,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #ajaii  ,,9 ,,! ,,h\se ,,(         
,,repres5tatives  ,augu/ #ca1 #bjbf,mr4 
,v9dman introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,ov]sight &   
,gov]nm5t ,re=m1 & 9 addition to !      
,committees on ,h\se ,adm9i/ration1 !   
,judici>y1 & ,ways & ,means1 = a p]iod  
to be subsequ5tly det]m9$ by ! ,speak]1 
9 ea* case = consid]ation ( su*         
provisions z fall )9 ! jurisdiction ( ! 
committee conc]n$  ,a ,,bill  ,to am5d  
title #e1 ,unit$ ,/ates ,code1 to       
prohibit ! ,presid5t1 ! ,vice ,presid5t1
 ,memb]s ( ,congress1 s5ior ,unit$      
,/ates ,gov]nm5t (ficials1 & _! sp\ses &
 dep5d5ts f own+ or trad+ /ocks1 digital
 assets1 & pr$iction m>ket contracts1 & 
= o!r purposes4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,sell ,y\r ,/ocks  
or ,/ep ,d[n ,act4  #b4 ,re/rictions on 
trade & own]%ip ( cov]$ inve/m5ts  7a7  
,re/rictions ,*apt] #aca ( title #e1    
,unit$ ,/ates ,code1 is am5d$ by ins]t+ 
at ! end ! foll[+ sub*apt]3  ,,iv       

,re/rictions on ,trade & ,own]%ip (     
,cov]$ ,inve/m5ts  #acaea4 ,def9itions  
,9 ?is sub*apt]3 7#a7 ,commodity ,! t]m 
commodity has ! mean+ giv5 ! t]m 9      
section #a;a ( ! ,commodity ,ex*ange    
,act 7#g ,u4,s4,c4 #a;a74  7#b7 ,cov]$  
executive bran* (ficial ,! t]m cov]$    
executive bran* (ficial means any ( !   
foll[+3 7,a7 ,! head ( an executive     
ag5cy1 ! ,unit$ ,/ates ,po/al ,s]vice1  
or ! ,po/al ,regulatory ,commission4    
7,b7 ,an (fic] or employee ( ! executive
 bran* :o occupies a position classifi$ 
above ,,gs-#ae ( ! ,g5]al ,s*$ule1 or1 9
 ! case ( a position n "u ! ,g5]al      
,s*$ule1 = :i* ! rate ( basic pay is    
equal to or great] ?an #abj p]c5t ( !   
m9imum rate ( basic pay payable =       
,,gs-#ae ( ! ,g5]al ,s*$ule4  7,c7 ,an  
employee 9 ! ,s5ior ,executive ,s]vice1 
z def9$ 9 section #cacb7;a71 or an      
employee 9 a comp>able s5ior executive1 
s5ior pr(essional1 or s5ior-level       
p]sonnel sy/em e/abli%$ = positions 9 ! 
intellig5ce community1 ! =eign s]vice1  

or else:]e 9 ! executive bran*4  7,d7 ,a
 *ief ( /aff to ! head ( an executive   
ag5cy1 or a *ief ( /aff or deputy *ief (
 /aff to ! ,presid5t or ,vice ,presid5t4
  7,e7 ,a special ,gov]nm5t employee z  
def9$ 9 section #bjb ( title #ah4  7#c7 
,cov]$ individual ,! t]m cov]$          
individual means any ( ! foll[+3 7,a7 ,!
 ,presid5t & ! ,vice ,presid5t ( !      
,unit$ ,/ates4  7,b7 ,a ,memb] (        
,congress z def9$ 9 section #acaja4     
7,c7 ,an (fic] or employee ( ! ,congress
 z def9$ 9 section #acaja4  7,d7 ,a     
cov]$ executive bran* (ficial4  7,e7 ,a 
cov]$ judicial (ficial4  7,f7 ,a dep5d5t
 *ild z def9$ 9 section #acaja or sp\se 
( an individual describ$ 9 subp>agraph  
7,a71 7,b71 7,c71 or 7,d74  7#d7 ,cov]$ 
inve/m5t ,! t]m cov]$ inve/m5t-- 7,a7   
means an inve/m5t 9 a security1 a       
commodity1 a future1 a digital asset1 an
 ev5t contract1 or any comp>able        
economic int]e/ acquir$ ?r\gh syn!tic   
means1 su* z ! use ( a d]ivative1       
includ+ an option1 w>rant1 or o!r simil>

