs. Shaheen) introduced the following bill; which was read the
first time
May 8, 2025
Read the second time and placed on the calendar
_______________________________________________________________________
A BILL
To amend chapter 131 of title 5, United States Code, to prohibit the
President, Vice President, Members of Congress, and individuals
appointed to Senate-confirmed positions from issuing, sponsoring, or
endorsing certain financial instruments, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``End Crypto Corruption Act of 2025''.
SEC. 2. PROHIBITED FINANCIAL TRANSACTIONS.
(a) In General.--Chapter 131 of title 5, United States Code, is
amended by adding at the end the following:
``SUBCHAPTER IV--PROHIBITED FINANCIAL TRANSACTIONS
``Sec. 13151. Definitions
``In this subchapter:
``(1) Covered individual.--The term `covered individual'
means--
``(A) the President;
``(B) the Vice President;
``(C) a Member of Congress;
``(D) an individual appointed to a Senate-confirmed
position; or
``(E) a special Government employee (as defined in
section 202 of title 18) associated with the Executive
Office of the President.
``(2) Dependent child; member of congress.--The terms
`dependent child' and `Member of Congress' have the meanings
given those terms in section 13101.
``(3) Directly.--The term `directly' means by virtue of the
ownership or beneficial interest of a covered individual, or
the spouse or dependent child of a covered individual, in a
financial interest described in paragraph (5)(A).
``(4) Indirectly.--The term `indirectly' means by virtue of
the financial interest of a covered individual, or the spouse
or dependent child of a covered individual, in a business
entity, partnership interest, company, investment fund, trust,
or other third party in which the covered individual, or the
spouse or dependent child of a covered individual, has an
ownership or beneficial interest.
``(5) Prohibited financial transaction.--
``(A) In general.--The term `prohibited financial
transaction' means--
``(i) any issuance, sponsorship, or
endorsement of a cryptocurrency, meme coin,
token, non-fungible token, stablecoin, or other
digital asset that is sold for remuneration;
``(ii) any financial interest comparable to
an interest described in clause (i) that is
acquired through synthetic means, such as the
use of a derivative, including an option,
warrant, or other similar means; or
``(iii) any financial interest comparable
to an interest described in clause (i) that is
acquired as part of an aggregation or
compilation of such interests through a mutual
fund, exchange-traded fund, or other similar
means.
``(B) Exclusions.--The term `prohibited financial
transaction' does not include the mere purchase, sale,
holding, or other conduct relating to financial
instruments or assets routinely accessible to any
member of the public.
``(6) Senate-confirmed position.--The term `Senate-
confirmed position' means a position in a department or agency
of the executive branch of the United States for which
appointment is required to be made by the President, by and
with the advice and consent of the Senate.
``Sec. 13152. Prohibition on certain transactions
``(a) Prohibition.--Except as provided in subsection (b), a covered
individual, or the spouse or dependent child of a covered individual,
may not engage directly or indirectly in a prohibited financial
transaction--
``(1) during the term of service of the covered individual;
or
``(2) during the 1-year period beginning on the date on
which the service of the covered individual is terminated.
``(b) Liability and Immunity.--For purposes of any immunities to
civil liability, any conduct relating to a prohibited financial
transaction under this section shall be deemed an unofficial act and
beyond the scope of the official duties of the relevant covered
individual.
``Sec. 13153. Civil penalties
``(a) Civil Action.--The Attorney General may bring a civil action
in any appropriate district court of the United States against any
covered individual who violates section 13152(a).
``(b) Civil Penalty.--Any covered individual who knowingly violates
section 13152(a) shall be subject to a civil monetary penalty equal to
not more than 10 percent of the value of the financial interest that is
the subject of the prohibited conduct, or the amount of financial gain,
if any, that the covered individual benefitted from relating to the
prohibited conduct, whichever is greater.
``(c) Disgorgement.--A covered individual who is found to have
violated section 13152(a) in a civil action under subsection (a) shall
disgorge to the Treasury of the United States any profit from the
prohibited conduct that is the subject of that civil action.''.
(b) Clerical Amendment.--The table of sections for chapter 131 of
title 5, United States Code, is amended by adding at the end the
following:
``subchapter iv--prohibited financial transactions
``13151. Definitions.
