[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2143 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 2143
To amend chapter 131 of title 5, United States Code, to prevent
financial exploitation by public office holders, and for other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 23, 2025
Mr. Schiff (for himself, Ms. Blunt Rochester, Ms. Cortez Masto, Mr.
Gallego, Mrs. Gillibrand, Mr. Lujan, Ms. Slotkin, Mr. Kim, Mr.
Blumenthal, and Ms. Alsobrooks) introduced the following bill; which
was read twice and referred to the Committee on Homeland Security and
Governmental Affairs
_______________________________________________________________________
A BILL
To amend chapter 131 of title 5, United States Code, to prevent
financial exploitation by public office holders, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Curbing Officials' Income and
Nondisclosure (COIN) Act''.
SEC. 2. PROHIBITED FINANCIAL TRANSACTIONS.
(a) In General.--Chapter 131 of title 5, United States Code, is
amended by adding at the end the following:
``SUBCHAPTER IV--FINANCIAL EXPLOITATION BY A PUBLIC OFFICE HOLDER
``Sec. 13151. Definitions
``In this subchapter:
``(1) Covered individual.--The term `covered individual'
means an individual described in section 13103(f).
``(2) 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 (I) through (V) of paragraph (4)(A)(i), including in
the title of the financial interest.
``(3) Immediate family member.--The term `immediate family
member' means, with respect to a covered individual--
``(A) a spouse, parent, brother or sister, or child
(including a child age 18 or older) of that covered
individual; or
``(B) an individual to whom the covered individual
stands in loco parentis.
``(4) Prohibited financial transaction.--
``(A) In general.--The term `prohibited financial
transaction' means--
``(i) any issuance, sponsorship, or
endorsement of--
``(I) a security (as defined in
section 3(a) of the Securities Exchange
Act of 1934 (15 U.S.C. 78c(a))) that is
a digital asset;
``(II) a security future (as
defined in section 3(a) of the
Securities Exchange Act of 1934 (15
U.S.C. 78c(a))) relating to a digital
asset;
``(III) a commodity (as defined in
section 1a of the Commodity Exchange
Act (7 U.S.C. 1a)) that is a digital
asset;
``(IV) a cryptocurrency, meme coin,
token, non-fungible token, or other
digital asset that is sold for
remuneration; or
``(V) a payment stablecoin;
``(ii) any financial interest comparable to
an interest described in subclauses (I) through
(V) of clause (i) that is acquired through
synthetic means, such as the use of a
derivative, including an option, warrant, or
other similar means; or
``(iii) any financial interest comparable
to an interest described in subclauses (I)
through (V) of clause (i) that is acquired as
part of an aggregation or compilation of such
interests through a mutual fund, exchange-
traded fund, or other similar means if such
aggregation or compilation of such interests
constitutes a significant portion of that
mutual fund, exchange-traded fund, or other
similar means, as determined by the Secretary
of the Treasury.
``(B) Exclusions.--The term `prohibited financial
transaction' does not include the mere purchase, sale,
holding, or other conduct relating to financial
instruments or assets routinely accessible to any
member of the public.
``Sec. 13152. Prohibition on certain transactions
``(a) Prohibition.--Except as provided in subsection (b), a covered
individual, or an immediate family member of a covered individual, may
not engage in a prohibited financial transaction--
``(1) during the term of service of the covered individual;
``(2) during the 180-day period ending on the date on which
the service of the covered individual commences; or
``(3) during the 2-year period beginning on the date on
which the service of the covered individual is terminated.
``(b) Acts Affecting a Personal Financial Interest.--This section
shall be supplementary in nature to section 208 of title 18, and
nothing in this section shall be construed to limit the application of
section 208 of title 18.
``(c) Liability and Immunity.--For purposes of any immunities to
civil liability, 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
individual.
``Sec. 13153. Civil penalties
``(a) Civil Action.--The Attorney General may bring a civil action
in any appropriate district court of the United States against any
covered individual, or the immediate family member of a covered
individual, who violates section 13152(a).
``(b) Civil Penalty.--Any covered individual, or the immediate
family member of a covered individual, who knowingly violates section
13152(a) shall be subject to a civil monetary penalty of--
``(1) not more than $25,000 per violation;
``(2) 10 percent of the value of the financial interest
that is the subject of the prohibited conduct; or
``(3) the amount of financial gain, if any, that the
covered individual benefitted from relating to the prohibited
conduct, whichever is greater.
``(c) Disgorgement.--A covered individual, or the immediate family
member of a covered individual, who is found to have violated section
13152(a) in a civil action under subsection (a) 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 action.''.
