119-hr3573

[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.
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