[Congressional Record Volume 171, Number 85 (Tuesday, May 20, 2025)]
[Senate]
[Pages S3015-S3016]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 2235. Mr. BENNET submitted an amendment intended to be proposed by
him to the bill S. 1582, to provide for the regulation of payment
stablecoins, and for other purposes; which was ordered to lie on the
table; as follows:
At the appropriate place, insert the following:
SEC. __. PROHIBITED FINANCIAL TRANSACTIONS.
(a) Definitions.--In this section:
(1) Covered election.--The term ``covered election'' means
an election for the office of--
(A) President;
(B) Vice President;
(C) United States Senator;
(D) United States Representative;
(E) Delegate to Congress; or
(F) Resident Commissioner of Puerto Rico.
(2) Covered individual.--The term ``covered individual''
means--
(A) the President;
(B) the Vice President;
(C) a United States Senator
(D) a United States Representative;
(E) a Delegate to Congress;
(F) a Resident Commissioner of Puerto Rico; or
(G) a candidate in a covered election.
(3) Covered investment.--The term ``covered investment''
means any digital asset.
(4) Digital asset.--The term ``digital asset'' means any
digital representation of value that is recorded on a
cryptographically secured distributed ledger or any similar
technology.
(5) Prohibited financial transaction.--
(A) In general.--The term ``prohibited financial
transaction'' means--
(i) any issuance, sponsorship, or endorsement of a covered
investment;
(ii) any purchase, sale, holding, or other conduct that
causes a covered individual to obtain a covered investment;
(iii) any acquisition of any financial interest comparable
to an interest described in clause (i) or (ii) through
synthetic means, such as the use of a derivative, including
an option, warrant, or other similar means; or
(iv) any acquisition of any financial interest comparable
to an interest described in clause (i) or (ii) as part of an
aggregation or compilation of such interests through a mutual
fund, exchange-traded fund, or other similar means.
[[Page S3016]]
(6) Qualified blind trust.--The term ``qualified blind
trust'' means a qualified blind trust (as defined in section
13104(f)(3) of title 5, United States Code) that has been
approved in writing by the applicable supervising ethics
office under subparagraph (D) of such section 13104(f)(3).
(b) Prohibited Financial Transactions.--Except as provided
in subsection (c), a covered individual may not engage in any
prohibited financial transaction during--
(1) the period beginning on the date of filing as a
candidate in a covered Federal election and ending on the
date of the covered Federal election;
(2) the term of service of the covered individual; and
(3) the 1-year period beginning on the date on which the
service of the covered individual is terminated.
(c) Qualified Blind Trust.--
(1) In general.--During any of the periods described in
subsection (b), for each covered investment owned by a
covered individual, the covered individual shall place the
covered investment in a qualified blind trust, including by
establishing a qualified blind trust for that purpose, if
necessary.
(2) Qualified blind trust requirements.--A qualified blind
trust may not be established for purposes of complying with
this section without the prior approval of the applicable
supervising ethics office. With respect to any such trust so
approved, the applicable trustee--
(A) shall divest of any such instrument placed in the trust
not later than 6 months after the trust is established;
(B) shall certify to the applicable supervising ethics
office on an annual basis that the trustee has not provided
any information on the trust's assets or transactions to the
applicable covered individual; and
(C) may not have a close personal or business relationship
with the applicable covered individual.
(d) Reporting Requirements.--
(1) Supervising ethics offices.--Each supervising ethics
office shall make available on the public website of the
supervising ethics office a copy of any qualified blind trust
agreement of each covered individual.
(2) Amendment.--Section 13101(18) of title 5, United States
Code, is amended--
(A) in subparagraph (C), by striking ``and'' at the end;
(B) in subparagraph (D), by striking the period and
inserting ``; and''; and
(C) by adding at the end the following:
``(E) the Federal Election Commission for a candidate in an
election for the office of President, Vice President, United
States Senator, United States Representative, Delegate to
Congress, or Resident Commissioner of Puerto Rico.''.
(e) Liability and Immunity.--For purposes of any immunities
to civil or criminal liability, any conduct comprising or
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
individual.
(f) Civil Penalties.--
(1) Civil action.--The Attorney General may bring a civil
action in any appropriate district court of the United States
against any covered individual who violates subsection (b).
(2) Civil penalty.--Any covered individual who knowingly
violates subsection (b) shall be subject to a civil monetary
penalty of not more than $250,000.
(3) Disgorgement.--A covered individual who is found in a
civil action under paragraph (1) to have violated subsection
(b) shall disgorge to the Treasury of the United States any
profit from the unlawful activity that is the subject of that
civil action.
(g) Criminal Penalties.--
(1) In general.--It shall be unlawful for a covered
individual to--
(A) knowingly violate subsection (b); and
(B) through such violation--
(i) causes an aggregate loss of not less than $1,000,000 to
1 or more persons in the United States; or
(ii) benefits financially, through profit, gain, or
advantage, directly or indirectly through any family member
or business associate of the covered individual, from a
prohibited financial transaction.
(2) Penalty.--A covered individual who violates paragraph
(1) shall be fined under title 18, United States Code,
imprisoned for not more 18 than years, or both.
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