119-s1668

[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