Stop Presidential Profiteering from Digital Assets Act
Sponsored By: Representative Torres, Ritchie [D-NY-15]
Introduced
Summary
Stops federal officials and their immediate families from profiting off crypto and other digital tokens that use their name or likeness. The bill would ban the issuance, promotion, marketing, or sale of digital assets that use identifiable traits of covered officials and are likely to produce financial gain, and it would give the Securities and Exchange Commission exclusive authority to enforce the ban.
Show full summary
- Applies to the President, Vice President, Members of Congress, any federal officer confirmed by the Senate, and immediate family members who live in the same household.
- Defines digital asset as a representation of value recorded on a cryptographically secured distributed ledger or similar technology, including cryptocurrencies, stablecoins, and meme coins. Issuers and promoters would be barred from creating or selling such assets when they use covered individuals' names, images, signatures, slogans, or other identifiable traits.
- Establishes a presumption of violation even if the covered individual consents or authorizes the asset, so consent would not be a defense.
- Gives the SEC exclusive enforcement power, authorizes injunctive relief, and allows civil penalties up to $250,000 per violation or the issuer's gross financial gain, whichever is greater. The SEC would be required to issue implementing regulations within 180 days of enactment.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
No digital tokens using officials' names
This bill would ban issuing, promoting, marketing, or selling a digital asset that uses a covered official’s traits and could give that person money. Covered officials would include the President, Vice President, Members of Congress, Senate‑confirmed federal officials, and their immediate family who live in the same home (spouse, child, or other relative). Traits would include name, image, likeness, signature, slogans, or other identifying features. A digital asset would include cryptocurrencies, stablecoins, and meme coins on a secure distributed ledger. If a token meets these conditions, it would be presumed illegal even if the official agreed.
SEC fines for banned tokens
The SEC would have exclusive power to enforce this ban. It could ask courts to stop the issue or distribution of illegal tokens. Violators could owe up to $250,000 per violation, or the full gross financial gain if that amount is higher. The SEC would have to issue implementing rules within 180 days after enactment. Saying a covered official agreed would not be a defense.
Sponsors & CoSponsors
Sponsor
Torres, Ritchie [D-NY-15]
NY • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov