,,ii #aaith ,,congress #ast ,session ,s4 #badc ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #bc1 #bjbe,mr4 ,schiff 7for himself1 ,ms4 ,blunt ,rochester1 ,ms4 ,cortez ,masto1 ,mr4 ,gallego1 ,mrs4 ,gillibrand1 ,mr4 ,lujn1 ,ms4 ,slotkin1 ,mr4 ,kim1 ,mr4 ,blumenthal1 and ,ms4 ,alsobrooks7 introduced the following bill2 which was read twice and referred to the ,committee on ,homeland ,security and ,governmental ,affairs ,a ,,bill ,to amend chapter #aca of title #e1 ,united ,states ,code1 to prevent financial exploitation by public office holders1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,curbing ,officials' ,income and ,nondisclosure 7,,coin7 ,act4 #b4 ,prohibited financial transactions 7a7 ,in general ,chapter #aca of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 ,,iv ,financial exploitation by a public office holder #acaea4 ,definitions ,in this subchapter3 7#a7 ,covered individual ,the term covered individual means an individual described in section #acajc7;f74 7#b7 ,endorsement ,the term endorsement includes the use of the name and likeness of an individual in any marketing materials relating to a financial interest described in subclauses 7,i7 through 7,v7 of paragraph 7#d77;,a77i71 including in the title of the financial interest4 7#c7 ,immediate family member ,the term immediate family member means1 with respect to a covered individual-- 7,a7 a spouse1 parent1 brother or sister1 or child 7including a child age #ah or older7 of that covered individual2 or 7,b7 an individual to whom the covered individual stands in loco parentis4 7#d7 ,prohibited financial transaction 7,a7 ,in general ,the term prohibited financial transaction means-- 7i7 any issuance1 sponsorship1 or endorsement of-- 7,i7 a security 7as defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a777 that is a digital asset2 7,,ii7 a security future 7as defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a777 relating to a digital asset2 7,,iii7 a commodity 7as defined in section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a77 that is a digital asset2 7,,iv7 a cryptocurrency1 meme coin1 token1 non-fungible token1 or other digital asset that is sold for remuneration2 or 7,v7 a payment stablecoin2 7ii7 any financial interest comparable to an interest described in subclauses 7,i7 through 7,v7 of clause 7i7 that is acquired through synthetic means1 such as the use of a derivative1 including an option1 warrant1 or other similar means2 or 7iii7 any financial interest comparable to an interest described in subclauses 7,i7 through 7,v7 of clause 7i7 that is acquired as part of an aggregation or compilation of such interests through a mutual fund1 exchange-traded fund1 or other similar means if such aggregation or compilation of such interests constitutes a significant portion of that mutual fund1 exchange-traded fund1 or other similar means1 as determined by the ,secretary of the ,treasury4 7,b7 ,exclusions ,the term prohibited financial transaction does not include the mere purchase1 sale1 holding1 or other conduct relating to financial instruments or assets routinely accessible to any member of the public4 #acaeb4 ,prohibition on certain transactions 7a7 ,prohibition ,except as provided in subsection 7b71 a covered individual1 or an immediate family member of a covered individual1 may not engage in a prohibited financial transaction-- 7#a7 during the term of service of the covered individual2 7#b7 during the #ahj-;day period ending on the date on which the service of the covered individual commences2 or 7#c7 during the #b-year period beginning on the date on which the service of the covered individual is terminated4 7b7 ,acts affecting a personal financial interest ,this section shall be supplementary in nature to section #bjh of title #ah1 and nothing in this section shall be construed to limit the application of section #bjh of title #ah4 7c7 ,liability and immunity ,for purposes of any immunities to civil liability1 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 individual4 #acaec4 ,civil penalties 7a7 ,civil action ,the ,attorney ,general may bring a civil action in any appropriate district court of the ,united ,states against any covered individual1 or the immediate family member of a covered individual1 who violates section #acaeb7;a74 7b7 ,civil penalty ,any covered individual1 or the immediate family member of a covered individual1 who knowingly violates section #acaeb7;a7 shall be subject to a civil monetary penalty of-- 7#a7 not more than #be1jjj per violation2 7#b7 #aj percent of the value of the financial interest that is the subject of the prohibited conduct2 or 7#c7 the amount of financial gain1 if any1 that the covered individual benefitted from relating to the prohibited conduct1 whichever is greater4 7c7 ,disgorgement ,a covered individual1 or the immediate family member of a covered individual1 who is found to have violated section #acaeb7;a7 in a civil action under subsection 7a7 of this section shall disgorge to the ,treasury of the ,united ,states any profit from the prohibited conduct that is the subject of that civil action4 4 7b7 ,clerical amendment ,the table of sections for chapter #aca of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 ,,subchapter ,,iv--,financial exploitation by a public office holder #acaea4 ,definitions4 #acaeb4 ,prohibition on certain transactions4 #acaec4 ,civil penalties4 4 #c4 ,criminal