Sponsors
11 Democrat
Andy KimSenator · NJ
This bill proposes to prohibit federal officials, including members of Congress, executive branch employees, and judicial officers, along with certain family members, from owning or trading specific financial assets. Among these "covered investments," the bill explicitly includes "digital assets," defined as any digital representation of value recorded on a cryptographically secured distributed ledger or similar technology. Officials would be required to divest prohibited holdings within 90 days, with penalties for non-compliance and provisions for tax treatment of divestitures.
The bill's direct impact on the crypto industry is limited as it primarily addresses ethics and potential conflicts of interest for federal officials rather than the broader crypto market. Its explicit inclusion of "digital assets" within the definition of "covered investments," alongside traditional securities and commodities, provides a degree of regulatory clarity by recognizing digital assets as an asset class subject to the same conflict-of-interest rules as other financial instruments. While this provision restricts federal officials from directly holding crypto, it does not impose new burdens on the crypto industry at large, nor does it ban or severely limit crypto for the general public. The measure treats digital assets neutrally, applying existing ethical standards to them without singling them out for unique restrictions or punitive measures. Therefore, it is considered a routine ethics and compliance measure that encompasses digital assets.
Every member who has sponsored, cosponsored or voted on this bill. Pick a vote to see how each member voted on it, or narrow by party, name or state.
1 Democrat