[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1803 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 1803
To prohibit certain individuals from engaging in prohibited financial
transactions, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 19, 2025
Mr. Bennet introduced the following bill; which was read twice and
referred to the Committee on Homeland Security and Governmental Affairs
_______________________________________________________________________
A BILL
To prohibit certain individuals from engaging in prohibited financial
transactions, 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 ``Stop Trading Assets Benefitting
Lawmakers' Earnings while Governing Exotic and Novel Investments in the
United States Act'' or the ``STABLE GENIUS Act''.
SEC. 2. PROHIBITED FINANCIAL TRANSACTIONS.
(a) Definitions.--In this section:
(1) Covered election.--The term ``covered election'' means
an election for the office of--
(A) President;
(B) Vice President;
(C) United States Senator;
(D) United States Representative;
(E) Delegate to Congress; or
(F) Resident Commissioner of Puerto Rico.
(2) Covered individual.--The term ``covered individual''
means--
(A) the President;
(B) the Vice President;
(C) a United States Senator;
(D) a United States Representative;
(E) a Delegate to Congress;
(F) a Resident Commissioner of Puerto Rico; or
(G) a candidate in a covered election.
(3) Covered investment.--The term ``covered investment''
means any digital asset.
(4) Digital asset.--The term ``digital asset'' means any
digital representation of value that is recorded on a
cryptographically secured distributed ledger or any similar
technology.
(5) Prohibited financial transaction.--
(A) In general.--The term ``prohibited financial
transaction'' means--
(i) any issuance, sponsorship, or
endorsement of a covered investment;
(ii) any purchase, sale, holding, or other
conduct that causes a covered individual to
obtain a covered investment;
(iii) any acquisition of any financial
interest comparable to an interest described in
clause (i) or (ii) through synthetic means,
such as the use of a derivative, including an
option, warrant, or other similar means; or
(iv) any acquisition of any financial
interest comparable to an interest described in
clause (i) or (ii) as part of an aggregation or
compilation of such interests through a mutual
fund, exchange-traded fund, or other similar
means.
(6) Qualified blind trust.--The term ``qualified blind
trust'' means a qualified blind trust (as defined in section
13104(f)(3) of title 5, United States Code) that has been
approved in writing by the applicable supervising ethics office
under subparagraph (D) of such section 13104(f)(3).
(b) Prohibited Financial Transactions.--Except as provided in
subsection (c), a covered individual may not engage in any prohibited
financial transaction during--
(1) the period beginning on the date of filing as a
candidate in a covered Federal election and ending on the date
of the covered Federal election;
(2) the term of service of the covered individual; and
(3) the 1-year period beginning on the date on which the
service of the covered individual is terminated.
(c) Qualified Blind Trust.--
(1) In general.--During any of the periods described in
subsection (b), for each covered investment owned by a covered
individual, the covered individual shall place the covered
investment in a qualified blind trust, including by
establishing a qualified blind trust for that purpose, if
necessary.
(2) Qualified blind trust requirements.--A qualified blind
trust may not be established for purposes of complying with
this section without the prior approval of the applicable
supervising ethics office. With respect to any such trust so
approved, the applicable trustee--
(A) shall divest of any such instrument placed in
the trust not later than 6 months after the trust is
established;
(B) shall certify to the applicable supervising
ethics office on an annual basis that the trustee has
not provided any information on the trust's assets or
transactions to the applicable covered individual; and
(C) may not have a close personal or business
relationship with the applicable covered individual.
(d) Reporting Requirements.--
(1) Supervising ethics offices.--Each supervising ethics
office shall make available on the public website of the
supervising ethics office a copy of any qualified blind trust
agreement of each covered individual.
(2) Amendment.--Section 13101(18) of title 5, United States
Code, is amended--
(A) in subparagraph (C), by striking ``and'' at the
end;
(B) in subparagraph (D), by striking the period and
inserting ``; and''; and
(C) by adding at the end the following:
``(E) the Federal Election Commission for a
candidate in an election for the office of President,
Vice President, United States Senator, United States
Representative, Delegate to Congress, or Resident
Commissioner of Puerto Rico.''.
(e) Liability and Immunity.--For purposes of any immunities to
civil or criminal liability, any conduct comprising or 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.
(f) Civil Penalties.--
(1) 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 subsection (b).
(2) Civil penalty.--Any covered individual who knowingly
violates subsection (b) shall be subject to a civil monetary
penalty of not more than $250,000.
(3) Disgorgement.--A covered individual who is found in a
civil action under paragraph (1) to have violated subsection
(b) shall disgorge to the Treasury of the United States any
profit from the unlawful activity that is the subject of that
civil action.
(g) Criminal Penalties.--
(1) In general.--It shall be unlawful for a covered
individual to--
(A) knowingly violate subsection (b); and
(B) through such violation--
(i) causes an aggregate loss of not less
than $1,000,000 to 1 or more persons in the
United States; or
(ii) benefits financially, through profit,
gain, or advantage, directly or indirectly
through any family member or business associate
of the covered individual, from a prohibited
financial transaction.
(2) Penalty.--A covered individual who violates paragraph
(1) shall be fined under title 18, United States Code,
imprisoned for not more than 18 years, or both.
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