 means2 &  7,b7 does n include-- 7i7 a  
widely held inve/m5t fund describ$ 9    
section #acajd7;f77#h7 t is div]sifi$ & 
publicly trad$ on a national or regional
 /ock ex*ange2  7ii7 a ,unit$ ,/ates    
,treasury bill1 note1 or bond2  7iii7 a 
,/ate or municipal gov]nm5t bill1 note1 
or bond2  7iv7 any comp5sation receiv$  
by ! sp\se or dep5d5t *ild ( a cov]$    
individual f _! employ]2  7v7 an int]e/ 
9 a small bus9ess conc]n2  7vi7 an      
int]e/ 9 a limit$ liability company     
creat$ = ! sole purpose ( pur*as+ or    
hold+ real e/ate t s]ves z ! p]sonal    
resid5ce ( ! cov]$ individual2  7vii7   
any %>e ( ,settlem5t ,common ,/ock issu$
 "u section #g7;g77#a77;,a7 ( ! ,alaska 
,native ,claims ,settlem5t ,act 7#dc    
,u4,s4,c4 #afjf7;g77#a77;,a772 or       
7viii7 any %>e ( ,settlem5t ,common     
,/ock z def9$ 9 section #c ( ! ,alaska  
,native ,claims ,settlem5t ,act 7#dc    
,u4,s4,c4 #afjb74  7#e7 ,cov]$ judicial 
(ficial ,! t]m cov]$ judicial (ficial   
means-- 7,a7 a ju/ice or judge ( !      

,unit$ ,/ates z def9$ 9 section #dea (  
title #bh2  7,b7 a judge ( ! ,unit$     
,/ates ,c\rt ( ,f$]al ,claims2  7,c7 a  
bankruptcy judge appo9t$ "u section #aeb
 ( title #bh2 &  7,d7 a magi/rate judge 
appo9t$ "u section #fca ( title #bh4    
7#f7 ,digital asset ,! t]m digital asset
 has ! mean+ giv5 ! t]m 9 section       
#fjde7;g77#c77;,d7 ( ! ,int]nal ,rev5ue 
,code ( #aihf4  7#g7 ,div]sifi$ ,! t]m  
div]sifi$1 ) respect to an inve/m5t     
fund1 means su* fund does n h a /at$    
policy ( conc5trat+ its inve/m5ts 9 any 
indu/ry1 bus9ess1 s+le c\ntry o!r ?an ! 
,unit$ ,/ates1 or bonds ( a s+le ,/ate  
)9 ! ,unit$ ,/ates except = ! ,/ate 9   
:i* ! cov]$ individual resides4  7#h7   
,ev5t contract ,! t]m ev5t contract     
means an agreem5t1 contract1            
transaction1 or swap 9 an exclud$       
commodity describ$ 9 section            
#a;a7#ai77;iv7 ( ! ,commodity ,ex*ange  
,act t are bas$ ^u ! occurr5ce1 ext5t ( 
an occurr5ce1 or cont+5cy 7o!r ?an a    
*ange 9 ! price1 rate1 value1 or levels 

( a commodity describ$ 9 section        
#a;a7#b77;i771 by a designat$ contract  
m>ket or swap execution facility 7z su* 
t]ms are def9$ 9 ! ,commodity ,ex*ange  
,act74  7#i7 ,future ,! t]m future means
 a f9ancial contract obligat+ ! buy] to 
pur*ase an asset or ! sell] to sell an  
asset1 su* z a physical commodity or a  
f9ancial inve/m5t1 at a pr$et]m9$ future
 date & price4  7#aj7 ,security ,! t]m  
security has ! mean+ giv5 ! t]m 9       
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774  
7#aa7 ,small bus9ess conc]n ,! t]m small
 bus9ess conc]n has ! mean+ giv5 t t]m  
"u section #c ( ! ,small ,bus9ess ,act  
7#ae ,u4,s4,c4 #fcb74  7#ab7 ,sup]vis+  
e?ics (fice ,! t]m sup]vis+ e?ics (fice 
has ! mean+ giv5 ! t]m 9 section #acaja4
  #acaeb4 ,trade & own]%ip ( cov]$      
inve/m5ts  7a7 ,conduct dur+ ,f$]al     
s]vice ,except z provid$ 9 subsection   
7d71 no cov]$ individual may1 directly  
or indirectly1 own or trade a cov]$     
inve/m5t4  7b7 ,compliance  7#a7        

