H. R. 3314

1. Short title
2. Definitions
3. Prohibition on digital asset exploitation for personal gain
4. Enforcement by securities and exchange commission
5. Rulemaking

1. Short title

This Act may be cited as the "Stop Presidential Profiteering from Digital Assets Act".

2. Definitions

For the purposes of this Act:

(1) - Digital asset means a digital representation of value that is recorded on a cryptographically secured distributed ledger or any similar technology, including but not limited to, cryptocurrencies, stablecoins, and meme coins.

(2) - Covered individual means:

(A) - The President or Vice President of the United States;

(B) - Members of Congress;

(D) - Any immediate family member of such individuals.

(3) - Immediate family member includes a spouse, child, or other relative residing in the same household.

(4) - Identifiable traits include name, image, likeness, signature, slogans, or other personally distinguishing characteristics.

3. Prohibition on digital asset exploitation for personal gain

(a) Unlawful conduct - It shall be unlawful for any person to issue, promote, market, or sell a digital asset that:

(1) - Uses the identifiable traits of a covered individual; and

(2) - Is reasonably likely to result in direct or indirect financial gain to such individual.

(b) Presumption of violation - A digital asset that meets the conditions in subsection (a) shall be presumed to violate this Act, regardless of consent or endorsement by the covered individual.

(c) Consent not a defense - Voluntary participation or authorization by a covered individual shall not constitute a defense to liability under this section.

4. Enforcement by securities and exchange commission

(a) Authority - The Securities and Exchange Commission shall have exclusive authority to enforce the provisions of this Act.

(b) Penalties - Any person found to have violated this Act shall be subject to:

(1) - A civil penalty not to exceed $250,000 per violation; or

(2) - An amount equal to the gross financial gain received, whichever is greater.

(c) Injunctive relief - The Commission may seek injunctive relief to prevent the issuance or further distribution of prohibited digital assets.

5. Rulemaking

The Securities and Exchange Commission shall promulgate regulations to implement and enforce this Act no later than 180 days after its enactment.

119-HR3314

Stop Presidential Profiteering from Digital Assets Act