``13152. Prohibition on certain transactions.
``13153. Civil penalties.''.
SEC. 3. CRIMINAL PENALTIES RELATING TO PROHIBITED FINANCIAL
TRANSACTIONS.
(a) In General.--Chapter 11 of title 18, United States Code, is
amended by adding at the end the following:
``Sec. 227A. Prohibited financial transactions
``(a) Definitions.--In this section:
``(1) Covered individual.--The term `covered individual'
means--
``(A) the President;
``(B) the Vice President;
``(C) a Member of Congress;
``(D) an individual appointed to a Senate-confirmed
position; or
``(E) a special Government employee (as defined in
section 202) associated with the Executive Office of
the President.
``(2) Member of congress.--The term `Member of Congress'
has the meaning given that term in section 13101 of title 5.
``(3) Prohibited financial transaction.--
``(A) In general.--The term `prohibited financial
transaction' means--
``(i) any issuance, sponsorship, or
endorsement of a cryptocurrency, meme coin,
token, non-fungible token, stablecoin, or other
digital asset that is sold for remuneration; or
``(ii) any financial interest comparable to
an interest described in clause (i) that is
acquired through synthetic means, such as the
use of a derivative, including an option,
warrant, or other similar means.
``(B) Exclusions.--The term `prohibited financial
transaction' does not include the mere purchase, sale,
holding, or other conduct relating to financial
instruments or assets routinely accessible to any
member of the public.
``(4) Senate-confirmed position.--The term `Senate-
confirmed position' means a position in a department or agency
of the executive branch of the United States for which
appointment is required to be made by the President, by and
with the advice and consent of the Senate.
``(b) Benefitting From Prohibited Financial Transaction.--Any
covered individual who--
``(1) knowingly violates any provision of section 13152(a)
of title 5; and
``(2) through such violation--
``(A) causes an aggregate loss of not less than
$1,000,000 to 1 or more persons in the United States;
or
``(B) benefits financially, through profit, gain,
or advantage, directly or indirectly through any family
member or business associate of the covered individual,
from the sale, purchase, or distribution of the
financial interest described in subsection (a)(3)(A)(i)
issued, sponsored, or endorsed in violation of section
13152(a) of title 5,
shall be fined under this title, imprisoned for not more than 5
years, or both.
``(c) Bribery.--Any covered individual who--
``(1) knowingly violates any provision of section 13152(a)
of title 5; and
``(2) directly or indirectly, corruptly demands, seeks,
receives, accepts, or agrees to receive or accept any thing of
value personally or for any other person or entity, in return
for--
``(A) being influenced in the performance of any
official act;
``(B) being influenced to commit or aid in
committing, or to collude in, or allow, any fraud, or
make opportunity for the commission of any fraud, on
the United States; or
``(C) being induced to do or omit to do any act in
violation of the official duty of such official or
person,
shall be fined under this title or not more than 2 times the
monetary equivalent of the thing of value, whichever is
greater, or imprisoned for not more than 5 years, or both, and
may be disqualified from holding any office of honor, trust, or
profit under the United States.
``(d) Intent.--To incur criminal liability under this section, it
shall not be required that a covered individual intended to create a
financial interest described in subsection (a)(3)(A)(i) through the
issuance, sponsorship or endorsement of the financial interest
described in subsection (a)(3)(A)(i).
``(e) Liability and Immunity.--For purposes of any immunities to
civil and criminal liability, any conduct relating to a prohibited
financial transaction under this section shall be deemed an unofficial
act and beyond the scope of official duties of the relevant covered
individual.''.
(b) Clerical Amendment.--The table of sections for chapter 11 of
title 18, United States Code, is amended by inserting after the item
relating to section 227 the following:
``227A. Prohibited financial transactions.''.
Calendar No. 71
119th CONGRESS
1st Session
S. 1668
_______________________________________________________________________
A BILL
To amend chapter 131 of title 5, United States Code, to prohibit the
President, Vice President, Members of Congress, and individuals
appointed to Senate-confirmed positions from issuing, sponsoring, or
endorsing certain financial instruments, and for other purposes.
_______________________________________________________________________
May 8, 2025
Read the second time and placed on the calendar