(b) Clerical Amendment.--The table of sections for chapter 131 of
title 5, United States Code, is amended by adding at the end the
following:
``subchapter iv--financial exploitation by a public office holder
``13151. Definitions.
``13152. Prohibition on certain transactions.
``13153. Civil penalties.''.
SEC. 3. CRIMINAL PENALTIES RELATING TO PROHIBITED FINANCIAL
TRANSACTIONS.
(a) In General.--Chapter 11 of title 18, United States Code, is
amended by inserting after section 220 the following:
``Sec. 221. Prohibited financial transactions
``(a) Definitions.--In this section:
``(1) Covered individual.--The term `covered individual'
means an individual described in section 13103(f).
``(2) 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 (I) through (V) of paragraph (3)(A)(i), including in
the title of the financial interest.
``(3) Prohibited financial transaction.--
``(A) In general.--The term `prohibited financial
transaction' means--
``(i) any issuance, sponsorship, or
endorsement of--
``(I) a security (as defined in
section 3(a) of the Securities Exchange
Act of 1934 (15 U.S.C. 78c(a))) that is
a digital asset;
``(II) a security future (as
defined in section 3(a) of the
Securities Exchange Act of 1934 (15
U.S.C. 78c(a))) relating to a digital
asset;
``(III) a commodity (as defined in
section 1a of the Commodity Exchange
Act (7 U.S.C. 1a)) that is a digital
asset;
``(IV) a cryptocurrency, meme coin,
token, non-fungible token, or other
digital asset that is sold for
remuneration; or
``(V) a payment stablecoin;
``(ii) any financial interest comparable to
an interest described in subclauses (I) through
(V) of clause (i) that is acquired through
synthetic means, such as the use of a
derivative, including an option, warrant, or
other similar means; or
``(iii) any financial interest comparable
to an interest described in subclauses (I)
through (V) of clause (i) that is acquired as
part of an aggregation or compilation of such
interests through a mutual fund, exchange-
traded fund, or other similar means if such
aggregation or compilation of such interests
constitutes a significant portion of that
mutual fund, exchange-traded fund, or other
similar means, as determined by the Secretary
of the Treasury.
``(B) Exclusions.--The term `prohibited financial
transaction' does not include the mere purchase, sale,
holding, or other conduct relating to financial
instruments or assets routinely accessible to any
member of the public.
``(b) Benefitting From Prohibited Financial Transaction.--Any
covered individual who--
``(1) knowingly violates any provision of section 13152(a)
of title 5; and
``(2) through such violation--
``(A) causes an aggregate loss of not less than
$1,000,000 to 1 or more persons in the United States;
or
``(B) benefits financially, through profit, gain,
or advantage, directly or indirectly through any family
member or business associate of the covered individual,
from the sale, purchase, or distribution of the
financial interest described in subsection (a)(3)(A)(i)
issued, sponsored, or endorsed in violation of section
13152 of title 5,
shall be fined under this title, imprisoned for not more than 5
years, or both.
``(c) Bribery.--Any covered individual who--
``(1) knowingly violates any provision of section 13152(a)
of title 5; and
``(2) directly or indirectly, corruptly demands, seeks,
receives, accepts, or agrees to receive or accept any thing of
value personally or for any other person or entity, in return
for--
``(A) being influenced in the performance of any
official act;
``(B) being influenced to commit or aid in
committing, or to collude in, or allow, any fraud, or
make opportunity for the commission of any fraud, on
the United States; or
``(C) being induced to do or omit to do any act in
violation of the official duty of such official or
person,
shall be fined under this title or not more than 3 times the
monetary equivalent of the thing of value, whichever is
greater, or imprisoned for not more than 15 years, or both, and
may be disqualified from holding any office of honor, trust, or
profit under the United States.
``(d) Insider Trading.--Any covered individual who knowingly
violates section 13152(a) of title 5 and, in committing such violation,
also knowingly violates the provisions of section 10(b) of the
Securities Exchange Act of 1934 (15 U.S.C. 78j(b)) shall be fined under
this title or not more than 3 times the amount of financial gain, if
any, that the individual benefitted from relating to the prohibited
conduct, whichever is greater, or imprisoned for not more than 15
years, or both, and may be disqualified from holding any office of
honor, trust, or profit under the United States.
``(e) Intent.--To incur criminal liability under this section, it
shall not be required that a covered individual intended to create a
financial interest described in subsection (a)(3)(A)(i) through the
issuance, sponsorship or endorsement of the financial interest
described in subsection (a)(3)(A)(i).
