Prohibited financial transactions

(a) In general Chapter 131 of title 5, United States Code, is amended by adding at the end the following: IV Prohibited financial transactions 13151. Definitions In this subchapter: (1) Covered individual The term covered individual means— (A) the President; (B) the Vice President; (C) a Member of Congress; (D) an individual appointed to a Senate-confirmed position; or (E) a special Government employee (as defined in section 202 of title 18) associated with the Executive Office of the President. (2) Dependent child; Member of Congress The terms dependent child and Member of Congress have the meanings given those terms in section 13101. (3) Directly The term directly means by virtue of the ownership or beneficial interest of a covered individual, or the spouse or dependent child of a covered individual, in a financial interest described in paragraph (5)(A). (4) Indirectly The term indirectly means by virtue of the financial interest of a covered individual, or the spouse or dependent child of a covered individual, in a business entity, partnership interest, company, investment fund, trust, or other third party in which the covered individual, or the spouse or dependent child of a covered individual, has an ownership or beneficial interest. (5) Prohibited financial transaction (A) In general The term prohibited financial transaction means— (i) any issuance, sponsorship, or endorsement of a cryptocurrency, meme coin, token, non-fungible token, stablecoin, or other digital asset that is sold for remuneration; (ii) any financial interest comparable to an interest described in 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 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. (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. (6) Senate-confirmed position The term Senate-confirmed position means a position in a department or agency of the executive branch of the United States for which appointment is required to be made by the President, by and with the advice and consent of the Senate. 13152. Prohibition on certain transactions (a) Prohibition Except as provided in subsection (b), a covered individual, or the spouse or dependent child of a covered individual, may not engage directly or indirectly in a prohibited financial transaction— (1) during the term of service of the covered individual; or (2) during the 1-year period beginning on the date on which the service of the covered individual is terminated. (b) 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. 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 who violates section 13152(a). (b) Civil penalty Any covered individual who knowingly violates section 13152(a) shall be subject to a civil monetary penalty equal to not more than 10 percent of the value of the financial interest that is the subject of the prohibited conduct, or 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 who is found to have violated section 13152(a) in a civil action under subsection (a) 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—Prohibited financial transactions 13151. Definitions. 13152. Prohibition on certain transactions. 13153. Civil penalties..