[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3573 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 3573
To establish certain digital asset prohibitions with respect to elected
Government officials, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 21, 2025
Ms. Waters (for herself, Mr. Foster, Ms. Tlaib, Mrs. Beatty, Ms.
Velazquez, Mr. Lynch, Mr. Green of Texas, Ms. Garcia of Texas, Mr.
Sherman, Mr. Cleaver, Mr. Fields, and Mr. Vargas) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To establish certain digital asset prohibitions with respect to elected
Government officials, 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, Retention, and Unfair
Market Payoffs in Crypto Act of 2025'' or the ``Stop TRUMP in Crypto
Act of 2025''.
SEC. 2. PROHIBITION ON COVERED INDIVIDUALS IN CONNECTION WITH DIGITAL
ASSETS.
(a) In General.--A covered individual may not--
(1) own a proportion of a digital asset that would allow
the individual to unilaterally make changes to the digital
asset;
(2) serve as an officer, director, or owner of a digital
asset issuer;
(3) issue, sponsor, promote, or receive any direct or
indirect compensation, including fees, for the sale, marketing,
or mining of any digital asset in the United States or to a
United States person; or
(4) trade digital assets while in office, if the covered
individual has material non-public information about digital
assets.
(b) Prohibition on Certain Companies Acting on Behalf of a Covered
Individual.--An issuer required to file reports with the Securities and
Exchange Commission under section 13 of the Securities Exchange Act of
1934 may not issue or sell, or otherwise transact with respect to, a
digital asset on behalf of a covered individual.
(c) Penalties.--Section 216 of title 18, United States Code, shall
apply to a violation of this section to the same extent as such section
216 applies to a violation of section 203, 204, 205, 207, 208, or 209
of such title.
SEC. 3. PROHIBITION ON INDIRECT PARTICIPATION THROUGH INTERMEDIARIES
AND BENEFICIAL OWNERSHIP.
(a) Anti-Evasion Rule.--A covered individual may not take any
action prohibited by this Act through any trust, corporation,
partnership, limited liability company, unincorporated association,
political committee, nonprofit organization, or other entity or person,
including any digital wallet or protocol, if such covered individual--
(1) directly or indirectly exercises control over such
entity;
(2) acts through such entity as a beneficial owner; or
(3) has received or expects to receive compensation,
financial benefit, or influence as a result of the entity's
engagement in digital asset activities described in this Act.
(b) Definition of Beneficial Owner.--In this section, and with
respect to an entity, the term ``beneficial owner'' includes any
individual who, directly or indirectly--
(1) has a financial interest in, or receives material
benefit from a digital asset issuer;
(2) has the ability to influence, direct, or control
decisions of such entity or digital asset activity, whether
formal or informal;
(3) has any ownership interest of 5 percent or more in such
entity, including through trusts, nominee arrangements, or
contractual rights; or
(4) is a grantor, trustee, or beneficiary of a trust that
holds such interests.
(c) Look-Through Requirement.--Any prohibition or disclosure
requirement in this Act shall apply to covered individuals with respect
to any digital asset held indirectly or through any arrangement
intended to conceal beneficial ownership or control.
SEC. 4. DEFINITIONS.
In this Act:
(1) Covered individual defined.--The term ``covered
individual'' means--
(A) the President;
(B) the Vice President;
(C) a Member of Congress; or
(D) the spouse, child, son-in-law, or daughter-in-
law, as determined under applicable common law, of any
individual described in subparagraph (A), (B), or (C).
(2) Digital asset.--The term ``digital asset'' means any
digital representation of value which is recorded on a
cryptographically-secured distributed ledger, including a
stablecoin, a memecoin, and any financial contract or product
or instrument that derives its value from a digital asset,
including--
(A) futures, options, or swaps referencing a
digital asset;
(B) any security or trust whose primary assets or
benchmark are digital assets;
(C) yield-bearing digital asset products including
staking, lending, or decentralized finance protocols;
(D) non-fungible tokens; and
(E) decentralized autonomous organization tokens.
(3) Distributed ledger.--The term ``distributed ledger''
means technology where data is shared across a network that
creates a digital ledger of verified transactions or
information among network participants and the data are
typically linked using cryptography to maintain the integrity
of the ledger and execute other functions.
(4) Member of congress.--The term ``Member of Congress''
means a Senator or a Representative in, or a Delegate or
Resident Commissioner to, the Congress.
<all>