``(f) Liability and Immunity.--For purposes of any immunities to
civil and criminal liability, 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
individual.''.
(b) Clerical Amendment.--The table of sections for chapter 11 of
title 18, United States Code, is amended by inserting after the item
relating to section 220 the following:
``221. Prohibited financial transactions.''.
SEC. 4. ETHICS REQUIREMENTS RELATING TO CRYPTOCURRENCIES AND DIGITAL
ASSETS.
(a) Disclosure Relating to Cryptocurrencies and Digital Assets.--
Section 13104 of title 5, United States Code, is amended--
(1) in subsection (a)--
(A) in paragraph (5)(B), by inserting
``cryptocurrencies, meme coins, tokens, non-fungible
tokens, payment stablecoins, or other digital assets
that are sold for remuneration,'' after ``commodities
futures,''; and
(B) by adding at the end the following:
``(9) Cryptocurrencies and digital assets.--The identity
and category of value of any cryptocurrency, meme coin, token,
non-fungible token, payment stablecoin, or other digital asset
that is sold for remuneration that has a fair market value that
exceeds $1,000 as of the close of the preceding calendar year
held by the reporting individual during the preceding calendar
year.'';
(2) in subsection (b)(1)(B), by striking ``(3) and (4)''
and inserting ``(3), (4), and (9)''; and
(3) in subsection (d)(1)--
(A) in the paragraph heading, by striking ``(3),
(4), (5), and (8)'' and inserting ``(3), (4), (5), (8),
and (9)''; and
(B) in the matter preceding subparagraph (A), by
striking ``(3), (4), (5), and (8)'' and inserting
``(3), (4), (5), (8), and (9)''.
(b) Acts Affecting a Personal Financial Interest.--Section 208 of
title 18, United States Code, is amended by adding at the end the
following:
``(e) For purposes of subsection (a), the term `financial interest'
includes an interest in the issuance, purchase, sale, or holding of a
cryptocurrency, meme coin, token, non-fungible token, payment
stablecoin, or other digital asset that is sold for remuneration.''.
SEC. 5. PUBLIC OFFICIAL CERTIFICATION REQUIREMENT.
(a) Definitions.--In this section:
(1) Permitted payment stablecoin issuer.--The term
``permitted payment stablecoin issuer'' means a payment
stablecoin issuer that has received approval to operate under
subsection (c).
(2) Public official.--The term ``public official'' means an
individual described in section 13103(f) of title 5, United
States Code.
(3) Special government employee.--The term ``special
Government employee'' has the meaning given that term in
section 202(a) of title 18, United States Code.
(b) 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 issuer.
(c) Certification.--
(1) Initial certification.--To receive approval to operate
as a permitted payment stablecoin issuer, 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
employee, including as a special Government employee, from the
issuance of payment stablecoins of the payment stablecoin
issuer.
(2) Recertification.--Not later than 90 days after the
issuance of the first payment stablecoin by a permitted payment
stablecoin issuer, and on a quarterly basis thereafter, 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 employee, including as a special
Government employee, from the issuance of payment stablecoins
of the permitted payment stablecoin issuer.
(3) Public disclosure.--The Director of the Office of
Government Ethics shall make the certifications submitted under
paragraphs (1) and (2) publicly available through databases
maintained on the official website of the Office of Government
Ethics.
(d) Penalties.--
(1) Approval revocation.--The primary Federal payment
stablecoin regulator of a permitted payment stablecoin issuer
that does not submit a certification pursuant to subsection (c)
shall revoke the approval to operate of the permitted payment
stablecoin issuer.
(2) Criminal penalty.--
(A) In general.--Any person that submits a
certification pursuant to subsection (c) that is false
shall be subject to the criminal penalties set forth
under section 1001 of title 18, United States Code.
(B) Referral to attorney general.--If a Federal
payment stablecoin regulator has reason to believe that
any person has violated subsection (c), the Federal
payment stablecoin regulator shall refer the matter to
the Attorney General.
SEC. 6. GAO REPORT TO CONGRESS.
(a) Definition.--In this section, the term ``relevant congressional
committees'' means--
(1) the Committee on Banking, Housing, and Urban Affairs of
the Senate;
(2) the Committee on Agriculture, Nutrition, and Forestry
of the Senate;
(3) the Committee on Homeland Security and Governmental
Affairs of the Senate;
(4) the Committee on Financial Services of the House of
Representatives;
(5) the Committee on Agriculture of the House of
Representatives; and
(6) the Committee on Oversight and Government Reform of the
House of Representatives.
(b) Report.--Not later than 360 days after the date of enactment of
this Act, 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 Act.
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