Ritchie Torres, a Democrat in the US House of Representatives, has announced that he has drafted a new bill aimed at preventing federal officials and their families from making ill-gotten gains from digital assets.
The bill, titled “Stop Presidential Profiteering from Digital Assets Act”, includes tough measures against possible abuses, especially in the memecoin and stablecoin space.
According to the bill, the president, vice president, members of Congress, federal officials appointed by the president or confirmed by the Senate, and their immediate family members will not be able to directly or indirectly profit from digital assets. In particular, the creation, promotion, advertising, and sale of digital assets that use the names, faces, or similar distinguishing features of said individuals will be prohibited.
The bill draws attention to the need to update ethical rules at the federal level in the age of digital assets. Torres stated that the main purpose of the bill is to prevent public officials from abusing their positions and making unfair gains in cryptocurrency markets.
This move is likely a response to US President Donald Trump launching his own memecoin and also his sons being actively involved in the cryptocurrency market.
*This is not investment advice.