,requirem5t ,to comply ) subsection 7a71
 a cov]$ individual-- 7,a7 may n pur*ase
 a cov]$ inve/m5t2 &  7,b7 %all1 n lat] 
?an ! effective date e/abli%$ 9 p>agraph
 7#b71 dive/ ( any cov]$ inve/m5t at    
fair m>ket value1 subject to subsection 
7c74  7#b7 ,effective date ,! effective 
date is e/abli%$ z foll[s3 7,a7 ,?irty  
days aft] ! date ( enactm5t ( ! ,sell   
,y\r ,/ocks or ,/ep ,d[n ,act1 = an     
individual :o is a cov]$ individual on  
su* date ( enactm5t4  7,b7 ,?irty days  
aft] ! date on :i* an individual becomes
 a cov]$ individual1 if su* date occurs 
aft] ! date ( enactm5t ( ! ,sell ,y\r   
,/ocks or ,/ep ,d[n ,act4  7c7 ,taxation
 ( dive/itures ,not)/&+ any o!r         
provision ( law1 section #ajdc ( !      
,int]nal ,rev5ue ,code ( #aihf %all n   
apply to any disposition ( prop]ty made 
pursuant to ?is sub*apt]4  7d7          
,occupational exception ,a sp\se or     
dep5d5t *ild ( a cov]$ individual       
describ$ 9 section #acaea7c77;,a71 7,b71
 7,c71 7,d71 or 7,e7 may trade any cov]$

 inve/m5t if su* cov]$ inve/m5t is n    
own$ by su* cov]$ individual & if su*   
trade is p]=m$ z a function ( ! prim>y  
occupation ( ! sp\se or dep5d5t *ild4   
7e7 ,assets acquir$ 9 special           
circum/ances ,9 ! ev5t t a cov]$        
individual acquires a cov]$ inve/m5t    
aft] ! date ( enactm5t ( ! ,sell ,y\r   
,/ocks or ,/ep ,d[n ,act o!r ?an by     
pur*ase1 ! cov]$ individual %all h #cj  
days f ! date on :i* su* inve/m5t 0     
acquir$ to dive/ su* cov]$ inve/m5t at  
fair m>ket value1 subject to subsection 
7c74  7f7 ,int]pretative guidance ,!    
sup]vis+ e?ics (fice %all issue         
int]pretive guidance on any relevant t]m
 n def9$ 9 ?is sub*apt]4  #acaec4       
,p5alties  7a7 ,failure ,to dive/  7#a7 
,daily p5alty ,any cov]$ individual :o  
fails to dive/ ( a cov]$ inve/m5t by !  
applicable deadl9e "u section #acaeb    
%all pay1 = ea* day ( noncompliance1    
beg9n+ ! day aft] su* deadl9e & end+ on 
! date ! cov]$ individual comes into    
compliance1 a fee equal to #aj p]c5t ( !

 fair m>ket value1 z ( su* day1 ( !     
portfolio ( cov]$ inve/m5ts own$ by su* 
cov]$ individual t rema9 9 violation (  
section #acaeb7;a74  7#b7 ,accrual &    
limit ,! fee "u p>agraph 7#a7 %all      
accrue = ea* day ( cont9u$              
noncompliance1 except t ! total ( su*   
fee may n exce$ #ej p]c5t ( su* fair    
m>ket value4  7b7 ,trad+ violations ,any
 cov]$ individual :o pur*ases or trades 
a cov]$ inve/m5t 9 violation ( section  
#acaeb7;a7 %all1 at ! direction ( !     
sup]vis+ e?ics (fice-- 7#a7 pay a fee   
equal to-- 7,a7 ! value ( ! cov]$       
inve/m5t involv$ 9 su* pur*ase or trade1
 plus  7,b7 #aj1jjj2 &  7#b7 disgorge to
 ! sup]vis+ e?ics (fice ! pr(its ( any  
transaction t violates ! provisions (   
?is sub*apt]4  7c7 ,use ( funds ,a      
p5alty or disgorgem5t impos$ "u ?is     
section %all be deposit$ into ! g5]al   
fund ( ! ,treasury = ! sole purpose (   
deficit r$uction4  7d7 ,paym5t          
re/rictions  7#a7 ,9 g5]al ,a cov]$     
individual may n pay any p5alty "u ?is  