penalties relating to prohibited financial transactions 7a7 ,in general ,chapter #aa of title #ah1 ,united ,states ,code1 is amended by inserting after section #bbj the following3 #bba4 ,prohibited financial transactions 7a7 ,definitions ,in this section3 7#a7 ,covered individual ,the term covered individual means an individual described in section #acajc7;f74 7#b7 ,endorsement ,the term endorsement includes the use of the name and likeness of an individual in any marketing materials relating to a financial interest described in subclauses 7,i7 through 7,v7 of paragraph 7#c77;,a77i71 including in the title of the financial interest4 7#c7 ,prohibited financial transaction 7,a7 ,in general ,the term prohibited financial transaction means-- 7i7 any issuance1 sponsorship1 or endorsement of-- 7,i7 a security 7as defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a777 that is a digital asset2 7,,ii7 a security future 7as defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a777 relating to a digital asset2 7,,iii7 a commodity 7as defined in section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a77 that is a digital asset2 7,,iv7 a cryptocurrency1 meme coin1 token1 non-fungible token1 or other digital asset that is sold for remuneration2 or 7,v7 a payment stablecoin2 7ii7 any financial interest comparable to an interest described in subclauses 7,i7 through 7,v7 of clause 7i7 that is acquired through synthetic means1 such as the use of a derivative1 including an option1 warrant1 or other similar means2 or 7iii7 any financial interest comparable to an interest described in subclauses 7,i7 through 7,v7 of clause 7i7 that is acquired as part of an aggregation or compilation of such interests through a mutual fund1 exchange-traded fund1 or other similar means if such aggregation or compilation of such interests constitutes a significant portion of that mutual fund1 exchange-traded fund1 or other similar means1 as determined by the ,secretary of the ,treasury4 7,b7 ,exclusions ,the term prohibited financial transaction does not include the mere purchase1 sale1 holding1 or other conduct relating to financial instruments or assets routinely accessible to any member of the public4 7b7 ,benefitting from prohibited financial transaction ,any covered individual who-- 7#a7 knowingly violates any provision of section #acaeb7;a7 of title #e2 and 7#b7 through such violation-- 7,a7 causes an aggregate loss of not less than #a1jjj1jjj to #a or more persons in the ,united ,states2 or 7,b7 benefits financially1 through profit1 gain1 or advantage1 directly or indirectly through any family member or business associate of the covered individual1 from the sale1 purchase1 or distribution of the financial interest described in subsection 7a77#c77;,a77i7 issued1 sponsored1 or endorsed in violation of section #acaeb of title #e1 shall be fined under this title1 imprisoned for not more than #e years1 or both4 7c7 ,bribery ,any covered individual who-- 7#a7 knowingly violates any provision of section #acaeb7;a7 of title #e2 and 7#b7 directly or indirectly1 corruptly demands1 seeks1 receives1 accepts1 or agrees to receive or accept any thing of value personally or for any other person or entity1 in return for-- 7,a7 being influenced in the performance of any official act2 7,b7 being influenced to commit or aid in committing1 or to collude in1 or allow1 any fraud1 or make opportunity for the commission of any fraud1 on the ,united ,states2 or 7,c7 being induced to do or omit to do any act in violation of the official duty of such official or person1 shall be fined under this title or not more than #c times the monetary equivalent of the thing of value1 whichever is greater1 or imprisoned for not more than #ae years1 or both1 and may be disqualified from holding any office of honor1 trust1 or profit under the ,united ,states4 7d7 ,insider trading ,any covered individual who knowingly violates section #acaeb7;a7 of title #e and1 in committing such violation1 also knowingly violates the provisions of section #aj7;b7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;j7b77 shall be fined under this title or not more than #c times the amount of financial gain1 if any1 that the individual benefitted from relating to the prohibited conduct1 whichever is greater1 or imprisoned for not more than #ae years1 or both1 and may be disqualified from holding any office of honor1 trust1 or profit under the ,united ,states4 7e7 ,intent ,to incur criminal liability under this section1 it shall not be required that a covered individual intended to create a financial interest described in subsection 7a77#c77;,a77i7 through the issuance1 sponsorship or endorsement of the financial interest described in subsection 7a77#c77;,a77i74 7f7 ,liability and immunity ,for purposes of any immunities to civil and criminal liability1 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 individual4 4 7b7 ,clerical amendment ,the table of sections for chapter #aa of title #ah1 ,united ,states ,code1 is amended by inserting after the item relating to section #bbj the following3 #bba4 ,prohibited financial transactions4 4 #d4 ,ethics requirements relating to cryptocurrencies and digital assets 7a7 ,disclosure relating to cryptocurrencies and digital assets ,section #acajd of title #e1 ,united ,states ,code1 is amended-- 7#a7 in subsection 7a7-- 7,a7 in paragraph 7#e77;,b71 by inserting cryptocurrencies1 meme