S.Amdt. 2271

As folks who vote for our leaders, we expect them to work for us, not to cash in on the latest tech trends. This amendment, submitted by Mr. Merkley and Mr. Bennet to the bill S. 1582, focuses on holding our highest officials accountable by stopping them from getting mixed up in the cryptocurrency business.

The amendment aims to change the bill by adding rules that prevent top government officials—including the President, Vice President, Members of Congress, Senate-confirmed appointees, and certain workers in the Executive Office of the President—along with their spouses and children, from owning, controlling, promoting, or affiliating with cryptocurrency, meme coins, tokens, NFTs, payment stablecoins, or companies that keep these digital assets safe.

If officials or their families already have these digital assets when the law passes, they have 90 days to fix it and come into compliance. After those 90 days, breaking these rules is punishable by up to 5 years in prison and fines up to 3 times the money earned from the violation. Furthermore, the amendment adds a requirement to financial disclosure reports so these officials must officially state whether they or their family members have any direct or indirect involvement with covered cryptocurrencies.