section us+ appropriat$ funds or any o!r
 (ficial res\rces ( ! ,unit$ ,/ates4    
7#b7 ,memb]s ( ,congress ,a ,memb] (    
,congress z def9$ 9 section #acaja may n
 pay any ( ! p5alties "u ?is section by 
us+ am\nts f ! foll[+ s\rces3 7,a7 ,)   
respect to a ,repres5tative 9 ,congress1
 a ,delegate to ,congress1 or ! ,resid5t
 ,commission] f ,pu]to ,rico1 ! ,memb]s'
 ,repres5tational ,all[ance4  7,b7 ,)   
respect to a ,unit$ ,/ates ,s5ator1 !   
,memb]'s ,(ficial ,p]sonnel & ,(fice    
,exp5se ,acc\nt4  7,c7 ,any contribution
 z def9$ 9 section #cja7h7 ( ! ,f$]al   
,election ,campaign ,act ( #aiga 7#eb   
,u4,s4,c4 #cjaja7h77 accept$ z a        
c&idate1 & any o!r donation receiv$ z   
support = activities ( ! individual z a 
hold] ( ,f$]al (fice4  7e7 ,en=cem5t    
au?ority  7#a7 ,9 g5]al ,a sup]vis+     
e?ics (fice is au?oriz$ to det]m9e1     
assess1 & collect any fee impos$ "u     
subsection 7b7 aga9/ a cov]$ individual 
subject to its jurisdiction1 & su*      
det]m9ation %all con/itute f9al ag5cy   

action4  7#b7 ,inve/igative au?ority ,9 
c>ry+ out ?is section1 a sup]vis+ e?ics 
(fice may-- 7,a7 require a cov]$        
individual to submit records suffici5t  
to v]ify compliance ) section #acaeb1   
includ+ brok]age /atem5ts1 tru/         
in/rum5ts & acc\nt+s1 & transaction     
confirmations2  7,b7 issue adm9i/rative 
subpo5as to f9ancial in/itutions1       
brok]s1 deal]s1 & tru/ees = records     
relevant to a det]m9ation "u ?is        
section2 &  7,c7 ref] a suspect$        
violation ( ?is sub*apt] to !           
appropriate ,inspector ,g5]al or to !   
,attorney ,g5]al = fur!r inve/igation4  
7#c7 ,collection  7,a7 ,adm9i/rative    
(fset ,a sup]vis+ e?ics (fice may       
collect a fee assess$ "u subsection 7b7 
by adm9i/rative (fset1 9 accordance )   
section #cgaf ( title #ca1 aga9/ any    
sal>y1 p5sion1 or o!r am\nt payable by !
 ,unit$ ,/ates to ! cov]$ individual4   
7,b7 ,ref]ral = civil action ,if a cov]$
 individual fails to pay a fee assess$  
"u su* subsection n lat] ?an #fj days   

aft] ! date ( assessm5t1 ! sup]vis+     
e?ics (fice %all ref] ! matt] to !      
,attorney ,g5]al1 :o may br+ a civil    
action 9 an appropriate di/rict c\rt ( !
 ,unit$ ,/ates to recov] ! unpaid am\nt1
 toge!r ) int]e/ & ! co/s ( ! action4   
7f7 ,publication ,ea* sup]vis+ e?ics    
(fice %all publi% on a publicly         
available website a description (-- 7#a7
 ea* f9e assess$ by ! sup]vis+ e?ics    
(fice pursuant to ?is section2  7#b7 !  
reason :y ea* su* f9e 0 assess$2 &  7#c7
 ! result ( ea* assessm5t4  4  7b7      
,cl]ical am5dm5t ,! table ( cont5ts =   
*apt] #aca ( title #e1 ,unit$ ,/ates    
,code1 is am5d$ by add+ at ! end !      
foll[+3  ,sub*apt] ,,iv--,re/rictions on
 ,trade & ,own]%ip ( ,cov]$             
,inve/m5ts#acaea4 ,def9itions4#acaeb4   
,trade & own]%ip ( cov]$                
inve/m5ts4#acaec4 ,p5alties4  4