coins1 tokens1 non-fungible tokens1 payment stablecoins1 or other digital assets that are sold for remuneration1 after commodities futures12 and 7,b7 by adding at the end the following3 7#i7 ,cryptocurrencies and digital assets ,the identity and category of value of any cryptocurrency1 meme coin1 token1 non-fungible token1 payment stablecoin1 or other digital asset that is sold for remuneration that has a fair market value that exceeds #a1jjj as of the close of the preceding calendar year held by the reporting individual during the preceding calendar year4 2 7#b7 in subsection 7b77#a77;,b71 by striking 7#c7 and 7#d7 and inserting 7#c71 7#d71 and 7#i72 and 7#c7 in subsection 7d77#a7-- 7,a7 in the paragraph heading1 by striking 7#c71 7#d71 7#e71 and 7#h7 and inserting 7#c71 7#d71 7#e71 7#h71 and 7#i72 and 7,b7 in the matter preceding subparagraph 7,a71 by striking 7#c71 7#d71 7#e71 and 7#h7 and inserting 7#c71 7#d71 7#e71 7#h71 and 7#i74 7b7 ,acts affecting a personal financial interest ,section #bjh of title #ah1 ,united ,states ,code1 is amended by adding at the end the following3 7e7 ,for purposes of subsection 7a71 the term financial interest includes an interest in the issuance1 purchase1 sale1 or holding of a cryptocurrency1 meme coin1 token1 non-fungible token1 payment stablecoin1 or other digital asset that is sold for remuneration4 4 #e4 ,public official certification requirement 7a7 ,definitions ,in this section3 7#a7 ,permitted payment stablecoin issuer ,the term permitted payment stablecoin issuer means a payment stablecoin issuer that has received approval to operate under subsection 7c74 7#b7 ,public official ,the term public official means an individual described in section #acajc7;f7 of title #e1 ,united ,states ,code4 7#c7 ,special ,government employee ,the term special ,government employee has the meaning given that term in section #bjb7;a7 of title #ah1 ,united ,states ,code4 7b7 ,requirement ,a permitted payment stablecoin issuer shall ensure that no public official shall profit from the issuance of payment stablecoins of the permitted payment stablecoin issuer4 7c7 ,certification 7#a7 ,initial certification ,to receive approval to operate as a permitted payment stablecoin issuer1 each payment stablecoin issuer shall submit to the ,director of the ,office of ,government ,ethics and the primary ,federal payment stablecoin regulator of the payment stablecoin issuer a certification that no public official has a financial interest related to a particular matter in which the public official participates personally and substantially as a ,government officer or employee1 including as a special ,government employee1 from the issuance of payment stablecoins of the payment stablecoin issuer4 7#b7 ,recertification ,not later than #ij days after the issuance of the first payment stablecoin by a permitted payment stablecoin issuer1 and on a quarterly basis thereafter1 each permitted stablecoin issuer shall submit to the ,director of the ,office of ,government ,ethics and the primary ,federal payment stablecoin regulator of the permitted payment stablecoin issuer a certification that no public official has a financial interest related to a particular matter in which the public official participates personally and substantially as a ,government officer or employee1 including as a special ,government employee1 from the issuance of payment stablecoins of the permitted payment stablecoin issuer4 7#c7 ,public disclosure ,the ,director of the ,office of ,government ,ethics shall make the certifications submitted under paragraphs 7#a7 and 7#b7 publicly available through databases maintained on the official website of the ,office of ,government ,ethics4 7d7 ,penalties 7#a7 ,approval revocation ,the primary ,federal payment stablecoin regulator of a permitted payment stablecoin issuer that does not submit a certification pursuant to subsection 7c7 shall revoke the approval to operate of the permitted payment stablecoin issuer4 7#b7 ,criminal penalty 7,a7 ,in general ,any person that submits a certification pursuant to subsection 7c7 that is false shall be subject to the criminal penalties set forth under section #ajja of title #ah1 ,united ,states ,code4 7,b7 ,referral to ,attorney ,general ,if a ,federal payment stablecoin regulator has reason to believe that any person has violated subsection 7c71 the ,federal payment stablecoin regulator shall refer the matter to the ,attorney ,general4 #f4 ,,gao report to ,congress 7a7 ,definition ,in this section1 the term relevant congressional committees means-- 7#a7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7#b7 the ,committee on ,agriculture1 ,nutrition1 and ,forestry of the ,senate2 7#c7 the ,committee on ,homeland ,security and ,governmental ,affairs of the ,senate2 7#d7 the ,committee on ,financial ,services of the ,house of ,representatives2 7#e7 the ,committee on ,agriculture of the ,house of ,representatives2 and 7#f7 the ,committee on ,oversight and ,government ,reform of the ,house of ,representatives4 7b7 ,report ,not later than #cfj days after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to the relevant congressional committees a report that contains recommendations to update ,federal laws relating to ethics and enforcement procedures relating to ethics in order to incorporate any regulatory frameworks relating to digital assets adopted on or after the date of enactment of this ,act4